Australia: Announced review of the Privacy (Credit Reporting) Code

On 20 September 2022, the Australian Information Commissioner (OAIC) announced it had completed its report on the review of the Privacy (Credit Reporting) Code 2014 (Code), formulating proposals that will be implemented gradually over the next two years through the Code and other OAIC guidelines. The aim was to assess whether the Code provides enough privacy protections and determine if the credit reporting information is regulated in accordance with the Privacy Act of 1988. The report included recommendations addressing the issues and risks identified. In particular, the report notes that a higher level of transparency is needed and that consumer access to their credit reports, personal data collected, and requests for data correction should be easily accessible. Furthermore, the report stresses that customers should not be punished for wanting to consider different credit products, and as such, this practice should be omitted from the credit report. Finally, it was noted that Identity theft should qualify any customer for an automatic extension.