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Credit History Sharing Begins 1 April

FINANCIAL PRIVACY—NEW ZEALAND

March 30, 2012

Companies will soon have the ability "to collect and swap information showing how much credit someone has and how they are getting on with repayments," Stuff.co.nz reports, noting Privacy Commissioner Marie Shroff has indicated she will be "closely watching how things unfold." The report notes that beginning on Sunday, credit providers will record customers' repayment information and upload it monthly to files held by credit bureaus that can be viewed by various entities with customers' permission. Shroff said the plan is "another example of Big Data. Everything is pretty much collected these days even though it may not be available to the general public," adding, "a lot of companies are making a lot of money."
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