ALRC proposes a more comprehensive credit reporting regime

The Australian Law Reform Commission (ALRC) has proposed the introduction of a more comprehensive credit reporting regime, in a Discussion Paper released as part of its major review of Australian privacy law and practice.

The ALRC proposes that:

• the types of information that may be recorded on a credit file be expanded, to include information about current credit accounts, the dates those accounts were opened and closed, and the credit limits of each.
• an individual who has been a victim of identity theft should be able to advise credit reporting agencies and request that this be flagged on their file, so that any prospective credit provider is aware that an applicant for credit may be an impostor.
• any credit provider who lists debt defaults on credit information files must be part of an external dispute resolution scheme to provide a fast, simple process for consumers who wish to dispute a default listing.

The ALRC is seeking community feedback on these proposals before the final report and recommendations are presented to the Attorney-General in late March 2008. Submissions close on 7 December 2007.