A new era for credit reporting: Recent amendments to the Credit

Reporting Privacy Code

Daimhin Warner

Senior Investigating Officer

Office of the Privacy Commissioner

Privacy Awareness Week 2012, Privacy Forum, 2 May 2012

CRPC… what is it?

• Issued 2004• Modifies privacy

principles• Imposes controls

on credit reporters

• Defines credit information

• Limits disclosure

CRPC review – an open and consultative process

• Reference group• Consultation with

key stakeholders• Submissions on

proposed amendments

The system from 1 April

• “More comprehensive”…• Deep and broad• What info?

– Defaults, judgments etc

• …and the new stuff?– Credit accounts– Repayment history

• Who can list it?• Who can see it?

What else can a code do?

• Credit freezing • Complaints handling• Assurance reports• Summary of rights• Subscribers agreements

What’s next?

• Implementation of changes

• Education and public awareness– UMR survey (57% don’t know they can access

free report)

• Review in 2015…– Have the amendments been successful?– Has more comprehensive reporting brought

benefits?– Are any further changes needed?

• Trans-Tasman info sharing?