ANZ Dashboard Digest

Banks: Increasing Credit Information Collection Reduces Risks

FINANCIAL PRIVACY—NEW ZEALAND

June 24, 2010

Privacy Commissioner Marie Shroff's announcement of proposed amendments to the Credit Reporting Privacy Code of 2004 is being met with support from banks and credit reporting agencies that see an increase in information helping to reduce lending risks, The New Zealand Herald reports. The Privacy Commission's proposal would expand the information collected beyond credit defaults, judgments and bankruptcies to include information on the type of credit account a person has, the limit on each account, who is providing the credit and the status of the account, the report states. John Scott of Dun and Bradstreet said a move to sharing positive data was a good step but that it will be important to ensure people are comfortable with the information available about them.
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