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

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

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

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  1. 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

  2. CRPC… what is it? • Issued 2004 • Modifies privacy principles • Imposes controls on credit reporters • Defines credit information • Limits disclosure

  3. CRPC review – an open and consultative process • Reference group • Consultation with key stakeholders • Submissions on proposed amendments

  4. 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?

  5. What else can a code do? • Credit freezing • Complaints handling • Assurance reports • Summary of rights • Subscribers agreements

  6. 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?

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