3/6/2024 0 Comments Default notice template![]() To what types of transactions doe the new payment default changes apply? See section 6M which defines “credit” and “amount of credit”. Where this occurs the credit provider may report the default to a credit reporting body and the “default information” reported then becomes part of an individual’s credit file.ĭue to the wide definition of the word ‘credit’, these provisions apply not only to loans, but also other forms of credit such as leasing or renting. ![]() What is a payment default?Ī payment default in terms of the Privacy Act (defined in section 6Q) means that there has been a default in making payments under a credit contract and the default has continued for a period of 60 days or more. The Enhancements Act introduced many changes to Privacy Laws, including limited positive credit reporting. The Privacy Amendment (Enhancing Privacy Protection) Act 2012 (“Enhancements Act”) took effect on the 12th March 2014 and amends the Privacy Act 1988 (Commonwealth). Privacy law reform introduces a new regime governing the reporting of payment defaults by credit providers to credit reporting bodies.Ĭhanges to reporting ‘Default Information’ to a credit reporting body under the new privacy laws and the use and application of sections 6Q and 21D notices will impact data management processes for organisations.
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