Credit Reporting Privacy Code Amendment No. 5

[davereid]

If you have any interest in you privacy at all, you have untill the 24th of June to make a submission about this code.

Essentially, credit reporting companies will get a copy of all your accounts, each month, and a summary of your payments. Utility bills, credit cards, bike repayments, virtually everything. There is NO effective consent required for this, and no opt-out is offered.

Credit reporting companies, once they have the data are free to use it to report on your credit, create marketing profiles, just what ever they want.

They can easily assemble a virtual bank statement, and if combined with data from loyalty card companies and internet research companies, they will pretty much have data on your every move.

AT LEAST take the time to dash a quick email off to code@privacy.org.nz and let them know that you are not happy.




(Image source nzprivacy.wordpress.com)
17 May 2011

Credit Reporting Privacy Code Amendment No. 5

The Privacy Commissioner proposes to amend the Credit Reporting Privacy Code 2004. The proposed amendment will:

• permit the reporting of repayment history information;
• enable victims of fraud to have credit reporters suppress their credit report;
• permit credit reporters to pre-screen direct marketing lists in limited circumstances;
• prohibit the listing of defaults under $100;
• allow people to shop around for credit without being penalised on their credit score;
• provide explicit procedural safeguards to be followed before listing guarantor defaults;
• require confirmation before long-term listing of certain actions that might at first appear to be wilful acts of non-compliance but which might turn out to have a more innocent explanation; and
• enable details of a Family Court appointed manager of financial affairs to be recorded - to help protect the interests of individuals under certain legal disabilities.

Submissions are invited by 24 June 2011. View the proposed amendment, the information paper, submission resource showing how the amendments might appear in the Code and a questions and answers document. Submissions may be emailed to code@privacy.org.nz.

If you would like further information on the codes of practice consultation process, you should refer to the Guidance Note on Codes of Practice under Part VI of the Privacy Act.

2010

[imdying]

So we're making it easier for me to get, online bank statements, speedier access to credit, supermarkets tailored to what the people of the neighbourhood buy? Sweet, sign me up. Oh that's right, I don't have to

If people are having trouble getting credit, then that's a good thing.

[ynot slow]

Re getting credit-double edged sword,I worked in retail and although wasn't privy to the clients application we would use usual credit option or our own finance company as back up,the amount of times people would be declined credit(an old default and still showing,but paid say 4yrs ago,but declined by major company,the boss would usually say we'll take them)very rarely did the boss' company have to reposess goods.

Agree it aint nobodies business how long it takes for me to pay people,whether I pay my credit card(Diners only just gone to charge,so prior was full payment terms)befor due date or on date due etc.

Will they be able to access the folks like me and a few others who drip feed weekly to our local bike shop money for tyres,servicing,rego etc in advance,so that when needed you're not finding $600 immediately.

[davereid]

Re getting credit-double edged sword

This proposal wont actually help you get credit. The number of credit-worthy people wont change.

All that changes is that under the current system, credit agencies dont get your bank statement (or a virtual copy.) They just get informed if you can't meet your payments.

This new system means that credit agencies get, and can then on-sell data on all your purchases, what you buy, from whom. How you pay for it, etc etc.

[Hans]

Sweet. Don't have a credit rating as I haven't borrowed money in the 30 years I've been around. I run a cash business and my bank account only shows the amounts I put in so I can buy shit on teh internets via a DEBIT card. This gives me a great deal of satisfaction.
If you don't like Baycorp, finance companies and banks, I suggest you make it your business not to do business with them. Sheesh, it can't be that hard, right?

[Brian d marge]

Sweet. Don't have a credit rating as I haven't borrowed money in the 30 years I've been around. I run a cash business and my bank account only shows the amounts I put in so I can buy shit on teh internets via a DEBIT card. This gives me a great deal of satisfaction.
If you don't like Baycorp, finance companies and banks, I suggest you make it your business not to do business with them. Sheesh, it can't be that hard, right?

you will be surprised how much you need a credit rating , Thats all they need a rating , they dont need to know all your financial activities , not that it really matters , but its information they dont need to know
Information that has the potential to be exploited

Stephen

[davereid]

I run a cash business and my bank account only shows the amounts I put in so I can buy shit on teh internets via a DEBIT card. This gives me a great deal of satisfaction.
If you don't like Baycorp, finance companies and banks, I suggest you make it your business not to do business with them. Sheesh, it can't be that hard, right?

They will still get your internet account, phone bill, electricity account, gas bill, mechanics bill.

This isn't just finance company stuff.
They get a copy of any account that you don't pay in advance if the company you are dealing with is one of their clients.

And a lot of the time you wont even know.

[jasonu]

Over here in the USA if you have a good credit score you get better interest rates on loans, you can get cheaper cell phone rates, you can get better credit card interest rates, you get better vehicle insurance prices. If you have shitty or (possible even worse) no credit you will have trouble with getting utilities put on without a cash deposit, you won't get dealer incentives when buying new vehicles, you will have trouble finding a place to rent, the credit cards that will be available to you will be limited to the high interest and stiff penalty type or even the type where you have to secure the card with a cash deposit. If you have good credit do your best to protect it. Here good credit is sooooo important and it looks like NZ is heading towards a similar system.

[Indiana_Jones]

The system is so fucked, they won't give me 2k for some stuff for the house, as I don't have a credit history (as in I've never borrowed or had a credit card before) but will give some 17 year old cunt working at cuntdown, $15,000 to blow on some POS jap crap car....

Back to the point of the thread, I don't like them being gien access to my privy information.....

-Indy

[imdying]

The system is so fucked, they won't give me 2k for some stuff for the house, as I don't have a credit history (as in I've never borrowed or had a credit card before) but will give some 17 year old cunt working at cuntdown, $15,000 to blow on some POS jap crap car....

I don't believe that. If you can prove your income, they'll give you basically anything.

[Indiana_Jones]

I don't believe that. If you can prove your income, they'll give you basically anything.

Didn't get that far. I told them my income, didn't prove it, and had assests well over 2K. But they declined me over the phone due to the fact I have never had credit before.

They said if I sent in proof of my income they'd perhaps 're-consider' my application....

-Indy

[davereid]

Didn't get that far. I told them my income, didn't prove it, and had assests well over 2K. But they declined me over the phone due to the fact I have never had credit before.

They said if I sent in proof of my income they'd perhaps 're-consider' my application....

-Indy

Under current rules, only "negative" credit factors are legally considered. So a chap who has heaps of loans and has never defaulted has a perfect score. As does a chap who has never had credit. In other words, you get penalized for default, which IMHO is as it should be. This is because you can always offer a potential creditor references, from those accounts you have that you choose to share.

You would find that you could get credit easily, if

(a) You establish your income
(b) You demonstrate no defaults
(c) You offer references.

Its my view that you chose a dodgy lender, im sure a quality lender would assist.

[Ocean1]

It's hardly the thin end of the wedge.

I remember changes years ago making it OK for your suppliers and finance institutions to share your information with others.

I dropped several financial service suppliers then because they wouldn't guarantee to secure my data. Proved pointless, nobody else even blinked. They're not going to blink now.

[davereid]

Proved pointless, nobody else even blinked. They're not going to blink now.

Im not sure about that. The privacy Commissioner has indicated that she is a bit nervous about her authority to overturn 5 of the 12 privacy principles to get this to fly.

They are all hoping for it to go un-noticed. Thats why they have been considering it since 2009, but only gave the public a month to put in submissions.

nzprivacy.com have a document showing its been in the pipeline since 2009, so its, at best, bloody dodgy.