Joint consumer group submission to ACCC re application by the Australian Banking Association for authorisation of proposed amendments to the Banking Code of Practice (changes in response to the Financial Services Royal Commission)

Submission to: Treasury
This joint consumer group submission responds to proposed legislation to include hardship flags in credit reports. We have long opposed this approach. The submission argues that proposed retention timeframes are too long, that hardship flags should only be visible to credit providers that are making responsible lending assessments and that hardship information should not be incorporated into credit scores.