Debt collection

Debt collection practices in Australia

This report summarises the major issues identified during information-gathering activities undertaken by both the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) in 2008.

Debt collection guideline for collectors & creditors

The ACCC and ASIC have jointly produced this guideline which aims to assist creditors, collectors and debtors understand their rights and obligations, and ensure that debt collection activity is undertaken in a way that is consistent with consumer protection laws.

ASIC and ACCC sign new MOU

A new agreement covering liaison, cooperation, assistance, joint enquiries and exchange of confidential information arrangements has been signed by the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission.

The new Memorandum of Understanding (MOU) updates the existing MOU that has been in place since 1998. It reflects the close working relationship the two agencies have developed.

Debt collection

Debt collection occurs when creditors and collectors seek to secure payment from consumers or businesses who are legally bound to pay or to repay money they owe. It is important that any organisation involved in recovering debt is aware of its legal obligations.