We’ve made some changes to our Privacy Policy and Privacy Notice to accommodate the changes to the National Consumer Credit Protection Act 2009 and the Privacy (Credit Reporting) Code 2014 which come into effect today (1 July 2022).
These changes introduce the concepts of ‘financial hardship arrangement’ and ‘financial hardship information’ to the Privacy Act 1988 (Cth).
From 1 July 2022, repayment history information on your credit report will now reflect any agreed financial hardship arrangement you have with us. So, for example, if we agree that you can make a reduced payment for two months, and you make that reduced payment, your repayment history information will show that you have made your required repayment.
The credit report will also include a flag alongside your repayment history information that the repayment history is associated with a financial hardship arrangement. This is referred to as financial hardship information.
You can read our updated Privacy Policy and Privacy Notice here.
And to read more about these changes, you can review the updated Privacy (Credit Reporting) Code 2014 here [https://www.oaic.gov.au/__data/assets/pdf_file/0023/12659/Version-2.3_Variation-to-CR-Code.pdf].
Published Friday, 1 July 2022
