Credit Issues

In this section, you will find information to assist you if you are buying goods and services on credit. We have information on cash loans, buying on credit (credit sales and hire purchase), being a guarantor and what to do if your goods are repossessed.

The information is divided into different sections because the law about credit changed on 1 April 2005 with the Credit Contracts and Consumer Finance Act. 

If you borrowed money or bought goods on credit (hire purchase) before 1 April 2005, the information in cash loans and hire purchase may still apply to you.  Note, some lenders may bring these contracts under the new law. If this is the case, you should have been or will be advised about this by the lender.

If you borrowed money or bought goods on credit (now called a credit sale) on or after 1 April 2005, the information in the Credit guide will apply to you.

If you became a guarantor for someone’s loan or hire purchase before 1 April 2005 the information in guarantor and hire purchase may still apply to you.

If you became a guarantor on or after 1 April 2005, the information in the Credit guide will apply to you.

If you are concerned about goods being repossessed, check out the Repossession section.  This information applies equally to contracts entered into both before and after 1 April 2005. The law applying to repossession did not changed along with the new credit law.

Checking your own credit records

The Credit Reporting Privacy Code requires credit reporters (companies that provide credit reports on consumers and businesses) to provide individual consumers with free access to their credit information on request. If you need the information urgently (within a five working day period), the company can charge you are reasonable fee.

Also, credit reporters must have an internal complaints process consumers can use to complain about mistaken debt information. Complainants can go to the Privacy Commissioner if they are dissatisfied with the outcome.

More information on the Privacy Commissioner and the Credit Reporting Privacy Code is available from the Commissioner's website.