System Improvements

Australia’s credit reporting system has improved significantly since Arca was created, and the evidence is that expanding credit reporting has improved financial inclusion and simplified application processes.  

Arca is working to build on these benefits, advocating to policymakers about the case for modernising credit reporting. A modern credit reporting system for Australia would further improve access to credit, while leading to better consumer protection, more competition and smoother application processes. Key focus areas include: 

• Adding data to credit reports which is commonplace overseas, such as actual amounts owing and more details about repayments 
• Reviewing the situations where data can be used, to explore whether additional uses could improve outcomes for consumers 
• Better protecting consumers, such as victims of large-scale data breaches 
• Enabling clear guidelines for soft enquiries, to facilitate shopping around and support the integrity of credit reporting data 

• An uplifted rules framework for credit repair