Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_19:p4
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 19 (pt 4/6)
Character Range: 98247–100926

(whether directly or through an agent) the option to receive that rating for free once every 3 months.
 (11) If a credit reporting body refers access seekers to a service under which a third party offers to give the access seeker the individual's credit score or credit rating (on a more regular basis than quarterly), the body must:
 (a) prominently state when referring to the third party service that the individual has a right to receive their credit rating free of charge under section 20R of the Act; and
 (b) take reasonable steps to ensure that the free service is as available and easy to identify and access as the referral to that other service.
 (12) If a credit reporting is unable to derive a credit rating for an individual because the body holds insufficient credit information about the individual, the body must explain that to the access seeker and give the access seeker an explanation of the credit information that the body needs to hold to be able to derive a credit rating. This explanation may be given by reference to another document that is reasonably accessible.
 (13) When giving a credit rating to an access seeker, the credit reporting body must:
 (a) explain the nature and purpose of a credit score and how the credit rating provided under this section relates to that score;
 (b) categorise the total scale into no less than five bands;
 (c) describe those bands, including the credit score ranges they represent, and use appropriate descriptors for those bands that relate to the credit worthiness of individuals within each band;
 (d) state which band the credit score for the individual sits within; and
Note: This can, but does not have to, involve the body providing a precise credit score for the individual.
 (e) give an explanation statement of the kind described in subsection (14).
 (14) For the purposes of this section and subsection 20R(1A) of the Act, the statement referred to in subsection (13) must include:
 (a) an explanation of the types of credit information held by a credit reporting body and the general impact of that information on an individual's credit score—this explanation may be given by reference to another document that is reasonably accessible; and
 (b) in relation to the band in which the individual's credit rating sits, a description of the particular types of credit information that the credit reporting body reasonably believes are the most important for people who sit within that band and why that information may be important (which may include a description of the importance of the absence of the particular type of credit information to a credit score within that band). For the purposes of this