24Information Commissioner’s role

24  Information Commissioner’s role

Power to vary timeframes

 (1) The Commissioner may, at the request of a credit reporting body, credit provider or affected information recipient, agree to vary time limits imposed by the CR Code where the body, provider or affected information recipient (as applicable) is unable to comply with the specified time limit due to circumstances such as technological failure or other practical or unforeseen difficulties.

Credit reporting body compliance reviews

 (2) Every 3 years, or more frequently if the Commissioner requests, a credit reporting body must commission an independent review of its operations and processes to assess the body’s compliance with its obligations under the Act.

 (3) In respect of reviews commissioned under subsection (2), a credit reporting body must:

 (a) consult with the Commissioner as to the choice of reviewer and scope of the review; and

 (b) ensure the review report and the body’s response to the review report are provided to the Commissioner and made publicly available.  

                      Independent review of the CR Code

 (4) The Commissioner will initiate an independent review of the operation of this CR Code every 4 years (following commencement of each independent review).

Note: The most recent independent review commenced in 2021.

 (5) The Commissioner may extend the review set out under subsection (4) by up to 2 years. Before deciding to extend a review, the Commissioner must consult any person the Commissioner considers appropriate.