The New Zealand Credit Reporting Privacy Code was issued by the Office of the Privacy Commissioner in December 2004. The Code promotes transparent, accurate and open credit reporting systems by placing increased compliance requirements on credit reporters in addition to the Privacy Act (1993). As one of the leading suppliers of data and analytics in New Zealand, Baycorp Advantage is strongly committed to supporting the Code.

The Code has two critical but separate compliance dates, 1 April 2005 and 1 April 2006. From 1 April 2005, Baycorp Advantage will be supplying individuals with copies of their credit information files free of charge within 10 working days of receiving a written request. However files can be made available within 5 working days for a small charge. The Code also introduces new complaints handling procedures and a Summary of Rights for consumers. This information will be available on Baycorp Advantage’s website www.mycreditfile.co.nz from 1 April 2005.

The remainder of the Code comes into force on 1 April 2006, with implications for the New Zealand business community as well as Baycorp Advantage. In particular, the Code introduces new controls around the accuracy of and access to information held by Baycorp Advantage by its clients. For businesses, this will mean the following;

• All existing and any new customers of Baycorp Advantage must enter into new subscriber agreements which will incorporate new compliance arrangements. These agreements will also identify the purpose for which the subscriber is accessing the credit information.
• Customers will need to be clear about their purpose for accessing the bureau, and these purposes must be aligned with the specifications of the Privacy Code. For example, credit providers may access files when making credit decisions; debt collectors for the purpose of enforcing debts. Baycorp Advantage will be required to obtain confirmation of this purpose at the time of enquiry.
• Adherence to an audit programme operated by Baycorp Advantage reviewing accuracy and purpose of access as well as continued cooperation with any investigation initiated by Baycorp Advantage or the Office of the Privacy Commissioner.
• Some clients will be required to review the ways in which they access Baycorp Advantage to ensure that it is compliant with the Code.

To achieve these goals by 1 April 2006, Baycorp Advantage will be partnering with our customers to ensure a seamless transition to the new regime. We firmly believe the Code will lead to enhanced quality of credit information and Baycorp Advantage fully supports its implementation. We are committed to managing the Code’s requirements to ensure they remain as simple as possible for our customers.

We have a dedicated team of business and technical experts available to help our clients meet the Codes requirements. Your Baycorp Advantage Relationship Manager is also able to discuss any issues that you may have with the Code. Alternatively, you can visit www.baycorpadvantage.com or call us on 0800 229 2677 in New Zealand.