Commercial credit information

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  • What is commercial credit information?
  • What law applies to the handling of commercial credit information?

Commercial credit is any credit you’ve applied for that isn’t for personal, household or family purposes. This includes business loans and goods or services that you’ve purchased while running a business and where payment has been deferred.

The requirements for handling credit reporting information under credit reporting laws generally apply only to the consumer credit information on your credit report, not any commercial credit information.

Instead, the Australian Privacy Principles (APPs) cover the handling of commercial credit information on your credit report if the organisation handling your information must also follow the APPs.

The APPs allow an organisation to collect and use your personal information to carry out their functions or activities. For example, a credit provider may collect and use your personal information to assess your application for commercial credit with them or to collect overdue payments you owe them for a commercial loan.

The organisation must also take reasonable steps to make sure the personal information it collects, uses and discloses, is accurate, up to date, complete and relevant for the purpose they use or disclose it.

They must also take reasonable steps to correct personal information if they are satisfied that it is inaccurate, out of date, incomplete, irrelevant or misleading.

To find out what's on your credit report, ask for a copy of it