9. LEGAL OBLIGATIONS <> Must secure database against unauthorised access, loss of data and misuse of data. If this occurs, the Privacy Commissioner (that regulates credit rating agencies) can give out penalties such as fines and criminal records. <> Not allowed to disclose personal information to either a person or an organisation other than the individual who’s credit worthiness is measured and those who have received permission to access from the individual. CREDIT SCORE AGENCY “ Mr. Howard has a bad credit rating score – pass it on!”
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12. Credit rating is an estimated figure demonstrating how you appear to credit lenders in your credit worthiness, it is one’s indicator of obtaining future credit. Information include in credit rating databases such as payment history, outstanding debt, debt utilisation and how long you have lived in your home. An ethical and legal responsibility is to ensure that information placed as one’s credit rating is accurate.
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15. What are the ethical responsibilities of those managing credit rating databases? Sheenal
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