Baycorp Supports Credit Information Privacy Code

MEDIA STATEMENT

Baycorp Advantage Supports New Credit Information Privacy Code

AUCKLAND, 9 December 2004, Baycorp Advantage Ltd (BCA) today welcomed the New Zealand Credit Information Privacy Code, issued by the Privacy Commissioner.

“The Office of the Privacy Commissioner has been very thorough in its consultation with Baycorp Advantage and other stakeholders as the Code has been developed over the past year. As the major provider of credit information in New Zealand, Baycorp Advantage is the organisation most directly affected by the Code. This consultation process has been very important to the achievement of a balanced outcome which recognises the value of high quality credit reporting to consumers, to lenders and to the economy as a whole while enhancing consumer privacy protection.” said Managing Director, Andrew Want.

“An accurate credit file is a vital asset for consumers, and Baycorp Advantage welcomes the Code’s approach which encourages consumers to take an active role in ensuring their own credit file is accurate and is kept up to date”.

“The balanced approach adopted in the Code has produced a practical and robust new framework, benefiting consumers and the economy as a whole, and is a testament to the leadership of Privacy Commissioner, Marie Shroff and her team”, said Mr Want. “Continuing consultation will be important in the future as credit information policy develops in relation to issues such as positive reporting, anti money laundering and fraud prevention.”

The Privacy Code will mean an increase in compliance standards across the industry and imposes greater responsibilities on Baycorp Advantage, including obligations to strengthen contractual arrangements with its customers. Baycorp Advantage has been in consultation with its customers to assess the operational and systems implications of the Code, and will release further detail of the implications for its New Zealand based customers in early 2005.

Mr Want said “This is a significant change for the consumer credit industry and for consumers as well as for Baycorp Advantage. We look forward to the opportunity to work with the industry and the Commissioner’s Office to ensure there is an extensive public education and awareness program focusing on the changes imposed by the new Code.”

Consumers can obtain a copy of their credit file by logging onto: www.mycreditfile.co.nz. As of 1 April 2005 consumers will be able to obtain their credit file free of charge, unless express delivery within 5 working days is requested in which case a set fee will be charged.
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