Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Mandatory credit information , for eligible credit accounts held by natural persons with a credit provider, is personal information (other than sensitive information) for those accounts that is:
(a) identification information (within the meaning of the Privacy Act 1988 ) about the natural persons; or
(b) consumer credit liability information (within the meaning of the Privacy Act 1988 ) about the natural persons; or
(c) repayment history information (within the meaning of the Privacy Act 1988 ) about the natural persons; or
(d) financial hardship information about the natural persons; or
(e) default information (within the meaning of the Privacy Act 1988 ) about the natural persons; or
(f) payment information (within the meaning of the Privacy Act 1988 ) about the natural persons; or
(g) new arrangement information (within the meaning of the Privacy Act 1988 ) about the natural persons.
(2) Despite paragraph (1)(c), mandatory credit information does not include repayment history information (within the meaning of the Privacy Act 1988 ) that comes into existence more than 3 months before the first 1 July on which:
(a) if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or
(b) otherwise--the credit provider is an eligible licensee.
(3) Despite paragraph (1)(d), mandatory credit information does not include financial hardship information that comes into existence:
(a) before 1 July 2022; or
(b) more than 3 months before the first 1 July on which:
(i) if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or
(ii) otherwise--the credit provider is an eligible licensee.
Note: Paragraph (b) is included to deal with the case where the first 1 July is in 2023 or a later year.
(4) Despite paragraph (1)(e), mandatory credit information does not include default information (within the meaning of the Privacy Act 1988 ) that comes into existence before the first 1 July on which:
(a) if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or
(b) otherwise--the credit provider is an eligible licensee.