Section 20N — Privacy Act 1988: Quality of credit reporting information

(1) A credit reporting body must take such steps as are reasonable in the circumstances to ensure that the credit information the body collects is accurate, up-to-date and complete. (2) A credit reporting body must take such steps as are reasonable in the circumstances to ensure that the credit reporting information the body uses or discloses is, having regard to the purpose of the use or disclosure, accurate, up-to-date, complete and relevant. (3) Without limiting subsections (1) and (2), a credit reporting body must: (a) enter into agreements with credit providers that require the providers to ensure that credit information that they disclose to the body under section 21D is accurate, up-to-date and complete; and (b) ensure that regular audits are conducted by an independent person to determine whether those agreements are being complied with; and (c) identify and deal with suspected breaches of those agreements.