Allowing Credit Agencies unfettered data mining
Unbelievable, just unbelievable...
Credit agencies police own conduct
From October this year the depth and breadth of sensitive information held about New Zealanders' credit histories by privately owned agencies will increase rapidly.
And the Privacy Commission concedes that the "external" oversight put in place to ensure this information is not misused will be the responsibility of the credit reporting agencies themselves rather than being truly independent.
Last year Privacy Commissioner Marie Shroff approved changes to the Credit Reporting Privacy Code which will for the first time allow credit reporters Veda Advantage and Dun and Bradstreet to begin collecting "positive" information about New Zealanders' credit history as well as other information including driver's licence numbers.
Don't you love how they call this 'positive' information, not data mining? Why the hell should private corporations gain MORE access to our personal details? They'll want your facebook logon next! And it is unbelievable that there isn't any over sight and that these pricks get to police themselves?
What more proof do you need NZ that deregulation doesn't work? Pike River Mine? The entire private finance company collapse? The very same neoliberal deregulation that caused the economic meltdown? Why allow corporations to make the rules and police their own rules? That type of deregulation is the worst type of Capitalism and is the kind of Capitalism we should actively legislate against, yet here we are allowing Credit agencies to legally data mine without any real independent body to watch over them? The Agencies get to buy their own inspectors for Christ's sakes and makes our regulation weaker than Australia's!
Why give corporations more power to pry into our lives and then not even Police that new power?