Privacy Act 1988

PART II - INTERPRETATION  

Division 2 - Key definitions relating to credit reporting  

Subdivision B - Other definitions  

SECTION 6Q   MEANING OF DEFAULT INFORMATION  

Consumer credit defaults

6Q(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

6Q(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.