A look at the year ahead for CCR
We commence 2017 with a solid foundation of CCR data in the system, an increasing number of organisations joining us on the CCR journey and some uncertainty on the movement to live sharing of data. This uncertainty has been brought on by the FOS draft determination in relation to RHI status regarding temporary payment arrangements. Whilst this issue is not slowing data sharing momentum, it is putting a hold on consumption and is a hot topic as reflected in many recent submissions to the Productivity Commission.
The industry, led by ARCA, is staying strong in its position that the efficacy of repayment history information must be as originally intended. This reflects the true position of the consumer in meeting their credit contract obligations. It is critical to the accuracy of the credit reporting system and the achievement of consumer protection goals in line with Part IIIA of the Privacy Act and responsible lending obligations.
Angus Luffman, General Manager Consumer Products, Equifax