Telecom to start positive credit reporting

[davereid]

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

IMHO its not really about individuals with BAD credit.

That's already known. The moment you default, its listed. So bad risks are already identified.

Its really about giving prospective lenders a full copy of your personal details, especially your financial details.

Look at it this way. Your bank already know your income and where you spend your money. They already know when your AP bounces, or you skip a rent or mortgage payment.

So they know if you are a good lending risk.

That begs the question "why would they share that with other lenders ?" By doing this, the bank knows, that you can approach any bank or lender, and they will have exactly the same financial information on you.

The answer is, this is not about responsible or informed lending.

Its a tool that ensures lenders can identify a prospective client. Someone with good income, good repayment history, and income that is (at least not yet) committed to servicing debt.

[Akzle]

IMHO its not really about individuals with BAD credit.

That's already known. The moment you default, its listed. So bad risks are already identified.

Its really about giving prospective lenders a full copy of your personal details, especially your financial details.

Look at it this way. Your bank already know your income and where you spend your money. They already know when your AP bounces, or you skip a rent or mortgage payment.

So they know if you are a good lending risk.

That begs the question "why would they share that with other lenders ?" By doing this, the bank knows, that you can approach any bank or lender, and they will have exactly the same financial information on you.

The answer is, this is not about responsible or informed lending.

Its a tool that ensures lenders can identify a prospective client. Someone with good income, good repayment history, and income that is (at least not yet) committed to servicing debt.

oh come on.... you really think people with money are dumb enough to fall for that old hook?

[davereid]

oh come on.... you really think people with money are dumb enough to fall for that old hook?

I think that people should be able to make up their own mind who should be able to read their bank statement and when.

People who meet all their obligations to the bank and the other companies they deal with, shouldn't be made to tell the world their every financial detail.

If you choose to, that's fine. But you should be able to choose not to as well.

[Zedder]

IMHO its not really about individuals with BAD credit.

That's already known. The moment you default, its listed. So bad risks are already identified.

Its really about giving prospective lenders a full copy of your personal details, especially your financial details.

Look at it this way. Your bank already know your income and where you spend your money. They already know when your AP bounces, or you skip a rent or mortgage payment.

So they know if you are a good lending risk.

That begs the question "why would they share that with other lenders ?" By doing this, the bank knows, that you can approach any bank or lender, and they will have exactly the same financial information on you.

The answer is, this is not about responsible or informed lending.

Its a tool that ensures lenders can identify a prospective client. Someone with good income, good repayment history, and income that is (at least not yet) committed to servicing debt.

Thanks for the info, it's good that someone keeps an eye on these things.

I do enjoy calling companies that send me guff about spending up large and giving them an earful.

[Akzle]

I think that people should be able to make up their own mind who should be able to read their bank statement and when.

People who meet all their obligations to the bank and the other companies they deal with, shouldn't be made to tell the world their every financial detail.

If you choose to, that's fine. But you should be able to choose not to as well.

technically it's not "your" bank statement. the account is opened through "your" name (capitus diminutio maxima)
but it does not belong to you. it belongs to the corporate fiction. and since the government owns the corporate fiction, guess who's bank account it is?

(srsly, read the Ts&Cs for signing up to a new account some time)

[Zedder]

technically it's not "your" bank statement. the account is opened through "your" name (capitus diminutio maxima)
but it does not belong to you. it belongs to the corporate fiction. and since the government owns the corporate fiction, guess who's bank account it is?

(srsly, read the Ts&Cs for signing up to a new account some time)

I don't think the type of companies mentioned, or any other for that matter, have a target demographic associated with you so you're perfectly safe from being approached anyway.

[Dadpole]

Because I am an obtuse bastard, I emailed Telescum to revoke any positive credit reporting and got this back:

Dear Keith

Thank you for contacting Telecom.

Comprehensive Credit Reporting is supported by the Privacy Commissioner and the New Zealand Credit Industry.

Prior to this amendment credit reports only contained negative data such as payment defaults now they can contain positive data including payment history. The inclusion of positive data will give credit lenders a more accurate and complete picture of a customer's credit worthiness, so I really feel that this is actually a very good thing, and a much fairer (not to mention accurate) way of doing things.

As an industry leader Telecom will be supporting Comprehensive Credit Reporting and believes that the changes this brings to the New Zealand Credit industry and individuals are positive.

Telecom is not providing an option to exclude individual customer information however consideration may be given on a case by case basis where exceptional circumstances exist. If you would like to be considered to be excluded for this, please let me know why and I will be happy to escalate this to the appropriate team on your behalf.

The credit disclosure and customer Terms & Conditions of providing service have been updated to allow for the sharing of customer payment history. You can view the Telecom Terms & Conditions here: www.telecom.co.nz/terms.

If you have any further queries regarding any of your Telecom products and services, please do not hesitate to reply to this email, and I will be happy to help.

Kind regards


Malcolm
Customer Care Online

[Bald Eagle]

So they intend to sell your history to all and sundry. Nothing left but to take my business elsewhere then. No need for landline, prepaid mobile with data .. sorted

Sent from my Nexus 7 using Tapatalk 2

[Akzle]

...
Dear Keith...
Malcolm
Customer Care Online

Dear Malcom,
don't bother escalating it, i've already asked you once. what you may now do is close my account.
if i gave a shit what the government thought about anything, i would have asked them, not you.
As a private company you are refusing to provide service to the level i expect, so go fucking jump.

kind regards,
ex-customer...

[Delerium]

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.

I still question its legality. Silence is not an acceptance - basic contract law.

[Brian d marge]

How bad does it have to get in NZ before anyone actually DOES something

at least I buggered off ...

Stephen

[Akzle]

I still question its legality. Silence is not an acceptance - basic contract law.

uhhh, actually in NZ silence IS consent. just ask the pigs.

you signed a contract with telecom that says they may ammend their T&Cs at any time (without notice) and your continued use of the service construes acceptance of the revised T&Cs...

at least I buggered off ...

boiling frog much?

yes, you did bugger off, and good riddance! :P

[Brian d marge]

boiling frog much?

yes, you did bugger off, and good riddance! :P

boiling frog much? is thant an anagram for "I wish I could"

The grass is greener on the other side !!!

literally

Stephhen

[Akzle]

boiling frog much? is thant an anagram for "I wish I could"

The grass is greener on the other side !!!

literally

Stephhen

no, the theory of the boiling frog. look it up, it will be faster than me explaining.

grass that's green, i smoke. the grass in the paddocks is fucking brown, and telecom can't do shit about that...

-edit-
you still haven't found me a kinife...

[davereid]

Dear Malcom,
don't bother escalating it, i've already asked you once. what you may now do is close my account.
if i gave a shit what the government thought about anything, i would have asked them, not you.
As a private company you are refusing to provide service to the level i expect, so go fucking jump.

kind regards,
ex-customer...

That will be a solution.

Orcon tell me they are not going to do positive credit reporting.