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National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018

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8489

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018

 

 

(1)     Clause 2, page 2 (at the end of the table), add:

 

4. Schedule 2

The day after this Act receives the Royal Assent .

 

[consequential—commencement]

(2)     Page 26 (after line 11), at the end of the Bill, add:

Schedule 2 Amendments relating to access to credit reporting information

   

Privacy Act 1988

1  After subsection 20R(1)

Insert:

          (1A)  For the purpose of a request by an access seeker made under subsection (1), credit reporting information includes:

                     (a)  a credit score generated by the credit reporting body at the time it processes the request; and

                     (b)  any historic credit scores generated in the previous 12 months by the credit reporting body and provided to a credit provider.

2  Subsection 20R(5)

Repeal the subsection, substitute:

No access charges

             (5)  A credit reporting body must not charge the access seeker for the making of the request or for giving access to the information.

3  Subsection 20R(6)

Repeal the subsection.

4  At the end of section 20R

Add:

Prohibition on use or disclosure of personal information

             (8)  If a credit reporting body receives personal information about an individual as part of the making of a request for access under subsection (1), the body must not use or disclose the information for any purpose other than the processing of the request.

Civil penalty:          2,000 penalty unit s .

Policy about the use of credit reporting information to generate credit scores

             (9)  A credit reporting body must have a clearly expressed and up-to-date policy about the use of credit reporting information and CRB derived information to generate credit scores.

           (10)  The policy must:

                     (a)  clearly set out any methodology, formula or data analysis method that uses credit reporting information or CRB derived information to generate credit scores; and

                     (b)  be published on the body’s website.

Definitions

           (11)  In this section:

credit score includes a number, letter or symbol, or a combination of any or all of those things that provides a general indication of a person’s credit worthiness that may be generated by a credit reporting body based on the credit reporting information that the body holds on the person.

 [access to credit reporting information]