Privacy (Credit Reporting) Code 2024

See the Federal Register of Legislation entry.

Part 1—Preliminary

1 Name

This instrument is the Privacy (Credit Reporting) Code 2024.

2 Commencement

1. This instrument commences on the day it is registered on the Federal Register of Legislation, with the exception of the provisions set out below:
   1. Section 5, day on which the consumer credit is entered into (a)
   2. Section 5, day on which the consumer credit is terminated or otherwise ceases to be in force (a)
   3. Section 5, maximum amount of credit available under the consumer credit (e) and
   4. Schedule 2, paragraph 17(2).

3 Authority

1. This instrument is a CR Code described in section 26N of the Act.
2. This instrument is included on the Codes Register under paragraph 26T(5)(b) of the Act.

Note: This instrument is the Registered CR Code described in section 26M of the Act.

4 This CR Code

The operative provisions of this CR Code are set out in Schedule 2 to this instrument.

5 Definitions

Note:  A number of expressions used in this instrument are defined in Divisions 1 and 2 of Part II of the Act, including (but not limited to) the following:

1. consumer credit liability information;
2. CP derived information;
3. CRB derived information;
4. credit;
5. credit eligibility information;
6. credit information;
7. credit provider
8. credit reporting body;
9. credit reporting information
10. default information;
11. financial hardship arrangement;
12. financial hardship information;
13. information request;
14. payment information;
15. regulated information;
16. repayment history information
17. serious credit infringement.

In this instrument:

Act means the Privacy Act 1988.

ban notification service means a free of charge service offered by a credit reporting body where the body will notify an individual of requests from a credit provider, mortgage insurer or trade insurer for credit reporting information relating to that individual when a ban period is in effect.

ban period has the meaning given in subsection 20K(3) of the Act.

capacity information means information as to whether the relevant individual is:

1. solely liable for the credit;
2. jointly liable for the credit;
3. the guarantor in respect of the credit; or

correction period, in the context of a correct request, meansa period of 30 days from the date on which the correction request is made.

correction request means a request by an individual to correct information about the individual under sections 20T or 21V of the Act.

credit ID information means any of the following numbers (for accounts other than credit card and debit card accounts) or the first six and last four digits of any of the following numbers (for credit card and debit cards accounts):

1. the number allocated by the credit provider for the consumer credit provided to the relevant individual;
2. any previous number allocated by the credit provider for the consumer credit provided to the relevant individual; and
3. where a transfer event has occurred – the number allocated by the previous credit provider for that consumer credit.

credit-related personal information means each of the following (as applicable in the relevant context):

1. credit information;
2. credit reporting information;
3. credit eligibility information; or
4. regulated information.

day on which the consumer credit is entered into means

1. in the case of credit provided with a telecommunications or utility service, for consumer credit liability information disclosed 6 months after commencement, the day that a service is first provided, where the credit provider has generated one or more active accounts within its systems; and
2. in all other cases:
   1. for consumer credit liability information disclosed up to and including 14 February 2021, the day that, under the terms and conditions of the consumer credit, the credit is made available to the individual; or
   2. for consumer credit liability information disclosed from 14 February 2020, the day that, the consumer credit is unconditionally approved by the credit provider, and the credit provider has generated the consumer credit account within its credit management system.

day on which the consumer credit is terminated or otherwise ceases to be in force means

1. in the case of credit provided with a telecommunications or utility service, for consumer credit liability information disclosed 6 months after commencement, the day that service provision ceases and on which there is no right to have a service reconnected under an existing contract; and
2. in all other cases, the earliest of:
   1. the day that the debt owed under the credit is repaid and there is no ability to defer payment of further debt under the credit;
   2. the day that either the credit provider determines or the individual and the provider agree that all outstanding payment obligations arising under the credit have been waived or otherwise discharged and the provider cannot undertake further enforcement action in respect to any outstanding debt owed by the individual under the credit;
   3. the day that the provider charges off the full balance of the credit after deciding that the outstanding balance is a loss due to the likelihood that the amount may not be recoverable, although the provider maintains the legal ability to take enforcement action in respect to any outstanding debt owed by the individual under the credit; and
   4. the day that a Court awards a judgment for the amount owing under the credit.

destroy, in the context of an obligation on a credit reporting body or credit provider to destroy information, has a meaning affected by section 1A of Schedule 2 to this CR Code.

hardship request means a financial hardship or payment difficulties notification or request that is regulated under legislation or an industry code. This does not include a once-off, short term payment extension that is not so regulated.

maximum amount of credit available under the consumer credit means:

1. where no credit limit applies to revolving credit, a charge card contract or the sale of goods or supply of services where credit is provided – no fixed limit;
2. in the case of revolving credit with a credit limit – the credit limit that applies at the time the consumer credit liability information is disclosed to a credit reporting body;
3. in the case of credit where the principal amount is not repayable until a fixed date and, until that time, payments of interest only are required to be made – the principal amount of the credit;
4. in the case of credit where payments of the principal amount must be made throughout the term of the credit – the amortised maximum principal amount of the credit, calculated on the basis that the individual makes the minimum only principal repayments throughout the term of the credit;
5. for consumer credit liability information disclosed on or after the date 6 months after commencement and in the case of a reverse mortgage, the principal amount of credit, whether fully drawn down or not, even where this may differ from the amount owing under the credit
6. for consumer credit liability information disclosed up to and including 30 June 2019:
   1. in the case of credit provided for the purposes of the acquisition of particular goods or services, the applicable credit limit;
   2. in the case of credit provided by a supplier of goods or services where the contract specifies the amount of the credit or the credit limit – that amount; and

month means a period:

1. starting at the start of any day (the start day) of one of the calendar months; and
2. ending on any of the following days, as determined by the credit provider:
3. immediately before the start of the corresponding day of the next calendar month; or
4. where the day before the corresponding day of the next calendar month is a non-business day, the end of the next business day following that day; or
5. if there is no such day – at the end of the next calendar month; or
6. the end of a day that is between 27 and 30 days after the start day; or
7. where the day before the start day is a non-business day, the end of a day that is 25 or 26 days after the start day.

non-participating credit provider has the meaning given in the Act, but does not include a credit provider that:

1. has represented to an individual who they have provided with credit that they may disclose credit reporting information or credit eligibility information about the individual to a credit reporting body (unless the provider has subsequently advised the individual in writing that they will not make the disclosures and has, in fact, not made any such disclosures); or
2. acquires the rights of another credit provider in relation to the repayment of an amount of credit, unless that second provider was a non-participating credit provider.

Note: Credit providers described in paragraphs (a) and (b) are bound by this CR Code: see section 1 of Schedule 2 to this instrument.

ordinary monthly payment means the payment that becomes due and payable in relation to the consumer credit in a month (but does not include any payments that are overdue from previous months).

overdue payment arrangement means an arrangement, which is not a variation FHA, that is put in place in relation to payments owed by the individual that are or will become overdue.

Note: An overdue payment arrangement may also be a temporary FHA in the circumstances set out in subsection 8A(10) of Schedule 2 to this instrument.

Regulations means the Privacy Regulation 2013.

reverse mortgage has the meaning given in the National Consumer Credit Protection Act 2009.

section 21D(3) notice means a written notice of the kind described in paragraph 21D(3)(d) of the Act stating that the credit provider intends to disclose default information to a credit reporting body.

Note 1: A section 21D(3) notice must be given before default information can be disclosed to a credit reporting body: see section 21D of the Act and section 9 of Schedule 2 to this instrument.

Note 2: A section 21D(3) notice may include information about the availability of, or how to request, assistance on the grounds of financial hardship.

section 6Q notice means a written notice of the kind described in paragraph 6Q(1)(b) of the Act informing the individual of the overdue payment and requesting that the individual pay the amount of the overdue payment.

Note: In order for information to be default information, a section 6Q notice must be given: see section 6Q of the Act and section 9 of Schedule 2 to this instrument.

temporary FHA means an agreed financial hardship arrangement which involves temporary relief from or deferral of the individual’s obligations in relation to consumer credit (as described in subparagraph 6QA(1)(d)(ii) of the Act).

Note: During a temporary FHA, payments will typically continue to accrue under the terms of the consumer credit, however repayment history information will reflect the terms of the temporary FHA (as set out in paragraph 8(2)(b) and subsection 8(5) of Schedule 2 to this instrument, rather than the contractual obligation under the consumer credit. At the end of the arrangement, the individual will need to pay the payments that have accrued under the terms of the consumer credit or agree with the credit provider to another financial hardship arrangement that deals with those overdue payments. If they do not, repayment history information will show those payments as missed.

transfer event means an event whereby the rights of a credit provider in relation to the repayment of an amount of consumer credit are acquired by an acquirer.

variation FHA means an agreed financial hardship arrangement which:

1. involves a permanent variation to the terms of the consumer credit (as described in subparagraph 6QA(1)(d)(i) of the Act); and
2. meets the requirements of subsection 8A(11) of Schedule 2 to this instrument.

Note: A variation FHA is a change to the terms of the consumer credit which may involve an ‘ongoing’ change (e.g. for the remaining term) or a change for a defined period (i.e. not the remaining term of the consumer credit). Both of these changes are considered to be ‘permanent’ variations because the consumer credit is changed, but the length and application of these changes can differ. Repayment history information will be based on the terms of the consumer credit, as varied by the variation FHA: see paragraph 8(2)(a) and subsection 8(4) of Schedule 2 to this instrument. No arrears will accrue if the individual makes all the payments required under the varied contract.