The Six Principles of the PRDE

1. Principle One enshrines that signatories commit to the binding and enforceable system and structures developed by industry.

2. Principle Two ensures that the partial and comprehensive credit information contributed by signatories is only shared between signatories to the PRDE.

3. Principle Three ensures that data meets a certain standard before it is exchanged, by requiring that shared data adheres to the Australian Credit Reporting Data Standard (ACRDS).  The standardised system means that data is communicated in a way that it can be universally understood by other signatories to the PRDE.

4. Principle Four sets out a timeline for when signatories to the PRDE must transition their contribution of information in compliance with the PRDE. The timeline ensures that there is a smooth transition under the PRDE.

5. Principle Five outlines the dispute resolution and enforcement mechanisms of the PRDE system.  The principle ensures that there are comprehensive structures for compliance, monitoring, reporting and dispute resolution. It also provides a role for the RDEA to provide guidance on the intended operation of the PRDE.

6. Principle Six sets out how the operation of the PRDE is to be reviewed and how it can be varied.