The Office of the Australian Information Commissioner (OAIC) has issued an update on ARCA‘s application to vary the Credit Reporting Code. Background.
UPDATE: Privacy (Credit Reporting) Code 2024 (Version 3.0) registered on 30 September 2024.
The OAIC has requested that ARCA submit an amended variation application which
- amends the definition of ‘account closed’ to explain how the date when credit can be ‘charged off’ is determined;
- provides further information to explain why a reporting month may be as short as 26 days;
- includes more detailed explanation in the explanatory materials to the CR Code to help stakeholders understand the credit reporting provisions.
The OAIC has postponed considering a “soft enquiries framework” until the report on the review of Australia’s credit reporting framework is released.
OAIC says it anticipates revisiting the soft enquiries framework and whether it can be implemented in the CR Code by the second quarter of 2025, after the review has been finalised and any potential amendments to the Privacy Act have been considered.
If the amended CR Code is registered changes include:
- a free alert system to notify individuals when an attempt to access their credit report occurs when a credit ban is in place;
- the introduction of a mechanism to correct multiple instances of incorrect information stemming from one event or incident (such as fraud);
- the inclusion of domestic abuse as an example of circumstances beyond an individual’s control for corrections that involve the destruction of default information.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
