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20 May 2013
Lenders’ mortgage insurers should be allowed to access credit reporting information from other credit providers, even if they have little information to offer, the Insurance Council of Australia (ICA) says.
In a submission to the independent reviewer examining the Credit Reporting Code of Conduct, which is administered by the Australasian Retail Credit Association (ARCA), ICA CEO Rob Whelan acknowledges the principle of reciprocity.
“ARCA states it strongly believes that credit reporting information must be shared on the principle that credit providers must contribute all of their chosen level of data to receive all data… in return,” he says in the submission.
But he says providers of lenders’ mortgage insurance (LMI) have very limited credit information to contribute, and in cases of default the lender has probably reported this information.
ICA suggests that instead, access to all credit information and credit eligibility information should be provided if the credit provider or LMI provider contributes all the relevant information they hold.
Another alternative would be to include an exemption from the reciprocity principle in the code for LMI providers.
ICA also believes one regulator should be responsible for ensuring compliance with the code.
It says LMI is a business-to-business product and should not be subject to consumer complaints processes.
The council has previously called for lenders’ mortgage insurers to be exempt from the National Consumer Credit Protection Act’s record-keeping obligations.
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