The new Credit Reporting Code will commence on 12 March 2014 along with the Privacy Amendment (Enhancing Privacy Protection) Act 2012 (‘privacy amendments’).
The Credit Reporting Code will replace the existing Credit Reporting Code of Conduct in its entirety and aims to clarify and supplement the obligations under Part IIIA of the privacy amendments and the Privacy Regulations 2013 as they relate to credit reporting participants.
A breach of the Credit Reporting Code is a breach of the Privacy Act and so it is important that all participants of the credit reporting regime have practices and procedures in place to ensure their compliance with the Credit Reporting Code.
The Credit Reporting Code was developed by the Australian Retail Credit Association in consultation with industry and consumer groups. A copy of the Credit Reporting Code can be accessed here.