The Office of the Australian Information Commissioner (OAIC) has released its comparison guide highlighting the changes to credit reporting in the amended Part IIIA of the Privacy Act (Cth) (1988). The new credit reporting regime will come into force on 12 March 2014.
The guide aims to clarify the move to a more comprehensive credit reporting regime and outlines the major changes that result from the Privacy Act amendments. The guide can be accessed here.
The OAIC intends to release regulations to accompany the Privacy Act Amendments and will publish its Credit reporting code in October 2013.
What you need to do
Any lender exchanging credit information with a credit reporting body will need to update and change its privacy policies.