Credit Reporting Law Gets Overhaul
FINANCIAL PRIVACY—NEW ZEALANDOctober 7, 2011
Privacy Commissioner Marie Shroff has announced changes to the credit reporting law that mean, as of 1 April, more of New Zealanders' data will be collected by credit reporters. Noting the drawback of handing over more personal financial information, Shroff said there are benefits as well. "There is a strong economic case that giving lenders more information of this sort will support more responsible lending." Shroff has acknowledged the need for educating people about the changes and has released a Summary of Rights to assist in that effort. The changes also include the ability to freeze credit reports under special circumstances and allow lenders to obtain driver's licence information to enable better authentication.