Security of credit eligibility information
(1) If a credit provider holds credit eligibility information, the provider must take such steps as are reasonable in the circumstances to protect the information:
(a) from misuse, interference and loss; and
(b) from unauthorised access, modification or disclosure.
(a) a credit provider holds credit eligibility information about an individual; and
(b) the provider no longer needs the information for any purpose for which the information may be used or disclosed by the provider under this Division; and
(c) the provider is not required by or under an Australian law, or a court/tribunal order, to retain the information;
the provider must take such steps as are reasonable in the circumstances to destroy the information or to ensure that the information is de identified.
Civil penalty: 1,000 penalty units.
(3) If a credit provider is an APP entity, Australian Privacy Principle 11 does not apply to the provider in relation to credit eligibility information.