Soft Enquiry framework: A Timeline
Arca is the only industry association whose sole focus is on consumer credit – with expertise across the regulatory and operational environment.Arca undertook an extensive process to develop a framework for soft enquiries for consideration by the OAIC. Given the significance of this framework and the competing views of different stakeholders, throughout the process Arca sought to:
Encourage Member involvement:
with multiple consultation rounds and platforms for providing feedback, with a focus on those Members and stakeholders directly affected
Balance competing objectives:
between the importance of retaining value in hard enquiries (i.e. including some declined applications) and making soft enquiries a consistent, useful and clear part of the credit reporting framework.
Media release: Arca consulting on changes to improve credit reporting
