Privacy Act Amendments 2014

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Privacy Act Amendments 2014

The Privacy Act amendments, including the introduction of Comprehensive Credit Reporting (CCR), took effect Wednesday 12 March 2014.

There are several amendments occurring to application forms and documents, decline letters, and changes to customers’ rights around the management of their personal information which needs awareness.

Application Forms:
As of 12 March 2014, our Application Forms will include an updated Privacy Act Authorisation. We will however allow a transitional period for existing forms to 28th March 2014, after which we will require you to utilise the new application form for all applications.

The Privacy Act provides for how personal information is collected and how it is handled – Brokers, only collect the type of personal information when it is reasonably necessary for you to carry out your business. Manage the personal information kept by you by keeping this updated and accurate on a regular basis. This includes customer details when you contact them or when they contact you.

Decline Notices
Decline notices must be provided within 10 days of a declined application where the reason is wholly or partly due to a credit report obtained. Decline notices will be issued directly to customers. Brokers will be notified when the decline notice is issued.

Information Correction Requests
Consumers have the right to request their information to be corrected. This correction process extends to information held on a credit report and is applicable whether or not the default is connected to your business. Should an individual request correction of this information by you, you have an obligation to contact the Credit Reporting Body and take reasonable steps to correct the error.

This does not constitute legal advice. We recommend you speak to your legal representative or refer to the office of the Australian Information Commissioner’s commentary at www.oaic.gov.au/privacy-act/privacy-law-reform for more information about the changes to the Privacy Act.