Credit History

April 19, 2023

Author name

What personal information is allowed on your Credit History Report and how long does it stay on there? 

What is a Credit Report?


A credit report contains information about any past or current consumer loans or debts and your repayment history. A credit report can also contain other public information such as court proceedings, and whether you have been bankrupt or personally insolvent.

Your credit report is an important measure of your financial reliability and will be reviewed by banks and other financial institutions when applying for a credit card, a loan or buying a house.


Who regulates credit-related information?


Credit-related personal information is regulated by the Privacy Act 1988 (Cth), the Privacy Regulation 2013 and the Privacy (Credit Reporting) Code 2014. The legislation covers what is allowed to be on reports about credit, deletion of information, access to credit information and accuracy and the security of the information held.

Recent Changes


On 3 February 2021, the Federal Parliament passed the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.


The changes commenced on 1 July 2021 and were aimed at ensuring that credit reporting bodies have a more complete and comprehensive picture of consumers' creditworthiness, by mandating that certain credit providers supply information about 'positive' credit matters, such as how well a person is meeting their repayment obligations.


What personal information is recorded on your Credit Report?


Under the Privacy Act 1998 (Cth) the following information can be recorded on your Credit Report:

·        Consumer credit liability accounts;

·        Monthly repayment history on credit accounts such as mortgages and credit cards;

·        Overdue accounts such as defaults and serious credit infringements;

·        Bankruptcy, debt agreements and personal insolvency; and

·        Court proceedings information.


How long with personal information remain on my Credit Report?


Your personal information will only be retained for certain periods of time. For example, court proceedings information will be retained for a period of 5 years that starts on the day on which the judgement to which the information relates is made or given. Credit information relating to repayment history will be retained for a period of 2 years, starting on the day on which the monthly payment to which the information relates is due and payable.


Generally information can only be removed from your credit report once the relevant retention period has passed, however it is possible to request amendments to your credit report to reflect satisfied debts etc so that they do not show as outstanding.


How do I check my credit report?


There are a number of credit reporting agencies that can provide you with a copy of your credit report on request and further information.


Otherwise if you have any questions about your own credit information or credit history report please contact us.


The above information is a summary and overview of the matters discussed. This publication does not constitute legal advice and you should seek legal or other professional advice before acting or relying on any of the content.


By Danielle Edwards (Senior Associate)


By Jessica Brunner June 19, 2024
Our June 2024 newsletter is now available. Have a read to find out what we have been up to in the first half of the year!
May 14, 2024
The International Sustainability and Carbon Certification (ISCC) System has come to the attention of many Western Australian farmers recently, as the scheme has changed one of its policies regarding aerial spraying. What is the ISCC? The ISCC is one of the world’s largest voluntary sustainability certification schemes enabling participants to demonstrate they are producing materials in a sustainable way that meets or exceeds community expectations. In Australia it is widely used in the canola industry, enabling Australian canola growers to access the European biofuel market. CBH Marketing and Trading holds certification for the ISCC EU and ISCC PLUS programs, that cover canola, barley, oats, wheat and lupin, allowing WA growers to participate in both programs. Participating in the ISCC program can result in a premium on grain, however participants are subject to more stringent measures to satisfy sustainability accreditation requirements. Recent decision on aerial spraying ISCC Principle 2.6.2 prevents aerial spraying from taking place within 500 metres of a body of water. CBH has successfully lobbied for an exemption to this Principle, for farm dams and salt lakes of low ecological value. As part of its lobbying, CBH provided expert reports to the ISCC on the hydrology and ecology of WA farm systems. For farmers who are signed up to the ISCC program, this removes an obstacle during the season for weed management. The Principle does still require a 500 metre buffer for other bodies of water, including freshwater lakes, rivers, ponds or creeks. However, for those who farm yabbies and marron, this change may not be welcome. Marron and yabby farmers have noticed impacts on their populations where aerial spraying has taken place close to their properties, and aerial spraying can unintentionally damage natural vegetation, including young and old growth trees. For growers, it’s always prudent to follow best practice guidelines for aerial spraying to avoid spray drift – including monitoring weather conditions and the effect of water added to the chemical. For some farmers, this decision may prompt an examination of whether signing up to the ISCC program might be best for their business. In this circumstance, it is important to weigh up the potential benefits of the program compared to the sustainability accreditation requirements. For others, this decision is a timely reminder to stay up to date with best practice guidelines when it comes to spraying, particularly during the seeding season. For assistance with all of your agribusiness needs, contact Bailiwick Legal on 08 9321 5451 or email office@bailiwicklegal.com.au By Ciara Nalty (Solicitor) For further information about our legal services, please visit our website: https://www.bailiwicklegal.com.au The above information is a summary and overview of the matters discussed. This publication does not constitute legal advice and you should seek legal or other professional advice before acting or relying on any of the content.
May 14, 2024
How does the Annual Wage Review affect workers and small business owners? Each year, the Fair Work Commission reviews the National Minimum Wage and the minimum wages set out in awards. Cost of living and inflation are front of mind for both employers and employees, and this year’s Annual Wage Review is likely to see an increase in the minimum wage and award rates. The Annual Wage Review is conducted by an Expert Panel, which takes submissions from interested groups, including the Federal Government, unions, and business lobby groups. The Federal Government’s submission to the Wage Review this year called for an increase to the minimum wage, though not specifying an amount. The Australian Chamber of Commerce and Industry has advocated for an increase of 2 per cent, at most. The announcement will likely take place in early June and any increase to the national minimum wage will take effect in the first full pay period on or after 1 July 2024. Failure to pay employees at least the minimum rate that is set out in an applicable award can result in penalties, including requirements for back pay and fines. The Fair Work Ombudsman uses its enforcement powers to issue compliance notices to employers, and recovered $14.8 million in unpaid wages in 2022-23. Small and medium businesses are subject to the same scrutiny as large businesses. For business owners, this is a timely reminder to review employment agreements and payments to staff. You should be conscious of which awards cover your staff members, as award rates for each level increase commensurate with the national minimum wage increase. It is also important to be aware of employee entitlements and set-offs, to ensure you are paying employees what they’re entitled to and avoiding future claims. If you are not sure what award your employee is covered by, have a question about employment conditions or require any other assistance with employment and workplace matters contact Bailiwick Legal on 08 9321 5451 or email office@bailiwicklegal.com.au . By Ciara Nalty (Solicitor) For further information about our legal services, please visit our website: https://www.bailiwicklegal.com.au The above information is a summary and overview of the matters discussed. This publication does not constitute legal advice and you should seek legal or other professional advice before acting or relying on any of the content.
Share by: