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Section : Consumer credit defaults
Domain : Human Resource Management
Classification : Not Identified

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(1) Default information about an individual is information about a payment (including a payment that is wholly or partly a payment of interest) that the individual is overdue in making in relation to consumer credit that has been provided by a credit provider to the individual if:

(a) the individual is at least 60 days overdue in making the payment; and
(b) the provider has given a written notice to the individual informing the individual of the overdue payment and requesting that the individual pay the amount of the overdue payment; and
(c) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment; and
(d) the amount of the overdue payment is equal to or more than:
(i) $150; or
(ii) such higher amount as is prescribed by the regulations.