Credit and finance

Information about a person's finances and creditworthiness is one of the most sensitive categories of personal information. The Privacy Act has strict provisions for organisations and government agencies who handle credit information.

What is a credit reporting agency?

A credit reporting agency is a business that operates databases that record information about an individual's credit worthiness, commonly known as 'credit reports'. Databases that involve the reporting of information about an individual's eligibility to be provided with credit, or history in relation to credit, or capacity to repay credit are regulated by the Privacy Act and the Credit Reporting Code of Conduct.

What is a credit provider?

Financial organisations such as banks, building societies, credit unions and retail businesses which issue credit cards are automatically classed as credit providers. Many other businesses are also credit providers if they operate a business and a substantial part of the business is providing loans.

When can a default be listed on my credit file?

A credit provider may only list a default on your file if 60 days has elapsed since the day on which the payment was due and payable and the credit provider has:

taken steps to recover all or part of the amount outstanding
written to you at your last known address and advised you of the overdue payment and requested payment of the amount outstanding
provided you with notice that they may list a default on your credit file.

How do I get a copy of my credit report?

You will need to contact the credit reporting agency to obtain a copy of your credit report. You will be asked to provide information to enable them to properly identify you. This could include your:

full name
address
date of birth
previous address
driver's licence number.

Credit reports are generally required to be given free of charge, however if you want your report immediately there may be a charge involved.

There are two main credit reporting agencies. Their contact details are available in our FAQ How do I get a copy of my credit report?.

How do I protect my financial information online?

Technology has changed the way we manage our finances. Online banking and online shopping have become a way of life. However, with this added convenience can come risks, such as fraud, identity theft and phishing attacks.

There are some simple precautions you can take to protect your personal and financial information online. To help safeguard your privacy, the Australian Government has released a 'StaySmartOnline' website with information and tips on how you can protect yourself online.

Other places to go

There are two main credit reporting agencies. Their contact details are available in our FAQ How do I get a copy of my credit report?.
SCAMwatch is the Australian Competitions and Consumer Commission's (ACCC) website established to help you recognise, report and protect yourself from scams, see www.scamwatch.gov.au.
FIDO is the Australian Securities and Investments Commission's (ASIC) website which provides financial tips and safety advice, including scams and warnings, www.fido.gov.au.
Information for business on Anti-Money Laundering and Counter-Terrorism Financing can be found at www.privacy.gov.au/law/other/aml.
Got a question on credit? Chances are someone's asked it before. See our Frequently Asked Questions on credit.

If you think an agency or organisation has misused your personal information, you can make a complaint. To find out more, see Complaints.