Comprehensive Reporting

The Transition to Comprehensive Credit Reporting

Introduction

Veda is the largest and most sophisticated provider of business intelligence in Australia and New Zealand and has been a leading provider of business information since 1987. Veda is a trusted data repository and reporter of privacy compliant data.  We are also seen as a benchmark in credit reporting and credit demand indicators by regulators such as the Reserve Bank of New Zealand.

Privacy, data security, compliance and business intelligence are at the heart of our company.

Veda has been at the forefront of supporting the Credit Reporting Privacy Code amendments required to allow Comprehensive Credit Reporting (CCR) to be introduced in New Zealand. Veda welcomes the Privacy Commissioner's willingness to introduce CCR as does the wider credit industry. Veda shares the Office of the Privacy Commissioner's (OPC) assessment that CCR is capable of delivering economic and social benefits. CCR can also deliver benefits for consumers such as the ability to demonstrate credit rehabilitation after an adverse event, I.e. credit default, through the collection and reporting of repayment history.

Additionally moving to CCR will not only bring New Zealand into line with other advanced economies such as the United Kingdom but also give lenders more robust data on which to make informed credit decisions underpinning better risk assessment thereby enabling more prudent and responsible lending.