Beginning in 2005, PERC began a multi-year commitment to moving Australia from a punitive “negative-only” credit-reporting regime that excluded many from access to affordable mainstream credit, to a fairer, more inclusive, more responsible “fair-file” system. PERC efforts included:
- Developing a roadmap for reform;
- Extensive policymaker outreach and issue advocacy;
- Industry outreach and coalition building;
- Comprehensive media relations; and,
- Original quantitative economic impact analysis.
PERC’s efforts resulted in the desired outcome. In December 2012 the Privacy Act was amended to accommodate a fair-file credit-reporting regime. PERC will continue efforts in Australia to promote further reforms to ensure an optimally efficient, fair, and inclusive retail credit sector.