Listed credit and financial services company Baycorp is offering consumers a new twist on credit information by giving them the chance to pay for their own credit history.
The new product - called a credit passport - costs $20 plus GST and provides a full credit history of an individual, along with a range of information from public sources including the Companies Office and New Zealand Insolvency Service. It is also endorsed by the New Zealand Financial Services Federation.
Baycorp says the credit passport is designed to simplify business transactions for New Zealanders travelling overseas who may have been frustrated by the barriers to opening essential accounts on arrival.
Baycorp spokesman Adam Feeley says almost all New Zealanders undertaking their 'OE' have experienced 'horror stories' due to the bureaucracy involved in opening bank accounts and power, telephone or other utility accounts.
"Baycorp's 'credit passport' will help those emigrating, or travelling overseas for extended periods, to obtain these services quickly and easily," he says.
The company doesn't say which overseas institutions have agreed to accept the passport, but does say the new product is the first of many business information services that it intends to offer to consumers.