Permitted content of credit reporting information
56.8 There was no call for removing regulation dealing specifically with the permitted content of credit reporting information and leaving the matter to be governed by the model UPPs. Any such move would create uncertainty about the scope of information that may be ‘necessary’ to assess credit risk or for other functions or activities of …
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Read moreInquiry information
56.15 A credit information file may include information about an individual having applied to a credit provider for credit and the amount of credit sought in the application.[9] For the purposes of this Report, this information is referred to as ‘inquiry information’. In addition, the Credit Reporting Code of Conduct states that ‘a general indication …
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Read more‘Negative’ information
56.23 The permitted content of credit information files and credit reports includes a range of ‘negative’ information. Stakeholders raised a number of concerns about permitted content relating to: small overdue payments; dishonoured cheques; bankruptcy and similar information; and serious credit infringements.Small overdue payments56.24 Section 18E(1)(b)(vi) permits the inclusion in credit information files of information about …
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Read moreDebts of children and young people
56.86 There are concerns about credit reporting information about individuals under the age of 18—especially in relation to the listing of debts by telecommunication companies in relation to mobile telephone contracts.[96]56.87 A ‘protective’ approach is reflected in the common law, where contracts are not binding on a person under the age of 18 unless it …
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Read moreNotification of collection
56.96 The ‘Notification’ principle in the model UPPs provides that, at or before the time an agency or organisation collects personal information about an individual from the individual or from someone other than the individual, it must take such steps, if any, as are reasonable in the circumstances to notify or ensure that the individual …
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Read moreOther aspects of the model
55.183 Stakeholders have raised a number of other matters relevant to a move towards more comprehensive credit reporting. For example, concerns were expressed that, if credit reporting information is to include information about credit accounts that have been closed (as recommended above), regulation needs to include a definition of a ‘closed account’ since there is …
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Read moreBenefits 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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