National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 (5 of 2021)

Schedule 2   Financial hardship and other amendments

Part 1   Financial hardship amendments

Privacy Act 1988

7A   After subsection 20E(4)

Insert:

(4A) Despite subsection (3), if the credit reporting information is, or was derived from, financial hardship information about the individual, the credit reporting body must not disclose the information under paragraph (3)(a) or (f) to a credit provider or mortgage insurer if the provider or insurer requested the information for the purpose of:

(a) in the case of a credit provider:

(i) collecting payments that are overdue in relation to consumer credit provided by the provider to the individual; or

(ii) collecting payments that are overdue in relation to commercial credit provided by the provider to a person; or

(iii) assessing whether to accept the individual as a guarantor in relation to credit for which an application has been made to the provider by a person other than the individual; or

(b) in the case of a mortgage insurer - assessing the risk of the individual defaulting on mortgage credit in relation to which the insurer has provided insurance to a credit provider.

Civil penalty: 2,000 penalty units.