The Credit Repair Industry Association of Australia (CRIAA), along with Lawyers Clayton Utz, have issued a ‘Code Red’ on Australia’s draft Credit Reporting Code of Conduct.
The draft document was released by the Australian Retail Credit Association (ARCA) on Friday, with comments due by May 5, 2013.
Clayton Utz initially issued the warning on Monday, highlighting the need for swift movement on comments and submissions to ARCA.
“Credit providers and others regulated by the CR Code who have not had input on the draft CR Code so far have a very short time to identify the impact it will have on them and make any necessary submissions to the Australian Retail Credit Association..”
CRIAA spokesperson, Graham Doessel, says credit repairers play a ‘pivotal role’ in helping consumers to dispute the consistency of their credit reports and stresses that legislation is key.
“Credit repairers act on behalf of consumers to review credit reporting procedures and hold creditors to account for their mistakes on a case by case basis, and we do that within the parameters of the current credit reporting law. We understand how vitally important it is for consumers that this new CR Code is right.”
Doessel says the CRIAA will be revising the draft CR Code in detail and making recommendations via submission if necessary.
“We hope that the CR Code is an important positive document for credit active Australians, but if there are problems we will be outlining our recommendations to ARCA quite strongly.”