Changes to Australia's Credit Reporting Code, which take effect next month, are aimed at strengthening consumer privacy. The Office of the Australian Information Commissioner oversaw the revisions to the code.
The Australian Information Commissioner Angelene Falk says the changes should make it easier for people to prevent identity theft and credit fraud.
One important change is that consumers can ask credit reporting bodies to notify each other about the consumer's request to place a ban on credit applications. If a person believes they have been or are likely to be a victim of fraud, they can request a ban.
Falk says: "Until now consumers had to contact each credit reporting body separately to request this protection."
Under the change, when requested by an individual a credit reporting body is obliged to notify other credit reporting bodies of that individual's ban period request.
Another change is to the type of information that can be included in credit reports. Publicly available information that is not relevant to an individual's creditworthiness will not be included. In particular, writs and summons can no longer be listed on credit reports.
Also, credit reporting agencies will not be allowed to market to consumers by default - by including pre-filled ticked boxes in their communications.
And the change sets clear timeframes for correcting any inaccuracies in consumer credit reports.