Legislative amendments to the Privacy Act 1988 came into effect last month, and with a focus on changing the ‘negative credit reporting’ system previously implemented in 1991, the legislative amendments have introduced what is known as ‘comprehensive credit reporting’.
Prior to the amendments, a copy of your credit report would have shown a list of any applications you submitted for consumer or commercial credit, but it would not have detailed whether those applications were approved. Further, if you had received credit, it would not have shown your repayment history and whether any repayments were missed or if you defaulted on your credit obligations.
The recent changes now allow comprehensive and detailed information to be placed on your credit report including, but not limited to:
- your current or last known address and your two previous addresses;
- your current/past employer;
- Your driver’s licence number;
- when you applied for credit (and who the application was submitted to, the type of credit and the amount you applied for);
- the date the credit accounts were opened and/or closed;
- your maximum level of credit on each credit account;
- terms and conditions relating to your repayment obligations;
- information pertaining to whether you have paid your monthly payments (going back as far as two years) – (note: this information can only be supplied by credit providers that hold an ACL or by an organisation considering providing mortgage insurance for a home loan you have applied for);
- default information (i.e. a payment over $150 which is at least 60 days overdue and for which you have been provided with at least two notices requiring payment);
- information about a bankruptcy, a debt agreement or personal insolvency agreement.
If you need legal advice in relation to a default matter or would like further information, please telephone one of our friendly Gold Coast Lawyers today on 5563 8970.