A company holding files on more than 3 million New Zealanders is calling for an overhaul of the credit reference system.
Veda Advantage carries out credit checks for New Zealand's major banks and lenders and holds information on almost every person and business using credit.
At present, the Privacy Act allows only negative credit information to be shown on reference checks.
New Zealand director John Roberts, says the industry needs to allow lenders more information in order to make better judgements.
He also says borrowers who have had financial difficulty would also benefit by being able to show a follow on period of financial stability.