PRIVACY ACT 1988

PART II - INTERPRETATION  

Division 2 - Key definitions relating to credit reporting  

Subdivision B - Other definitions  

SECTION 6Q   MEANING OF DEFAULT INFORMATION  

Consumer credit defaults

6Q(1)  
Default information about an individual is information about a payment (including a payment that is wholly or partly a payment of interest) that the individual is overdue in making in relation to consumer credit that has been provided by a credit provider to the individual if:


(a) the individual is at least 60 days overdue in making the payment; and


(b) the provider has given a written notice to the individual informing the individual of the overdue payment and requesting that the individual pay the amount of the overdue payment; and


(c) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment; and


(d) the amount of the overdue payment is equal to or more than:


(i) $150; or

(ii) such higher amount as is prescribed by the regulations.
Guarantor defaults

6Q(2)  
Default information about an individual is information about a payment that the individual is overdue in making as a guarantor under a guarantee given against any default by a person (the borrower ) in repaying all or any of the debt deferred under consumer credit provided by a credit provider to the borrower if:


(a) the provider has given the individual written notice of the borrower ' s default that gave rise to the individual ' s obligation to make the overdue payment; and


(b) the notice requests that the individual pay the amount of the overdue payment; and


(c) at least 60 days have passed since the day on which the notice was given; and


(d) in addition to giving the notice, the provider has taken other steps to recover the amount of the overdue payment from the individual; and


(e) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment.




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