Commissioner Proposes Changes to Credit Reporting
FINANCIAL PRIVACY—NEW ZEALANDJune 16, 2010
New Zealand's privacy commissioner has announced proposals that would change the way credit information is reported, The New Zealand Herald reports. Proposed amendments to the Credit Reporting Privacy Code of 2004 would allow credit agencies to collect more data about a consumer's history than currently permitted and would allow for the use of drivers' licenses to verify information. The proposals aim to provide a more complete picture of a consumer and may help detect identity theft and fraud, but "the collection and reporting of more personal information creates increased risks of inaccuracy and misuse," the Privacy Commission said in an information paper on the amendments. It proposes safeguards to mitigate risk. The commissioner will accept comments on the proposals through August 13.