From 1 April 2012, credit reporting in New Zealand will look quite different. A number of amendments to the credit code have come into force and the changes are explained in the information below.
Fact sheet 1 (FAQs on Amendment No. 4)
Fact sheet 2 (FAQs on Amendment No. 5)
Fact sheet 3 (FAQs on Notification of comprehensive reporting)
View more detailed background information on the amendments.
View our media release 'Credit reporting changes begin for all New Zealanders - ID fraudsters to be stopped in their tracks'.
Credit reporting code changes start 1 April 2012: Credit providers will be sending notices to existing customers during transition
From 1 April 2012, banks, finance companies, and phone or power companies can start sharing repayment history information with credit reporters so long as they meet a number of requirements.
One requirement is that they must notify existing customers if they plan to start loading information about existing credit accounts into the credit reporting systems. Customers might expect to start receiving notices from about February 2012 onwards.