10Payment information

10  Payment information

 (1) For the purposes of the definition of payment information in Section 6T of the Act, the amount of the overdue payment to which the information relates is taken to be paid when one of the following occurs:

 (a) payment is received in cleared funds of the full amount of the overdue payment, including all interest, fees and other amounts that are included in the amount specified as overdue in the default information;

 (b) payment is received in cleared funds of part of the amount of the overdue payment and the credit provider accepts this amount in full settlement of the overdue payment; or

  (c) the credit provider waives the payment.

Note: Payment information is a statement that an overdue payment that has previously been disclosed as default information has now been paid: see section 6T of the Act.

 (2) Where a credit provider has an obligation to disclose to a credit reporting body payment information relating to an individual and the individual asks the provider to disclose this information, the provider must take reasonable steps to disclose the payment information within 3 business days of the later of:

 (a) the individual’s request; and

 (b) the date when the overdue payment is taken to be made in accordance with subsection (1)

  unless the provider has reasonable grounds for requiring a longer period of time to disclose the information.