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ARTICLE · 24 JANUARY 2014

New obligations for credit providers under the Privacy Act reforms

Cooper Grace Ward
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Credit providers should update their policies and procedures and their privacy statements in their credit applications. .

AustraliaFinance and Banking
Carly Ashwood
Carly Ashwood
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The Privacy Amendment (Enhancing Privacy Protection) Act 2012 (Cth), amends the Privacy Act 1988 (Cth) and comprehensively reforms the credit reporting system in Australia.

Under the reforms, due to commence on 12 March 2014, 'credit providers' must:

  • have a clearly expressed and up to date policy with prescribed information about how they manage credit related information;
  • implement practices, procedures and systems to comply with their credit reporting obligations;
  • be aware of the limitations if intending to disclose credit information to 'credit reporting bodies' (such as Veda);
  • become a member of an external dispute resolution scheme if disclosing credit information to credit reporting bodies; and

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