Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_20:p1
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 20 (pt 1/6)
Character Range: 103817–106598

20  Correction of information
        1.     This section is made for the purposes of sections 20T and 21V of the Act.
Note 1: Section 20T of the Act sets out a regime for individuals to seek correction of information relating to them from credit reporting bodies. A credit reporting body must correct the information if it is inaccurate, out‑of‑date, incomplete, irrelevant or misleading for a purpose for which it is held. The body may consult in order to form a view about these matters. Correction requests, and correcting information as a result, must be free for the individual.
Note 2: Section 21V of the Act sets out a substantially similar regime for correction requests to credit providers.

Correction requests to credit providers that do not participate in the credit reporting system
 (2) Where:
 (a) a credit provider received a correction request from an individual; and
 (b) that provider does not:
 (i) disclose credit information to a credit reporting body; or
 (ii) request a body to disclose information to it; and
 (c) the correction request relates to information that the provider does not hold;
  the provider is able to comply with subsections 21V(3) and 21W(3) of the Act by taking the steps outlined in subsection (3).
 (3) For the purposes of subsection (2), the credit provider may, within 30 days of the individual's correction request:
 (a) consult with other credit reporting bodies or providers to identify an entity that holds the relevant information; and
 (b) give the individual a written notice:
 (i) explaining that it does not hold the relevant information and does not participate in the credit reporting system and so the correction has not been made; and
 (ii) informing the individual of an entity that holds the information to which the correction request relates and providing contact details for that entity; and
 (iii) stating that if the individual is not satisfied with the response to the request the individual may access a recognised external dispute resolution scheme of which the provider is a member or to which it is subject, or make a complaint to the Commissioner.

Consulting on correction requests – necessary steps
 (4) When a credit reporting body or credit provider (the first responder) consults another body or provider (the consulted entity) in the context of a correction request:
 (a) the first responder must take reasonable steps to provide the consultation request to the consulted entity within five business days of the correction request being made; and
 (b) the first responder must, when making the consultation request, notify the consulted entity of the date on which the correction period ends; and
 (c) the consulted entity must take reasonable steps to respond to the consultation request as soon as