House of Representatives

Explanatory Memorandum

(Circulated by the authority of the Attorney-General the Honourable Michael Duffy, MP)

GENERAL OUTLINE

The provisions in this Bill will amend the Privacy Act 1988 to:

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insert a new Part IIIA providing for regulation of the practices of credit reporting agencies and credit providers in relation to personal credit information;

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provide the Privacy Commissioner with responsibilities for supervision of the consumer credit industry;

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provide for the development of a Code of Conduct for the collection and handling of personal credit information by the Privacy Commissioner in consultation with the credit industry, government, consumer and privacy groups and other relevant bodies;

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provide individuals with an enforceable right of access to, and correction of, their personal credit records;

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limit the types of information which a credit reporting agency may hold;

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place limits on the disclosure of personal credit information by credit providers;

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limit access to a credit reporting agency database to those credit providers who, as a substantial part of their business, provide consumer credit;

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mortgage and trade insurers;

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other credit reporting agencies;

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provide the Privacy Commissioner with powers to determine that a credit reporting infringement has been committed by a credit provider or credit reporter [and to determine that the individual be paid damages as compensation?];

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provide certain offences for the intentional misuse or unauthorised access to, and fraudulent practices relating to, credit information.