The Office of the Australian Information Commissioner (OAIC) has approved updates to the Privacy (Credit Reporting) Code, developed by Arca, previously known as the Australian Retail Credit Association.
The changes introduce new consumer rights and aim to create consistent practices across the credit industry. Key updates include streamlined processes for victims of fraud and expanded circumstances under which credit information can be corrected.
From October 2025, consumers with a protective ban on their credit file will receive free notifications about any attempts to access their information.
The updated code also makes it easier to correct fraudulent credit applications, ensuring that consumers don't have to repeatedly explain their situation.
“The process is intended to reduce the need for individuals affected by fraud to re-tell their story,” said Richard McMahon (pictured above), general manager for government and regulatory at Arca, an industry body dedicated to consumer credit in Australia.
The updated code allows corrections for defaults caused by circumstances beyond a consumer’s control, such as natural disasters, bank errors, or domestic abuse.
“Where individuals are affected by circumstances outside their control... they should talk to their credit providers about all of their options, including corrections,” McMahon said.
To promote consistency, the updates also redefine key terms, preventing accounts from being incorrectly held open and introduce new publications that detail how audit programs should be designed.
These changes will provide more visibility into how credit providers meet their legal obligations, ensuring greater transparency across the industry.
McMahon expressed gratitude to stakeholders and the OAIC for their role in shaping the updated code. He also addressed the removal of proposed “soft enquiries” provisions.
“Arca continues to support a consistent, clear framework for soft enquiries,” he said.
Once the current Review of the Credit Reporting Framework is completed, Arca will work with the government to establish this framework.
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