As part of its response to a recent Privacy Review Report the Government has released details of its proposals to improve individual credit assessments, complimenting the Government’s introduction of responsible lending laws.

The Government response agrees that the Privacy Act should permit credit reporting information to include the following categories of personal information, in addition to those currently permitted in credit information files under the Privacy Act:
(a) the type of each credit account opened (for example, mortgage, personal loan, credit card);
(b) the date on which each credit account was opened;
(c) the current limit of each open credit account; and
(d) the date on which each credit account was closed.

These changes will be subject to sufficient privacy protections being put in place.

The Government will also consult on a new credit reporting code.