As you would appreciate from our previous alerts regarding the reform of the Privacy Act (Cth) 1988, the two major aspects of the reform involved:
the introduction of the Australian Privacy Principals; and
the reworking of the Australian credit reporting system.
Unfortunately, the changes to the credit reporting system are quite complex and businesses run the risk of misunderstanding and/or breaching the new laws. Given the significant penalties that can be imposed for breach of the new laws, businesses cannot afford to put this topic in the too hard basket.
Helpfully, on Wednesday 7 May 2014, the OAIC released a comprehensive series of 15 privacy fact sheets. These fact sheets seek assist the public’s understanding of how personal information will be collected, used and managed in credit reports.
The fact sheets can be found at: Know your rights credit reporting factsheets on the OAIC website.
While the fact sheets do provide helpful information, their focus is on educating individuals about their privacy rights, as opposed to assisting businesses in complying with the new laws. Accordingly, if you would like assistance in understanding how to comply with the new laws or need advice as to whether or not the new laws apply to your business, please contact