20BOpen and transparent management of credit reporting information

#### 20B Open and transparent management of credit reporting information (1) The object of this section is to ensure that credit reporting bodies manage credit reporting information in an open and transparent way. Compliance with this Division etc. (2) A credit reporting body must take such steps as are reasonable in the circumstances to implement practices, procedures and systems relating to the credit reporting business of the body that: (a) will ensure that the body complies with this Division and the registered CR code; and (b) will enable the body to deal with inquiries or complaints from individuals about the body’s compliance with this Division or the registered CR code. Policy about the management of credit reporting information (3) A credit reporting body must have a clearly expressed and up‑to‑date policy about the management of credit reporting information by the body. (4) Without limiting subsection (3), the policy of the credit reporting body must contain the following information: (a) the kinds of credit information that the body collects and how the body collects that information; (b) the kinds of credit reporting information that the body holds and how the body holds that information; (c) the kinds of personal information that the body usually derives from credit information that the body holds; (d) the purposes for which the body collects, holds, uses and discloses credit reporting information; (e) information about the effect of section 20G (which deals with direct marketing) and how the individual may make a request under subsection (5) of that section; (f) how an individual may access credit reporting information about the individual that is held by the body and seek the correction of such information; (g) information about the effect of section 20T (which deals with individuals requesting the correction of credit information etc.); (h) how an individual may complain about a failure of the body to comply with this Division or the registered CR code and how the body will deal with such a complaint. Availability of policy etc. (5) A credit reporting body must take such steps as are reasonable in the circumstances to make the policy available: (a) free of charge; and (b) in such form as is appropriate. > Note: A credit reporting body will usually make the policy available on the body’s website. (6) If a person or body requests a copy, in a particular form, of the policy of a credit reporting body, the credit reporting body must take such steps as are reasonable in the circumstances to give the person or body a copy in that form.