The Australasian Retail Credit Association (ARCA) exists to promote best practice in credit risk assessment and responsible lending, as well as promoting better standards in consumer credit reporting. ARCA takes a leadership role in promoting the sharing of information between our Members to enable them to better serve their customers.

ARCA Members are motivated by the opportunity to improve the quality of credit reporting information in Australia through improvements to the existing credit reporting regime, as well as the introduction of more comprehensive credit reporting.

The introduction of more comprehensive credit reporting may bring significant benefits to the Australian community, including more informed lending decisions which have the potential to drive positive economic activity.

Improved data sharing is critical to the efficient operating of credit markets, resulting in improved products and rates for consumers and more efficient pricing for credit providers.

ARCA wishes to build the groundwork for constructive ‘financial literacy’ amongst Australians with the broader goal of accelerating the benefits of positive credit practices in our economy.

Damian Paull was appointed Chief Executive Officer of ARCA in May 2011. Damian has extensive experience across a range of compliance, code monitoring, stakeholder engagement, strategic planning and policy development and monitoring roles prior to joining the Association.

History
The genesis of ARCA occurred in 2004 when it was recognised that there was not a single body or association representing the views of the wide range of organisations that were involved in the provision of credit to consumers and small businesses.

An initial meeting was attended by senior credit executives from banks, other financial institutions, telecommunications organisations and credit reporting agencies. The group recognised that shortfalls in laws relating consumer credit reporting in the Australian and New Zealand markets were leading to adverse consequences for all stakeholders.An initial meeting was attended by senior credit executives from banks, other financial institutions, telecommunications organisations and credit reporting agencies. The group recognised that shortfalls in laws relating consumer credit reporting in the Australian and New Zealand markets were leading to adverse consequences for all stakeholders.

In 2006, ARCA was formed and began formulating rules and standards to improve existing credit reporting whilst also working with other stakeholders to develop a more comprehensive credit reporting regime.

In January 2006, the Australian Law reform Commission (ALRC) commenced an inquiry into the extent to which the Privacy Act 1988 (Cth) provided an effective framework for the protection of privacy in Australia. ARCA’s submission to this inquiry was instrumental in pushing for more comprehensive credit reporting in Australia.