'More Intrusive' Credit Reports

Wednesday, 16 June 2010

NZ Consumers wanting to buy on credit may soon have to provide more sensitive information about their credit history and give driver's licence details for the first time.

The proposed changes are seen as providing more comprehensive information for lenders and a wider sharing of private financial information, according to the NZ Privacy Commissioner.

After a two-year review, commissioner Marie Shroff announced a proposed change to the NZ Credit Reporting Privacy Code, and called for public submissions by August 13.

The new credit reporting laws will mean more information about borrowers will be made available to lenders.

"Let's be clear – the more comprehensive reporting brings new levels of intrusiveness into people's lives when they seek credit," Ms Shroff said.

"It involves wider sharing of private financial information".

At present credit reports include just information about defaults on loans and bankruptcy listings.

Under the proposed changes, the credit reports would be more "comprehensive", Ms Shroff said, including the use of the driver's licence details for the first time, although that would be managed with strong protections.

Source: Stuff.co.nz. For full story click here

See also: www.nzherald.co.nz

See also: Privacy Commissioner website for the proposed amendment and an information paper and FAQ's.