Changes to Credit Reporting Practices
Comprehensive credit reporting allows a more complete picture of an individual’s creditworthiness to be shown by permitting Credit Union South to provide “repayment history information” to our Credit Reporting Agencies.
From 15 August 2016, Credit Union South will be collecting the following information about its members:
- Credit account information, including the type of credit account, the amount of credit extended, the credit limit and whether the account is open or closed.
- Repayment history information – whether a due payment has been made by the member on time.
- Information in relation to credit defaults and credit non-compliance action.
This information may be provided to our credit reporting agencies on a monthly basis.
From 15 August 2016, the Privacy Act declaration and any other relevant Credit Union South forms will be amended to reflect Credit Union South’s new credit reporting practices.
For further information please contact us on 0800 86 56 36 or visit www.nzcusouth.co.nz