Privacy Awareness Week Day 5 – dealing with credit information

Credit providers should review their processes and procedures to make sure credit information is managed in line with their obligations under the Privacy Act.

Who is a credit provider?

Last year's reforms to the Privacy Act have broadened the definition of a 'credit provider' to include businesses that allow clients more than seven days to pay invoices.

The definition extends beyond 'traditional' credit providers such as banks and other financiers. This means that virtually every business that has payment terms of more than a week are now caught as a credit provider.

What are their obligations?

Credit providers have a general obligation to take 'reasonable steps' to implement practices, procedures and systems to comply with their credit information handling obligations.