Online social networking
Background67.51 Until recently, the internet was primarily a source of information. Today, however, it is used by many as a means of communication and has become an important part of social relations.[39] 67.52 Many people now engage in online social networking. Social networking websites enable members to meet people; send messages to each other; share …
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Read moreTime limits on disputed credit reporting information
59.145 In DP 72, the ALRC noted that individuals effectively have the burden of showing that a disputed debt is listed improperly because the listing will remain part of their credit reporting information until this is shown.[170] 59.146 This position was considered to be unfair given the relative positions of credit providers and individual consumers …
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Read moreInvestigation and resolution of credit reporting complaints
59.158 Concerns about the existing regulation of credit reporting have focused as much on how the complaints and enforcement provisions have operated in practice as on the substantive obligations. More effective complaint handling and enforcement is seen by many stakeholders as central to making a significant improvement to the existing regulatory framework. Lack of access …
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Read morePenalties
59.163 Part IIIA of the Privacy Act creates a range of credit reporting offences. These include, for example, offences relating to:credit providers using or disclosing personal information contained in credit reports other than as permitted;[188]credit reporting agencies or credit providers intentionally giving out a credit report that contains false or misleading information;[189]persons intentionally obtaining unauthorised …
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Read moreThird party access
59.39 Part IIIA places some specific constraints on direct access to credit reporting information by persons authorised by the individual. Section 18H(3) of the Privacy Act states that an individual’s rights of access under the sectionmay also be exercised by a person (other than a credit provider, mortgage insurer or trade insurer) authorised, in writing, …
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Read moreNotification of adverse credit reports
59.57 Under s 18M of the Privacy Act, when an individual’s application for credit is refused, based wholly or partly on a credit report, the credit provider must give the individual written notice of that fact and advice about the individual’s right to obtain access to his or her credit information file held by the …
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Read moreInformation about credit scoring processes
59.60 In DP 72, the ALRC noted that there may be reasons for credit being refused that are based on credit reporting information, but are not readily apparent from the information received by the credit provider or provided to the individual concerned.[61] 59.61 Where this is the case, notification of an adverse credit report under …
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Read moreComplaint handling
59.89 The following section of this chapter examines aspects of complaint handling in relation to credit reporting. Complaints about credit reporting are handled by credit reporting agencies and credit providers, external dispute resolution (EDR) schemes such as the Telecommunications Industry Ombudsman (TIO) and Banking and Financial Services Ombudsman (BFSO),[94] or by the OPC under the …
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Read moreExternal dispute resolution
59.122 Many credit providers are already members of industry-based EDR schemes, notably those involving the BFSO and TIO. Veda Advantage, the main consumer credit reporting agency, also is a member of the BFSO.[142] 59.123 In 2007, the House of Representatives Standing Committee on Economics, Finance and Public Administration considered the operation of EDR schemes in …
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Read moreAccess and correction in practice
59.10 All major Australian credit reporting agencies provide individuals with access to their own credit reports on request and free of charge.[3] In many cases, an individual requests access to his or her credit reporting information because he or she has been refused credit.59.11 Veda Advantage responds annually to approximately 260,000 credit access requests.[4] Veda …
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