The grace period before late payments are recorded in the repayment history file of a consumer credit report is to increase from five to 14 days.The Australian Retail Credit Association said in a statement yesterday that Attorney-General George Brandis had requested the change to the Credit Reporting Privacy Code.The decision to allow only five days grace before late payments are recorded in credit files has been the most contentious aspect of the new comprehensive credit reporting regime, which came into effect earlier this month.Consumer groups pushed for a much longer grace period, while some credit providers argued for no grace period.ARCA chief executive Damian Paull said: "Given the concerns raised by the community and reflected by the Attorney-General on this matter, we agree that a 14-day grace period is an appropriate compromise before a late payment is recorded as repayment history information."The grace period is set out in the Credit Reporting Privacy Code - the code of conduct accompanying the legislation - and not in the legislation itself. As such, the change does not require legislative amendment.