Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_20:p3
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 20 (pt 3/6)
Character Range: 108780–111720

sought for extension.

Correcting credit-related personal information - general
 (6) A correction request may relate to a single piece of credit-related personal information, or multiple pieces of credit-related personal information.
Note 1: A credit provider or credit reporting body may need to consult with more than one other provider or body if the correction request relates to multiple pieces of information: see subsection (4) and subsections 20T(3) and 21V(3) of the Act.
Note 2: There are further requirements for certain correction requests relating to multiple pieces of information: see subsections (9), (10) and (11).
 (7) If a credit reporting body or credit provider receives a correction request, they must determine whether the credit-related personal information needs to be corrected as soon as practicable.
 (8) If a credit reporting body or credit provider is satisfied that credit-related personal information needs to be corrected (whether in response to a correction request, or under sections 20S or 21U of the Act), the relevant obligation to take reasonable steps to correct the information will be satisfied where the body, provider, or body or provider consulted in relation to the correction request (as applicable):
 (a) corrects the credit information, where this correction is in response to a correction request, within five business days of determining the correction should occur and otherwise as soon as practicable; and
 (b) takes reasonable steps to ensure that any future derived information is based on the corrected credit information; and
 (c) takes reasonable steps to ensure that any derived information based on the uncorrected credit information is not disclosed or used for the purpose of assessing the credit worthiness of the individual to whom the information relates.

Correcting credit information – corrections about multiple enquiries
 (9) Subsections (10) and (11) apply to correction requests where:
 (a) the request relates to one or more statements that an information request has been made in relation to the individual, where credit was not approved by the credit provider following the information request(s); and
 (b) the individual states:
 (i) which piece or pieces of credit-related personal information are the subject of the correction request; and
 (ii) that the relevant information requests referred to in paragraph (a) were caused by fraud (including identity fraud).
 (10) When a credit provider or credit reporting body receives a correction request of the kind described in subsection (9), the provider or body must, in considering what evidence to ask for to determine whether the information should be corrected, have regard to:
 (a) the burden on the individual of providing the evidence;
 (b) the availability of other information which could be used to determine whether the information needs to be corrected; and
 (c) information which is likely to be needed