The Government is seeking feedback on the proposed
mandatory comprehensive credit reporting regime by 23 February
2018.
After announcing on 2 November 2017 that it would legislate for
a mandatory comprehensive credit reporting regime by 1 July 2018 on
the four major Australian banks, the Government is seeking feedback
on the draft legislation it recently released on 8 February 2018.
If you would like to make a submission, you must do so by
23 February 2018.
Currently, under the Privacy Act, credit providers such as
lenders are allowed, but are not required, to disclose information
about the customer's credit history (that is, credit
information) to credit reporting bodies which hold and generate a
consumer's credit rating such as a credit score. This includes
negative information such as overdue payments, defaults, bankruptcy
or court judgments against an individual and positive information
(also known as comprehensive credit information) such as the number
of
