8Repayment history information

8  Repayment history information

 (1) This section is made for the purposes of sections 6V and 21D of the Act.

Note:  Credit information about an individual includes ‘repayment history information’ about that individual. Under section 6V of the Act, repayment history information is information about:

(a)           whether or not an individual has met an obligation to make a monthly payment that is due and payable in relation to the consumer credit (including if that obligation is being determined by reference to a financial hardship arrangement);

(b)           the day on which the monthly payment is due and payable;

(c)            if the individual makes the monthly payment after the day on which the payment is due and payable – the day on which the individual makes that payment.

                   The Act contains additional restrictions about when repayment history information can be collected and disclosed.

 (2) For the purposes of disclosing repayment history information and the definition of repayment history information in section 6V of the Act:

 (a) if the payment obligation for that month is not being determined by reference to a temporary FHA:

 (i) consumer credit is overdue if, after any payments made during that month are taken into account, on the last day of the month to which the repayment history information relates, there remained at least one overdue payment in relation to which the grace period has expired as determined by reference to the terms of the consumer credit; and

 (ii) the grace period allowed by the credit provider for an overdue payment under subparagraph (i) must be at least 14 days, beginning on the date that the provider’s systems first classified the payment as being in arrears; or

 (b) if the payment obligation for that month is being determined by reference to a temporary FHA – the individual will have met their obligations under the temporary FHA if, after any payments made during that month are taken into account, on the last day of the month to which the repayment history information relates, there are no overdue payments as determined by reference to the financial hardship arrangement.

Requirements relating to disclosure of repayment history information

 (3) Where a credit provider discloses repayment history information about consumer credit provided to an individual, the provider must take reasonable steps to ensure that:             

 (a) it does not disclose repayment history information about that credit more frequently than once each month; and

 (b) for each month, after any payments made during that month are taken into account, it only discloses whichever of the following is applicable: