Comply with credit reporting obligations (Part IIIA Privacy Act)
Credit providers and CRBs must adhere to the CR Code on collection, use, disclosure, hardship and dispute resolution.
Who must comply
Credit providers, credit reporting bodies, mortgage insurers, and trade insurers within the regime.
What triggers it
Providing or receiving consumer credit information.
When due
Continuous; specific notification triggers per Part IIIA.
Evidence required
CR Code compliance documentation, FHI procedures, notification templates, complaints register.
Max penalty
Same penalty regime as broader Privacy Act; CR Code breaches additionally enforceable
Summary
Part IIIA of the Privacy Act and the Privacy (Credit Reporting) Code 2014 govern handling of consumer credit information. Credit providers must give s 21D notices, observe permitted disclosures, treat repayment history information correctly, handle financial hardship requests under s 21D and the FHI regime (from 1 July 2022), and respond to corrections within statutory periods.
Enforced by
Source legislation
Industries
Topics
Source: https://oaic.gov.au/privacy/credit-reporting. Rules Mate is not a law firm. Always verify against the live regulator source before acting.