Monday, April 04, 2005

Giving credit where it's due

The latest Private Word from the Privacy Commissioner spends a good deal of time explaining the benefits of the new Credit Reporting Privacy Code.

The big bonus for consumercitizens is that it makes access to their personal credit records free. Previously, credit agencies such as Baycorp Advantage charged $15 for people to find out whether their credit records were accurate. A clear, fast and effective complaints process must be in place by April 1st this year also.

By April 2006, disputed debts will have to be flagged, pro-active checking to ensure accurate records matched to the correct people and audits to ensure unauthorised access to credit information is curtailed.

This is a good step towards levelling that most treacherous of playing fields, the debt-market.