Section 20Q — Privacy Act 1988: Security of credit reporting information

(1) If a credit reporting body holds credit reporting information, the body 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. (2) Without limiting subsection (1), a credit reporting body must: (a) enter into agreements with credit providers that require the providers to protect credit reporting information that is disclosed to them under this Division: (i) from misuse, interference and loss; and (ii) from unauthorised access, modification or disclosure; 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. (3) Without limiting subsection (1), if a credit reporting body holds credit reporting information, the body must store the information: (a) either: (i) in Australia or an external Territory; or (ii) in accordance with any security requirements prescribed by the regulations for storing the information outside of Australia and the external Territories; and (b) in accordance with any security requirements prescribed by the regulations. Note: Requirements prescribed for paragraph (b) apply wherever the information is stored.