The Privacy Commissioner has recently issued the Credit Reporting Privacy Code Amendment No 3, as notified in the Gazette. The amendment was publicly consulted on in 2009 and will come into force on 22 February 2010.
The Code anticipated a full review two years after it became fully operational. Please note that the Commissioner is undertaking that general review of the code at the present time. This amendment does not arise from that review. Any proposed changes arising from that review will be publicly notified at a later date.
Amendment No 3 amends the Credit Reporting Privacy Code 2004 to allow the reporting and retention of 'No Asset Procedure' information in a manner consistent with the Insolvency Act 2006 (as amended by the Insolvency Amendment Act 2009). The amendment also permits the retention of multiple insolvency information indefinitely, consistent with the Insolvency Act.
The Amendment makes five changes to the Code. These changes:
- update the Code to refer to the Insolvency Act 2006;
- authorise the collection and disclosure of No Asset Procedure (NAP) information by credit reporters;
- specify the default period for which NAP information may be retained by credit reporters;
- specify the period for which single bankruptcy information may be retained by credit reporters; and
- specify the default period for which information regarding multiple insolvencies may be retained by credit reporters.
Background information on the Credit Reporting Privacy Code, the Insolvency Act 2006, and the Insolvency Amendment Bill can be found in the Information Paper for Credit Reporting Privacy Code Amendment No 3. That paper also details the specific changes and the reasons for them.
A complete version of the Credit Reporting Privacy Code 2004 with amendments and commentary can be found here.