The Australian Retail Credit Association (ARCA) is the industry association for organisations involved in the disclosure, exchange and application of credit reporting data in Australia. Membership comprises credit reporting bodies (CRBs) and credit providers (CPs). ARCA is a not for profit public company, limited by guarantee.
ARCA was established in 2006 with the purpose of promoting best practice in credit risk assessment and responsible credit practices. We provided a forum for CPs and CRBs to meet regularly and exchange ideas and learnings on improving the credit reporting system.
During the major Australian Law Reform Commission (ALRC) review of Australian privacy*, ARCA became a uniting voice on behalf of our Members, paving the way for the efficient adoption of comprehensive credit reporting in Australia. ARCA Members, both individually and through ARCA, were able to provide the ALRC with detailed analysis and guidance on the impacts and benefits of shifting to a more comprehensive approach to the exchange of consumer credit information.
Following the ALRC report, which identified the potential for legislative reform, members of the retail credit industry recognised that a unique opportunity existed to establish an association capable of broadly representing the interests of those operating in the retail credit reporting system, and ARCA was incorporated in 2009.
ARCA continues to evolve and is well positioned to deliver on Members’ expectations.
LIXI is an Australian, member-based not-for-profit company that develops data message transaction standards for the Australian mortgage processing industry, and promotes improvements in efficiency in mortgage processing. Owned by the members of the initiative, LIXI represents participants in the residential mortgage lending industry. Founded in 2001, LIXI has developed and released standards for such transactions as mortgage applications, property valuations, broker commissions and several others.
With the purpose being the exchange of transaction data in the lending chain, the initial LIXI efforts focused on the creation and promulgation of data standards based on XML. This effort had the intended result, with the organisation winning an Innovation Award from MIS magazine in 2005.