Leading credit data bureau and collections agency, Dun & Bradstreet, has slashed the delivery time of free personal credit reports from ten business days to five.
A credit report is a record of personal credit history, which is reviewed by lenders when assessing applications for credit. This includes applications for personal loans, mortgages and even utility contracts such as phone and electricity services.
Dun & Bradstreet now provides free online credit reports within five days, or fast-tracked online credit reports in one business day for a $10 fee. The Credit Reporting Privacy Code 2004 requires credit reporting agencies to provide credit reports within twenty working days.
Simon Bligh, CEO of Dun & Bradstreet in Australia and New Zealand, says the move to five days is about helping Kiwis get their personal credit information faster to ensure people are getting a complete picture of their financial health.
“We’ve been working towards reducing the time for free credit report delivery for some time. We’ve made changes to internal processes that now allow us to deliver reports in five days, and we’re working on further efficiencies that will hopefully see us move closer to three day delivery in the not too distant future.
“Every time you sign up for a new mobile phone contract, apply for a home loan, increase your credit card limit or buy a new television on hire purchase you are using credit. So it’s vital that people have access to their credit reports in a timely fashion, so that they can understand what credit providers are basing their decisions on,” says Mr Bligh.
The move to five day reporting comes as the Office of the Privacy Commissioner (OPC) today released a report on Credit Reporter Compliance with Access Requirements. The report includes the results of spot checks on the three New Zealand consumer credit reporting companies, including Dun & Bradstreet. The spot check tested credit reporter practice for giving individuals access to their credit information. The report shows Dun & Bradstreet’s average delivery time was 10.25 days. The move to five business days will make Dun & Bradstreet’s free reports the fastest in New Zealand.
The full report can be viewed here: https://www.privacy.org.nz/news-and-publications/commissioner-inquiries/spot-check/
Request your free Dun & Bradstreet credit report at www.checkyourcredit.co.nz