Telecom to start positive credit reporting

[jim.cox]

Telecom have published an advert saying they intend to do i

Can you provide a link to an example of this advert?

[davereid]

Can you provide a link to an example of this advert?

Sorry Jim, I can't it was in yesterdays Dom Post.

I made submissions to the Privacy Commissioner about this, went to the hearings the whole shooting match. Unions, The Council for Civil Liberties and some indivduals opposed the new rules, but big business pushed it hard.

They claim that if you are on the margins of credit, this will help you get a good credit rating, and it helps them be "responsible lenders".

But IMHO Veda will have a copy of every bill you pay, and a copy of your bank statement.

Far from promoting responsible lending, it will enable credit providers to identify good credit targets - individuals who always pay their bills and are able to withstand a bit more debt.

Business argued that you had already given consent for a negative credit check.

And so agencies that wanted to move to positive credit reporting could just do so by changing their terms and conditions to allow it. So putting an ad in the paper, or putting it in a customer newsletter sufficed as consent. The Privacy Commissioner agreed, so Telecom are entirely within the law.

Nonetheless they still need consent, and you have the right to say so.

[Bald Eagle]

Have submitted their contact us form specifically revoked consent for positive sharing. Will see what the response is.

[jim.cox]

Sorry Jim, I can't it was in yesterdays Dom Post.

That's good enough for me, thankx.

[Banditbandit]

it is just silly, but, at law, you could.
of course you'd probably then need an army of thugs with holdens and flashing lights to enforce your notice.

You forgot the blue uniforms ..

[mashman]

Yes. The Privacy Laws. They are only allowed to use your information for the purpose that it was gathered for.

So yes

The law has been changed to allow this to occur.

Unfortunately, the Privacy Commissioner has said that publishing a notice in the paper is enough to say they have consent.

Its most certainly personal information.

Any client of Veda Advantage will have access to the information, once again with your consent. Of course the standard terms and conditions of every company you deal with will include a clause that says you have given consent, so you really have little choice.

no

If that were true then Telecom would not be able to give it to Veda. Look at it this way, it was gather to establish your credit rating so now under that guise what is to stop it being shared with anyone that wants an idea of your credit worthiness? Is it even considered "personal" information?

maybe.

Cool. I'll wait to read about it in the paper.

[slofox]

I was all set to tell Telecom to shove the credit sharing up their collective arse thanks or I'd burn their exchanges down...then I thought..."Oh. Hang on. I don't have a Telecom account any more do I?" coughcoughoops:

[Akzle]

You forgot the blue uniforms ..

it wasn't implied clearly enough?

[davereid]

I was all set to tell Telecom to shove the credit sharing up their collective arse thanks or I'd burn their exchanges down...then I thought..."Oh. Hang on. I don't have a Telecom account any more do I?" coughcoughoops:

These are the guys who are in the first wave of positive credit reporting.

ANZ National Bank Limited www.anz.co.nz
ASB Bank Limited www.asb.co.nz
Bank of New Zealand www.bnz.co.nz
Centrix Group Limited www.centrix.co.nz
Dun & Bradstreet (New Zealand) Limited www.dnb.co.nz
Finance Now Limited www.financenow.co.nz
Fisher and Paykel Finance Limited http://www.fpf.co.nz
GE Finance & Insurance www.gemoney.co.nz
Kiwibank Limited www.kiwibank.co.nz
QBE Lenders’ Mortgage Insurance Limited www.qbelmi.com
Telecom New Zealand Limited www.telecom.co.nz
Toyota Financial Services New Zealand Limited www.tfs.co.nz
Veda Advantage (NZ) Limited www.veda.co.nz
Westpac New Zealand Limited www.westpac.co.nz


But they are all pushing for a clause that says if other banks etc don't do it as well, they will be unable to access credit reports, effectively forcing it on all providers.

Telecom just happen to be an early adopter.

[Woodman]

So if say you say no to positive credit reporting does that mean that you may appear as a bad credit risk??

Do we get a cut of the sale of our personal information?

Will our Telecom bill go down ?

Do I understand this at all?

Mmmmm Steinlager.

[scumdog]

From April 1, each month Telecom and credit agencies like Veda Advantage will start sharing client information.

Each month will see your name, address, DOB, driver licence number, current account balance and the payments you have made for the month shared.

This may suit you, some claim it will help you build a good credit rating.

However, many people see it as an invasion of privacy.


It does require your consent.

Telecom have published an advert saying they intend to do it, your consent is implied.

However if you don't want your personal information sold in this manner, you should go to http://www.telecom.co.nz/helpandsupp...akeacomplaint/ and fill out the form telling them you don't authorise positive credit reporting on your account.

Somebody had better tell mashman!

Oh wait, he knows - how surprising!!

[scumdog]

it is just silly, but, at law, you could.
of course you'd probably then need an army of thugs with holdens and flashing lights to enforce your notice.

Thank for that, I now have to change my urine-soaked knickers due to exces hilarity at your post...again!

[mashman]

Somebody had better tell mashman!

I already know... the system is rigged man and Morons rule the world... some even police it.

[scumdog]

I already know... the system is rigged man and Morons rule the world... some even police it.

Morons brighter than you??
Nah, never....

[mashman]

Morons brighter than you??
Nah, never....

you're right. Never.