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

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