The Credit Reporting Privacy Code (the Code) requires credit reporters to submit an assurance report to the Privacy Commissioner every year (see clause 9 and Schedule 6) confirming that they have complied with the law.
Until recently, your credit report only included limited information such as your identity details and ‘negative’ information like loan defaults or bankruptcy.
Since 1 April 2012, credit providers (like banks, finance companies and some utility companies) have been allowed to share more information with credit reporters. This includes information like the amount of credit you have and how often you make payments. So, in the future, your credit report will also show positive things – like the fact that you always pay your bills in full on the due date. This is really starting to kick off now. We think it’s important consumers know this and have control over the personal information credit providers hold about them.
The annual assurance reports seek to demonstrate how each credit reporter has systematically achieved and monitored compliance with the code’s obligations. The reports are required to have been prepared with the involvement of an independent person, such as a trained auditor or privacy law expert, and must be submitted within three months of the end of the financial year.
The requirement for assurance reports is intended to promote and demonstrate accountability for handling sensitive personal information. The Privacy Commissioner has decided the reports should be publicly released to achieve that objective.
The reports are below. Parts of some reports have been redacted where release of information might prejudice a commercial position, or for reasons of systems security, or individual privacy.
2015 reports submitted by credit reporters
Media statement on public release of the reports
2014 reports submitted by credit reporters
Media statement on public release of reports
2013 reports submitted by credit reporters
Media statement on public release of reports.
2012 reports submitted by credit reporters