Credit Checks- Know Your Rights

Have you ever applied for credit, whether that credit is in the form of a loan, a credit card or even a hire purchase agreement? Or are you in the business of providing credit? If so, the new Credit Reporting Privacy Code will affect you.

As New Zealanders' love affair with credit continues to grow, the databases in which credit information is stored have become larger.

Credit reporting agencies collect and hold credit information about individuals and disclose that information to their subscribers. That information is then used to assess an individual's credit worthiness.

The information held on those databases may affect a person's credit reputation for years. The question is, how do you know whether that information is accurate?