Amendments 4 and 5 to the Credit Reporting Privacy Code 2004 introduce a number of changes to the current credit reporting regime.
A copy of the Code may be downloaded from the Office of the Privacy Commissioner’s website www.privacy.org.nz.
The key change is that Veda will now be able to hold positive credit data (see list below) about consumers – previously this has not been permitted. Combined with the negative data Veda already holds, this new regime is called “Comprehensive Credit Reporting”.
Comprehensive Credit Reporting will be permitted from 1 April 2012 and only those permitted to access the information, and those who provide positive credit data, will be able to access this new information. Those permitted are; Registered Credit Providers (i.e. Banks, Finance Companies), Telecommunications providers, Retail Gas and Power Utilities (contributors) and Insurers (for defined purposes). As a consumer, you can access and view all information held in your credit file including
any positive data that has been submitted.
Click here to find out what these changes mean to you.