TINZ: Possible changes to the Credit Reporting Privacy Code 2004
posted July 29 2010
The Privacy Commissioner is considering in the next round of amendments of the Credit Reporting Privacy Code 2004, with which we have to comply if they are enacted on 1 April 2011.
We would like your immediate response to
comments@tinz.net.nz to the below proposed amendments as we need to form a submission before the 13.8.10, when the opportunity for submissions close. We are meeting with other credit reporting and debt collecting agencies to discuss any submissions on 2.8.10. The proposed amendments are ...
- More comprehensive credit reporting which means even current [good] hire purchase agreements will be reported on your credit record - landlords and property managers will not have access to that information.
- A change of definition of what is Credit information - only a credit account for which an individual is borrower or guarantor is in default for more than 30 days can be lodged on a credit reporting agency - This means no tenancy tribunal orders, 10 day notices nor ratings can be lodged on TINZ nor Veda. The word "credit" is being used in its normal context -means property or services acquired before payment, and money on loan. Is a tenancy agreement acquiring credit? If not Tenancy and Disputes Tribunal orders are not credit and cannot be reported. TINZ and Veda couldn't record these decisions after 1/4/11 if this is the case.
- Driver's licences will be mandatory to match individual's credit information.
For more information please read this information paper.
posted in: Privacy, Governmental & Regulatory, Credit reporting
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