Commonwealth Consolidated Acts Commonwealth Consolidated ActsConsumer credit defaults
(1) Default information about an individual is information about a payment (including a payment that is wholly or partly a payment of interest) that the individual is overdue in making in relation to consumer credit that has been provided by a credit provider to the individual if:
(a) the individual is at least 60 days overdue in making the payment; and
(b) the provider has given a written notice to the individual informing the individual of the overdue payment and requesting that the individual pay the amount of the overdue payment; and
(c) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment; and
(d) the amount of the overdue payment is equal to or more than:
(i) $150; or
(ii) such higher amount as is prescribed by the regulations.
Guarantor defaults
(2) Default information about an individual is information about a payment that the individual is overdue in making as a guarantor under a guarantee given against any default by a person (the borrower ) in repaying all or any of the debt deferred under consumer credit provided by a credit provider to the borrower if:
(a) the provider has given the individual written notice of the borrower's default that gave rise to the individual's obligation to make the overdue payment; and
(b) the notice requests that the individual pay the amount of the overdue payment; and
(c) at least 60 days have passed since the day on which the notice was given; and
(d) in addition to giving the notice, the provider has taken other steps to recover the amount of the overdue payment from the individual; and
(e) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment.