Financial Services Privacy Update (Part 1): Credit reporting information

Contained within the Privacy Act 1988 and the Privacy (Credit Reporting) Code 2014 is a regime concerning the collection, storage and use of data relating to an individual's credit's history and credit worthiness information.

The Office of the Australian Information Commissioner ('OAIC') recently conducted a review of the Code and made several recommendations for change, providing a timely reminder of the nature of the Code and the obligations on all parties involved in requests for credit reporting information.

The Privacy Act 1988 and the concept of credit reporting

Many financial services providers, including both credit providers under the National Consumer Credit Protection Act 2009 and unregulated credit providers, rely heavily on credit history reports for individuals to determine whether credit should be extended.