Debt Collection Compliance

Below are links to everything you need to know about Debt Collection in the one convenient place.

ACCC & ASIC's Guide to Debt Collection
This guideline has been produced by the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC). The ACCC and ASIC enforce the Commonwealth consumer protection laws.
This guideline will help:
• collectors (including collection agencies, debt buy-out services, in-house collection departments of businesses and government bodies, solicitors and others)
• creditors who use external collection agencies to collect debts or sell or assign debts to third parties to understand how the Commonwealth consumer protection laws apply to them.

Centrelink Code of Operation
Centrelinks guideline for debtors and financial institutions on overdrawn saving accounts.

Credit Reporting Code of Conduct

The Code amongst other things requires credit providers and credit reporting agencies to:

• deal promptly with individual requests for access and amendment of personal credit information
• ensure that only permitted and accurate information is included in an individual's credit information file
• keep adequate records in regard to any disclosure of personal credit information
• adopt specific procedures in settling credit reporting disputes
• provide staff training on the requirements of the Privacy Act.

Electronic Funds Transfer Code of Conduct

The EFT Code sets out rules and procedures to govern the relationship between users and account institutions in electronic funds transfers involving electronic access to accounts and rules for consumer stored value facilities and stored value transactions.

Financial Planners Code of Ethics and Rules of Professional Conduct.

A Code of ethics adhered to by Financial Planners including integrity, objectivity, competence and fairness.

MFAA Code of Practice

The Mortgage and Finance Association of Australian code of Practice provides professional standards that advocate ethical and fair business practices.

Mutual Banking Code of Practice

Provides 10 key promises and 30 commitments for mutual members.

National Consumer Credit Protection Act
The laws surrounding consumer credit (including Default Notices, Notices of Postponement etc)

National Privacy Principles
Contains the 10 privacy principles which must be adhered to by all companies.