Benefits of more comprehensive credit reporting
55.48 The ALRC has examined views on the advantages and disadvantages of more comprehensive credit reporting over the current credit reporting system, and on the economic and social impact of introducing a system of more comprehensive credit reporting in Australia.[62] In doing so, the ALRC consulted extensively with credit providers, credit reporting agencies, and consumer …
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Read moreModels of more comprehensive credit reporting
55.109 There is a spectrum of views about the categories of personal information that should be able to be collected as part of a more comprehensive credit reporting system. In the Discussion Paper, Review of Australian Privacy Law (DP 72), the ALRC identified a lack of consensus regarding a preferred model of comprehensive reporting.[156] In …
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Read moreApplication to foreign credit providers
54.138 There has been some concern about the: (a) listing on credit information files of information about foreign credit; and (b) disclosure of credit reports to foreign credit providers.[170] For example, as some credit reporting agencies operate in both New Zealand and Australia, individuals applying for credit in Australia may have default listings relating to …
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Read moreConsumer and commercial credit
54.160 Part IIIA distinguishes between consumer and commercial credit reporting. Part IIIA regulates consumer credit reporting activities, but does not cover personal information about commercial loans (that is, loans not intended to be used wholly or primarily for domestic, family or household purposes).[198] The handling of personal information relating to commercial loans (referred to below …
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Read moreReview of the regulations
54.178 In DP 72, the ALRC proposed that the new Privacy (Credit Reporting Information) Regulations should be reviewed after five years of operation.[221] The ALRC considered that a requirement to review the regulations was desirable, among other reasons, to assess the impact of more comprehensive credit reporting on privacy and the credit market;[222] and to …
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Read moreCredit reporting code
54.182 In DP 72, the ALRC noted that some matters raised in the Inquiry are not addressed most appropriately through legislation. For example, while credit providers generally support the principle of reciprocity in credit reporting, and obligations to report information consistently, arguably, credit providers themselves and their industry associations should take responsibility for such matters—within …
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Read morePart IIIA and the NPPs
54.4 In considering options for reform, it is important to understand the relationship between the credit reporting provisions and the existing National Privacy Principles (NPPs). Part IIIA of the Privacy Act was originally intended to adopt and reflect privacy principles in the specific context of credit reporting.[4] The NPPs were enacted later, in 2000,[5] and …
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Read moreRepeal and new regulation under the Act
54.11 There are three main approaches available for reform of the credit reporting provisions:Credit reporting could continue to be regulated under Part IIIA of the Privacy Act 1988 (Cth) and its related provisions.Part IIIA and its related provisions could be repealed, and credit reporting regulated under the general provisions of the Privacy Act.Credit reporting could …
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Read moreCredit reporting information
54.70 The provisions of Part IIIA apply variously to personal information in ‘credit information files’, ‘credit reports’ and ‘reports’. As discussed in Chapter 53, each term is defined differently. Briefly:a ‘credit information file’ is information kept by a credit reporting agency in the course of carrying on a credit reporting business;[86]a ‘credit report’ is information …
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Read moreCredit reporting agencies
54.87 Under the Privacy Act, ‘a person is a credit reporting agency if the person is a corporation that carries on a credit reporting business’.[101] A ‘credit reporting business’ is defined as a business or undertaking … that involves the preparation or maintenance of records containing personal information relating to individuals (other than records in …
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