The PRDE is underpinned by the following six principles
enshrines that signatories commit to the binding and enforceable system and structures developed by industry, and establishes that there are different levels of participation under the PRDE.
ensures that the partial information and comprehensive credit information contributed by signatories is only shared between signatories to the PRDE
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.
sets out the requirements for CPs as they transition their contribution of information in compliance with the PRDE and on an ongoing basis. CPs may request transitional relief to help them onboard under the PRDE.
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 ensure the PRDE is appropriately flexible and adaptable given the diversity of PRDE signatories.
sets out how the operation of the PRDE is to be reviewed and how it can be varied. It also sets out steps that signatories must take to improve consumer understanding of, and therefore engagement with, the credit reporting system.
