The Australian Retail Credit Association applies to vary the Credit Reporting Code
April 3, 2014 |
On 31 March 2014 the Australian Retail Credit Association (the “ARCA”) has applied to vary the Credit Reporting Code to extend from 5 days to 14 day grace period for repayment history to be classified as a missed payment.
The Privacy Commissioner is considering the application. It is unlikely that he will reject it. It is a pro consumer amendment being sought by the ARCA.
The CR Code is found here