Australia: Implemented Privacy (Credit Reporting) Code 2024

On 1 October 2024, the Office of the Australian Information Commissioner (OAIC) adopted and implemented the Privacy (Credit Reporting) Code 2024 (Version 3.0). The Code sets out rules for the handling of credit information by credit providers and reporting bodies. It sets out different types of credit information, rules for dealing with such information, and access and correction of credit information. The updated Code implements 15 recommendations from the OAIC's review, implementing stronger safeguards for fraud victims and individuals affected by domestic abuse. The updates also include expanded explanatory materials on credit rules, extended fraud protection, and a free alert system to notify individuals of credit inquiries during a credit ban. It also simplifies correcting multiple pieces of incorrect credit information and recognises domestic abuse as a circumstance warranting credit report corrections.