Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


$10 limit for charging for credit reports

$10 limit for charging for credit reports

24 July 2014

Privacy Commissioner John Edwards says there will now be an upper limit on the amount a credit reporter can charge a consumer for an immediate credit report.

An amendment to the Credit Reporting Privacy Code will take effect on 1 September 2014. From that date, consumers will pay no more than $10 for immediate access to their credit information.

Consumers’ right to get their credit information for free “as soon as reasonably practicable”, remains unchanged under the amendment.

Mr Edwards says the $10 fixed limit for immediate access recognises the need to remove barriers for consumers seeking their credit information.

“New Zealanders have a fundamental right to access their credit information for free. If they want it fast, they've been expected to pay a fee. This was permitted under the law on the understanding that credit reporters would act reasonably. Some credit reporters weren't, so I decided to place a limit on the amount they could charge,” Mr Edwards said.

“People shouldn't have to pay an unreasonable fee to exercise their fundamental rights, or to access their own credit information. My office will continue to encourage the public to take an interest in their credit information, particularly when they're about to seek credit.”

In implementing the $10 charge, the Privacy Commissioner settled on a fixed maximum sum that is easy to administer for credit reporters and simple to understand for consumers.

"This amendment means that consumers know what to expect, regardless of which credit reporter they’re dealing with, and can be sure that they’re being charged a fair amount to see their credit information quickly," Mr Edwards said.

The amendment comes into force on 1 September 2014.

The Credit Reporting Privacy Code 2004 is a code of practice issued by the Privacy Commissioner under the Privacy Act 1993.

It controls the practices of credit reporting agencies. Amongst other things, the code limits the information that may be disclosed by credit reporters; limits who may access credit reporting databases; and provides retention periods for credit information held by credit reporters.

Our public message on access to credit reports can be found here: http://privacy.org.nz/the-privacy-act-and-codes/codes-of-practice/credit-reporting-privacy-code/credit-reporting-key-messages-for-consumers/

The code, the amendment and an explanatory information paper are available at www.privacy.org.nz.

A public consultation phase on this amendment was completed in June 2014 and comments were received from a range of submitters. They are available on our website: http://privacy.org.nz/the-privacy-act-and-codes/codes-of-practice/credit-reporting-privacy-code/credit-reporting-the-law/.

The amendment comes into force on 1 September 2014, from which date credit reporters must be compliant with the new limit.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news