Financial Rights made public submissions to the Australian Retail Credit Association’s original application for ACCC authorisation of its Principles of Reciprocity and Data Exchange (PRDE) Code in 2015. The PRDE is due for re-authorisation in 2020 and again we made public submissions pointing out the deficiencies of this code. There are three main ammendments we believe need to be made to the PRDE before it should be re-authorised:
1. A clear and standardised instruction to industry about Repayment History Information (RHI) reporting for customers in hardship;
2. Exceptions for listing defaults when there has been a negotiated settlement; and
3. Including consumer representation as part of the PRDE compliance framework.
