20 Jul 2018, 09:00

Privacy Commissioner John Edwards today released proposed amendments to the Credit Reporting Privacy Code and invited public submissions.

“The proposed amendments released today build upon the findings of an 18-month review of the operation of New Zealand’s comprehensive credit reporting system” said Mr Edwards.

“The wide-ranging amendments seek to enhance the public benefits of credit reporting and improve privacy protections and individual rights.

“I encourage members of the public and others having an interest, such as credit reporters and credit providers, to make a submission on the proposed amendments.”

ENDS

Note for editors

The Credit Reporting Privacy Code 2004 is a statutory code issued under the Privacy Act and has the force of law. It regulates credit reporting.

The Code was substantially changed 6 years ago to allow the introduction of US-style comprehensive credit reporting to replace NZ’s former more limited form of credit reporting.

The Commissioner recently completed a review of how well that new system was working to achieve public objectives and to protect the interests of individuals. The findings and recommendations of the review are set out in two recently released reports:

• Office of the Privacy Commissioner, Comprehensive Credit Reporting Six Years On, May 2018.
• Office of the Privacy Commissioner, Credit Reporting Privacy Code Review: Miscellaneous Issues, June 2018.

An information paper containing the text of the amendments and information about the proposals is here.

There are two proposed amendments.

Amendment No 13 simply corrects an error and submissions are invited by 30 July.

Amendment No 14 makes many substantive changes to the code and the deadline for submissions is 25 August. Details of how to make a submission are set out in the information paper.

Among other changes to the code, the proposed amendments seek to:

• Improve arrangements for individuals to access their own credit reports by:
  • Providing a clearer right to credit scores, and
  • Requiring access to be given more quickly.
    
    
• Enable individuals at risk of identity fraud more quickly to get a credit freeze from all three national credit reporters.
  
  
• Raise the threshold for listing small debts from $100 to $125.
  
  
• Prohibit bypassing the existing ‘no marketing use’ of credit information by credit reporters through various techniques, by bundling requests for consent into access requests or by the use of related companies.
  
  
• Allow credit reporters to use the credit reporting system to provide a service to subscribers to trace individuals to facilitate the return of unclaimed money.
  
  
• Introduce the New Zealand Business Number as supplementary identification information.
  
  
• Impose new requirements relating to quotation enquiries and assurance reports.

 For further information, contact Annabel Fordham on 021 509 810.