Privacy (Credit Reporting) Code 2014 variations approved by Australian Information Commissioner

June 5, 2018 |

On 8 December 2017 Price Waterhouse Coopers, better known as pwc, undertook a review of the Privacy (Credit Reporting) Code 2014.  On 29 May 2018 the acting Information Commissioner and Privacy Commissioner has approved variations to the Privacy Credit Reporting Code 2014.

As a result of that review the Commissioner has amended the following of the Code, effective on 1 July 2018:

  • the definition of ‘month’ for the purposes of reporting repayment history information (RHI) (para 1.2(g)(i))
  • certain categories in the definition of the ‘maximum amount of credit available’ (para 6.2(b))
  • the definition of ‘the day credit is terminated or otherwise ceases to be in force’ (para 6.2(c)–(e))
  • the application of a ‘grace period’ to the disclosure of RHI (para 8.2(c))
  • notification requirements, providing that notices under s 21D of the Privacy Act may be sent to an individual’s last known address, which may include an electronic address (para 9.3(d))
  • the timing of issuing a notice under section 21D of the Privacy Act (para 9.3(f))
  • the prohibition on a credit reporting body developing a ‘tool’ to facilitate a credit provider’s direct marketing, to extend to a ‘service’ (para 18.1(b))
  • certain mechanisms for correcting information (para 20.9(b)).

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