Commissioner proposes limit on credit reporting charges
Privacy Commissioner proposes limit on credit reporting charges
23 April 2014
The Privacy Commissioner, John Edwards, is proposing an amendment to the Credit Reporting Privacy Code that would limit what credit reporters can charge individuals wanting immediate access to their credit information.
“I have started a submission process and welcome input from the public as well as the credit industry,” Mr Edwards said. The deadline for submissions is 17 May 2014.
Mr Edwards says access by individuals to the personal information recorded about them is fundamental to a fair, transparent and accountable credit reporting system.
The amendment has been prompted by the completion of an inquiry by the Office of the Privacy Commissioner into Veda Advantage’s practice of charging customers $51.95 for urgent requests for personal information. The Commissioner found that this substantially exceed what was reasonable to charge consumers.
“The unreasonable charges by Veda Advantage has been demanding for access to consumers’ own credit information is not only in breach of the Credit Reporting Privacy Code but it constitutes a barrier to exercising fundamental access rights that damages public trust in industry practice,” Mr Edwards said.
Mr Edwards says credit reports are usually to be made available to the individuals free of charge. But in limited circumstances, credit reporters are permitted to make a reasonable charge.
The proposed amendment to the code will generally limit credit reporters to making a $10 charge.
Submissions should be made to firstname.lastname@example.org by 17 May 2014.
The report into Veda Advantage’s charge for urgent requests for credit information is available here: http://privacy.org.nz/news-and-publications/commissioner-inquiries/report-into-veda-advantages-charge-for-urgent-requests-for-personal-information/