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An amendment to the Credit Reporting Privacy Code has put a limit on what credit reporting companies can charge for immediate access to your credit file.
Veda had been charging $51.95 but from 1 September 2014 will have to lower its charge to $10 or less. Dun & Bradstreet charges $10 for its “fast track” option while Centrix Group doesn’t charge.
Privacy Commissioner John Edwards said New Zealanders had a fundamental right to access their credit information for free but paid a fee if they wanted the information fast.
“This was permitted under the law on the understanding that credit reporters would act reasonably. Some credit reporters weren't, so I decided to place a limit on the amount they could charge,” Mr Edwards said.
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