ISCOVER
The regulator’s review of the debt management and credit repair industry is a critical and long-awaited step toward protecting consumers and restoring industry trust, says Victoria Coster, CEO of credit repair company Credit Fix Solutions.
This week, the Australian Securities and Investments Commission (ASIC) launched a comprehensive review into the debt management and credit repair sector, amid concerns that some firms may have engaged in misleading conduct or failed to deliver on promised services.
ASIC’s announcement that it will further scrutinise debt management and credit repair services, including “fringe” or unlicensed operators, is a welcome and overdue step.
I’m very encouraged by ASIC’s heightened focus. It not only strengthens consumer protections, but also enhances the integrity and reputation of our entire sector.
For years, diligent firms have operated under rigorous regulatory frameworks, including ASIC’s licensing regime for debt management services established on 1 July 2021.
Those operating outside these frameworks have eroded public trust and undermined legitimate business models.
ASIC’s renewed focus reduces the risk posed by bad actors and rewards firms, like ours, committed to ethical, effective, and lawful service.
For consumers, ASIC’s tighter oversight means better outcomes. They can expect clarity on services offered, fees charged, and potential impacts, especially on credit records and rights options.
They’ll also know they’re dealing with providers that offer internal dispute resolution, AFCA membership, and fully adherent conduct.
ASIC’s initiative underscores the importance of robust licensing, ongoing compliance, and meaningful partnerships across our sector.
Value of industry collaboration
Since 2014, our 11 years of experience as a broker’s support service provider in credit reporting education and credit repair services demonstrate that collaborative ecosystems benefit both consumers and brokers.
We have proudly partnered with the FBAA and MFAA mortgage associations, along with aggregator groups such as Purple Circle and Yellow Brick Road.
These partnerships help embed best practices; deliver consistent training; and ensure broker referrals are informed, compliant, and centred on clients’ needs, especially those in financial distress.
Working with these broker networks ensures Australians facing hardship know they’re dealing with fully licensed, well‑governed firms – ones that meet all obligations under the National Credit Act and ASIC guidance.
These relationships also support greater transparency across referral pathways and ensure assistance is appropriate, effective, and compliant.
We welcome the chance to work with brokers, aggregators, regulators, and advocacy groups to build a sustainable, consumer‑centric industry.
That’s how we restore trust and deliver real value to Australians in need.
Victoria Coster is the CEO of credit repair specialist Credit Fix Solutions.
JOIN THE DISCUSSION