COSL (Credit Ombudsman Service Limited) is an external dispute resolution (EDR) scheme for consumers who have a complaint about a credit provider. COSL was first established in 2003 as the Mortgage Industry Ombudsman Service (MIOS) and later expanded its remit to cover all forms of credit in 2004.
COSL is a free service for consumers and it can be used to resolve complaints about a wide range of credit-related issues, including:
- Late payments
- Overcharging
- Unfair contract terms
- Debt collection practices
COSL is not a government agency, but it is a member of the Financial Industry Ombudsman Service (FIOS) and is regulated by the Australian Securities and Investments Commission (ASIC).
COSL's role is to help consumers resolve their complaints with credit providers in a fair and impartial manner. If a consumer is unable to resolve their complaint with the credit provider directly, they can refer their complaint to COSL. COSL will then investigate the complaint and attempt to reach a resolution with the credit provider. If COSL is unable to reach a resolution, the consumer may be able to take their complaint to the Financial Ombudsman Service (FOS). FOS is a government agency that can hear complaints about financial services, including credit.