Credit reporting training offered to advisers
Financial planners, accountants and counsellors will be provided access to the first online training program to cover credit reporting after education provider Kaplan Professional Australia announced a partnership with the Australian Retail Credit Association (ARCA).
ARCA chief executive Damian Paull said advice professionals are still coming to terms with the new credit reporting and how it affects their clients, and will be able to access the training even if they are not members of the association.
"We recognise credit intermediaries, such as mortgage brokers, accountants and financial planners, are often the first advisers to consumers when it comes to credit reporting-related issues. Over time, as the new positive credit reporting information begins to appear in credit reports, more consumers are likely to take a greater interest in their credit report — including their consumer rights. As an industry we felt it was necessary to address this," Paull said.
The training program, based around the CreditSmart consumer education program developed by ARCA, will be available to Kaplan students, ARCA members and other association members from early 2015 and will also provide Continuing Professional Development (CPD) points.
Following 2012 amendments to the Privacy Act (Cth) 1988, comprehensive credit reporting was enabled in Australia from March this year.
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