14 Jan 2015, 09:00

Privacy Commissioner John Edwards has released the latest compliance assurance reports submitted to his office by the national credit reporting companies.

Under a requirement of the Credit Reporting Privacy Code, credit reporters are required to file assurance reports each year with the Office of the Privacy Commissioner. The companies must involve an independent expert in the process of preparing their reports.

Mr Edwards says the reports were all submitted on time and identified no significant compliance problems. “Each credit reporter shows how the vast amounts of credit information they accumulate on New Zealanders is accurate, secure, lawfully obtained and matched correctly. The obligation on credit reporters to submit annual compliance reports is one of several safeguards introduced two years ago to the credit reporting system. Making the reports public is part of the oversight that my office has to ensure credit reporters accountable for handling the sensitive financial information of New Zealanders.”

Until recently, credit reports only included limited information such as a person’s identity details and ‘negative’ information like  loan defaults or bankruptcy. But since 1 April 2012, credit providers like banks, finance companies and some utility companies have been allowed to share more information with credit reporters. This includes information like the amount of credit a person has and how often they make payments. Credit reports will now also show positive things, for example, the way a person always pays their bills in full on the due date. It is important for consumers to know this and have control over the personal information credit providers hold about them.

The assurance reports can be found here.