Commissioner Proposes Changes to Credit Reporting
PRIVACY LAW—NEW ZEALANDMay 17, 2011
Privacy Commissioner Marie Shroff has proposed several changes to New Zealand's Credit Reporting Privacy Code. A press release issued by the privacy commissioner noted that Amendment No. 5 will introduce a style of credit reporting similar to the system employed in the U.S. The new amendment will include ongoing reporting of repayment history, give credit reporters additional tools to assess creditworthiness and allow victims of identity theft to exercise a "credit freeze." Supporters of the changes claim they will help New Zealand "climb" out of the recession, whereas skeptics are "very suspicious," saying it is not a "transparent system." Shroff noted, "There is no doubt that this would be a more intrusive regime, but I have tried to ensure that there will be benefits to individuals and the community as well as to business members."