Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_19:p5
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 19 (pt 5/6)
Character Range: 100695–103545

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 paragraph, the boy would ordinarily describe 3 – 5 types of credit information which typically have the biggest impact on the credit score of individuals within that credit rating band
 (c) other than for the highest band, and based on the relative importance of the types of credit information, a statement about the common things that individuals within the band can do to improve their credit rating; and
 (d) an explanation of how credit providers may, and may not, access and use a credit rating or credit score in the assessment or management of credit, including how the credit rating or credit score relates to other elements of credit assessment or management (such as responsible lending assessments)—this explanation may be given by reference to another document that is reasonably accessible.
 (15) A credit reporting body must review the assumptions used in developing the explanation statement described in subsection (14) no less than every 12 months, or otherwise when the body makes a significant change to the calculations used to derive credit ratings.
 (16) Where a credit reporting body provides access to credit reporting information to an access seeker and that information includes repayment history information or financial hardship information:
 (a) the information must not be given to the access seeker using codes other than those disclosed to the credit reporting body by the relevant credit provider, except for:
 (i) repayment history information disclosed under section 8, which may be represented in a graphical form; and
 (ii) codes or other information that the body reasonably believes will assist the access seeker to better understand the individual's credit history; and
 (b) the body must include the following statement in relation to the particular type of financial hardship information that is provided to the access seeker:
 (i) where financial hardship information relating to a variation FHA is provided in relation to a particular month: "This loan was varied in this month and repayment history reflects the new payments required"; and
 (ii) where financial hardship information relating to a temporary FHA is provided in relation to a particular month: "There was an arrangement for this loan in this month and the repayment history reflects that arrangement".
Note: Subsection 8A(13) requires credit provider to take reasonable steps to ensure that financial hardship information relating to a variation FHA is expressed as "V", and financial hardship information relating to a temporary FHA is expressed as "A".
 (17) If a credit reporting body gives a credit score