Credit Bureau Defaults; New option added to stop adding new Defaults more than 5 years old

A new option has been added to the Credit Bureau Defaults script to stop adding new Defaults that are more than 5 years old. The new option is defined under Global Settings, Credit Bureaus group, General page and its default value is 5 (years).

Note, the New Zealand Privacy Act 1993 and the Credit Reporting Privacy Code 2004 states the maximum reporting period for a Default is 5 years.

Equifax will reject any new Default or update of an existing Default if it is more than 5 years old.

In the Process, Credit Bureau Defaults wizard, new Defaults will not be included where they are more than 5 years old. In addition, the Account Credit Bureau Default wizard will also check all thresholds.

Note, it is unlikely that Defaults over 5 years would not already be loaded, except where you are starting to implement loading of Defaults via finPOWER Connect.

WARNING: If you have an overriding Credit Bureau Defaults script you will need to update it to use this new setting.

The following built-in script has been updated:

"ObjectEvents_CreditBureauDefaults_Events_NZ"; Version: 1.09 (12/06/2019)