Submission - Credit Reporting Regulatory Framework: Submission to ALRC Privacy Inquiry (December 2007)

1.1. Objective and context

The objective of this Report is to research and develop options for a framework for stronger, more effective and more efficient consumer protection in credit reporting in Australia. This task has been initiated in response to the Australian Law Reform Commission (ALRC) review of privacy legislation.

The Report has been commissioned by Veda Advantage Limited – a large credit reporting and business intelligence organisation. Consumer protection in the regulation of credit reporting is a very complex territory and Veda Advantage wanted to assist the ALRC and stakeholders with a cogent expert’s report to guide understanding of the major issues.

The Terms of Reference for the Report were developed in conjunction with industry and consumer stakeholders, and they specifically require the consultants (Galexia) to develop and submit an independent expert report. Galexia has a long history advising government, industry and NGO stakeholders on the regulation of privacy and credit in Australia and the region.

It is important to note that the views expressed in this Report are the independent views of Galexia. The findings and recommendations contained in this Report do not represent the views of Veda Advantage or any industry or consumer stakeholders.

The Terms of reference state that the objective is to develop a credit framework that:

  • Is consistent with the broad approach outlined by the Australian Law Reform Commission (ALRC) in Discussion Paper 72 (DP72);[1]
  • Identifies the range of potential consumer harms that might arise in a credit reporting environment;
  • Considers the range of relevant regulatory instruments, entities and processes, that might be used to provide consumer protection in a credit reporting environment; and
  • Provides principles to guide the allocation of roles, rights and responsibilities for consumer protection measures that respond to potential consumer harm.

[1] Australian Law Reform Commission, Review of Australian Privacy Law, Discussion Paper 72, 2007, <>.