Application 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 …
Publications
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 …
Publications
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 …
Publications
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 …
Publications
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 …
Publications
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under Part IIIA of the Privacy Act 1988 (Cth) and its related provisions.Part IIIA and its related provisions could be repealed, and credit reporting regulated under the general provisions of the Privacy Act.Credit reporting could …
Publications
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 …
Publications
Read moreCredit providers
54.101 In general, credit reporting agencies may disclose personal information contained in credit information files (for example, a credit report) only to those persons who are ‘credit providers’ as that term is defined in the Act.[113] An entity is a credit provider under s 11B if the entity is, among other things, abank;corporation, a substantial …
Publications
Read moreResponsibilities and powers of the OPC
53.55 The Privacy Act gives the OPC a range of responsibilities and powers under the Act.[111] These responsibilities and powers were described in more detail in Part F of this Report. This chapter describes aspects of the OPC’s responsibilities and powers in relation to:issuing a code of conduct relating to credit information files and credit …
Publications
Read moreLegislative history
52.37 As enacted, the Privacy Act had limited application to the private sector. The Act set out the Information Privacy Principles (IPPs), which regulated the collection, handling and use of personal information by Commonwealth public sector agencies.[37] The Act also provided guidelines for the collection, handling and use of individual tax file number information in …
Publications
Read more