Document ID: chunk:federal_register_of_legislation:C2004A04211:body:0:p5
Version: federal_register_of_legislation:C2004A04211
Segment Type: other
Provision Reference: 
Character Range: 11073–13983

instance made orally; and

       (b)     the application has not yet been made in writing.";

     (c) by adding at the end of subsection (6) "(other than information that the credit reporting agency is permitted under section 18E to include in the individual's credit information file)".

Limits on use by credit providers of present information contained in credit reports etc.

  15. Section 18L of the Principal Act is amended:

      (a) by inserting after paragraph (1)(b) the following paragraph:

        "(ba) the report was obtained under paragraph 18K(1)(a), (b) or (c) and the credit provider uses the report or information for the internal management purposes of the credit provider, being purposes directly related to the provision or management of loans by the credit provider; or";

   (b)    by omitting from subsection (4) ", in writing,";

   (c)     by inserting after subsection (4) the following subsection:

     "(4A) For the purposes of subsection (4), the individual's agreement to the information being obtained by the credit provider must be in writing unless:

         (a)     the information is obtained for the purpose of assessing an application for credit that was at first instance made orally; and

       (b)    the application has not yet been made in writing.".

16. Section 18M of the Principal Act is repealed and the following section is substituted:

Information to be given if an individual's application for credit is refused

  "18M.(1) If:

     (a)     a credit provider refuses an application by an individual for credit (including an application made jointly by that individual and one or more other persons); and

     (b)     the refusal is based wholly or partly on information derived from a credit report relating to that individual that a credit reporting agency has given to the credit provider for the purpose of assessing the application;

the credit provider must give the individual a written notice:

   (c) stating:

       (i) that the application has been refused; and

       (ii) that the refusal was based wholly or partly, as the case

         requires, on information derived from a credit report relating to that individual that a credit reporting agency has given to the credit provider; and

     (iii) the name and address of the credit reporting agency; and

  (d) notifying that individual of his or her right under this Act to obtain access to his or her credit information file maintained by the credit reporting agency.

  "(2) If:

    (a)     a credit provider refuses an application by an individual for credit, being an application made jointly by that individual and one or more other persons; and

    (b)     the refusal is based wholly or partly on information derived from a credit report relating to one of those other persons that a credit reporting agency has given to the credit provider for the purpose of assessing