Div 2Credit reporting agreements and arrangements

Division 2—Credit reporting agreements and arrangements

2  Credit reporting system arrangements

 (1) This section is made for the purposes of subsection 20N(3), subsection 20Q(2), section 21Q and section 21S of the Act.

Agreements between credit reporting bodies and credit providers

 (2) An agreement entered into by a credit reporting body with a credit provider to meet the requirements of subsection 20N(3) and subsection 20Q(2) of the Act must oblige both parties to comply, to the extent applicable from time to time, with Part IIIA of the Act, the Regulations and the registered CR Code.

Note:  As part of their obligations in connection with the quality and security of credit reporting information, credit reporting bodies must enter into agreements with credit providers that meet the requirements of subsection 20N(3) and 20Q(2) of the Act.

Training of employees

 (3) Credit reporting bodies, credit providers, mortgage insurers and trade insurers must take reasonable steps:

 (a) to inform employees who handle credit reporting information or credit eligibility information of the requirements of Part IIIA of the Act, the Regulations and this CR Code that relate to information of these types; and

 (b) to train employees who handle credit reporting information or credit eligibility information in the practices, procedures and systems that are designed to achieve compliance with those requirements.

3  Open and transparent management of credit reporting information

 (1) This section is made for the purposes of section 20B of the Act.

Note:  Among other things, section 20B of the Act requires credit reporting bodies to have a clearly expressed and up‑to‑date policy about its management of credit reporting information.

Availability of credit reporting information management policy

 (2) A credit reporting body must publish its policy about the management of credit reporting information on its website.