Know Your Credit History

It is important to know you can get copies of your credit report from a credit reporter at no cost to you. Under Credit Reporting Privacy Code 2004 (the “Code”), you are entitled to access your consumer credit information from a credit reporter for free, unless you request that it be provided within 5 working days, in which case a reasonable charge may be made.

Under the Code, credit information includes information about applications for credit, defaults you have made and your credit score (a statistically based rating of how likely you are to default).

The main consumer credit reporters in New Zealand are:

• Baycorp; and
• EC Group

You are entitled to access or request a copy of your credit information held by a credit reporter. You may be asked to provide identification details, as the credit reporter is obliged to take precautions to check your identity.  If you request your credit information from a credit reporter, the credit reporter must also provide you with a copy of your “Summary of Rights”, which includes information about the ways a credit reporter can obtain and use your credit information, and about your rights to access and dispute the information held about you. The “Summary of Rights” is attached to the Code, and is available at www.privacy.org.nz/privacy-act/credit-reporting-privacy-code-2004.

As part of fulfilling its obligations under the Code, Baycorp has set up a service called “My Credit File”.  This service allows you to order a copy of your any of your credit information held by Baycorp, free of charge.  You may choose to pay a charge in order to receive your file within one working day.  My Credit File also includes a monitoring service and you can apply to have your credit file monitored, for a small yearly charge (currently $25). 

Credit providers (such as banks) may also hold information about your credit record.  Although there are no specific rules dealing with credit information held by credit providers, they are bound by the principles of the Privacy Act.  In general, you will be able to access information about that is held by a credit provider. For further information, see the Privacy Commissioner’s website.