ASIC lists credit reporting exemptions

John Kavanagh

Charge cards, margin loans and novated leases are among the credit contracts exempt from the provisions of the mandatory comprehensive credit reporting rules that came into force on July 1.

ASIC has released a regulatory instrument setting out the accounts that are not eligible credit accounts under the new rules. An ADI with more than A$100 billion of assets must supply credit information on 50 per cent of its consumer credit accounts within 90 days of 1 July 2021 to all credit reporting bodies they had an agreement with on 2 November 2017.

Within 90 days of 1 July 2022, the same credit providers need to supply credit information on their remaining consumer credit accounts to the same credit reporting bodies.

Beginning on 1 July 2022, the mandatory credit reporting regime will also require the same credit providers to supply financial hardship information about an individual, where available.

The full list of exempt products includes the following: margin lending facilities; deposit accounts that provide credit or could provide credit without the consumer’s consent; accounts of a kind no longer offered by the credit providers and where the number of accounts is relatively small; novated leases; and certain types of charge cards.