The Law Handbook 2024

456 Section 5: Managing your money Misuse of information in credit reports If a credit provider or credit-reporting body misuses the information in a credit report, they can be fined a significant amount (div 3, sub-div D PA 1988; CR Code). Credit providers cannot use the information in credit reports to market products and services (CR Code). It is an offence for a credit- reporting body to use or disclose credit-reporting information that is ‘false or misleading in a material particular’ (s 20P PA 1988). Identity theft and credit reporting Where a person has been a victim of fraud (including identity fraud), they can request the credit-reporting bodies to commence a ‘ban period’ under section 20K of the PA 1988 (seealso CR Code). A person can ask the credit-reporting bodies to notify each other of the request to place a ban period on credit applications. During the ban period, the credit-reporting bodies may not disclose or use the individual’s credit report unless the individual expressly consents in writing. The person can then request a correction to their credit report. Correcting credit reports and complaints Correcting a credit report Individuals who believe their credit report includes inaccurate, out-of-date, incomplete, irrelevant or misleading information have the right to request that either the credit provider (s 21V PA 1988) or the credit-reporting body (s 20T PA 1988) correct that information. (For the contact details of the credit-reporting bodies, see ‘Contacts’ at the end of this chapter.) Making a complaint about a credit report To make a complaint in relation to a credit report, contact the relevant credit provider or credit- reporting body directly. If there is a delay in making a decision about a complaint, the credit-reporting body or credit provider must: a notify the person of the delay, the reasons for the delay, and the expected time when the matter will be resolved; b seek the person’s agreement to an extension for a period that is reasonable in the circumstances; and c advise the person that they may complain to a recognised external dispute resolution (EDR) scheme of which the credit-reporting body or credit provider is a member – and provide the EDR’s contact details; and d if the person has not agreed to the requested extension, provide a response to the correction request within the timeframe sought for extension. All credit providers that participate in credit reporting must be a member of an EDR scheme that can receive and resolve complaints about them. In Australia, the EDR schemes are the Australian Financial Complaints Authority, the Energy and Water Ombudsman Victoria, and the Telecommunications Industry Ombudsman ( see ‘Contacts’ at the end of this chapter). (See also ‘Solving disputes with creditors’ in Chapter 5.10: Unauthorised transactions and ePayments Code). Getting a copy of your credit report An individual has the right to obtain one free copy of their credit report from any credit-reporting body every three months (s 20R PA 1988; CR Code). The credit-reporting body is required to provide the person with their credit report within 10 days of the request (s 19 CR Code). To obtain a free copy of their credit report, an individual needs to provide information to verify their identity to the particular credit-reporting body. To get a free copy of your credit report from: • Equifax , submit an online request form at www.mycreditfile.com.au; • Experian , email the information detailed at www.experian.com.au/credit-services/credit- reports/order-credit-report.html; • Illion , complete the online form or download an application form from www.creditcheck.illion. com.au.