From 12 March 2014, there are amendments to the Privacy Act that will take effect. This includes changes to how Police Bank and other lenders can collect, use and disclose your personal information to credit reporting bodies, such as Equifax (previously Veda).
An explanation of the changes to credit reporting can be found by visiting: www.creditsmart.org.au
What is personal information?
Personal information includes your name, address, occupation, and anything that can identify you as an individual. It also includes credit related information, which may include information about your credit with us, or information from a credit reporting body.
Why are there changes?
The changes were made to provide you with more protection over your personal information and how we share this information. It also provides lenders with a more complete picture of your credit history, to better assess your ability to repay debts.
How do these changes affect me?
The changes mean that other lenders may be able to see information we provide to credit reporting bodies. We may also see information that other lenders provide.
This means that if you meet your repayments, other lenders may see your positive repayment history for your future credit applications. On the other hand, if you are late in making repayments, it may show up on your credit history, which could affect your chances of obtaining credit in the future.
You have additional rights to access or correct your credit information, and make a complaint if you think we have mishandled your information by contacting our Assistance Centre on 131 728.
You also have rights to notify credit reporting bodies if you suspect you may be a victim of identify fraud, which will limit what information they provide to lenders.
We are making some changes too