What is the difference between these two sentences?
Are names an important part of the information being collected?
Are names an important part of the information collected?
"Information being collected" puts the action of collecting the information in present perfect progressive tense because it is still being collected at this time. Even though the present of "collected" is "collecting", the subject of the sentence is the information, not the verb. "Being collected" describes the information.
"Information collected" refers to information that has been collected. The process of collecting is complete, and so that action is in the past.
"Information" can refer to a single fact, or a collection of facts. A set of information can be complete, or incomplete. This is why in both examples you give you can refer to "information", but in different states, ie complete, or in the process of being collected.