This section 5 is our credit reporting policy. We may provide consumer credit and/or commercial credit to individuals, and this policy will apply in such circumstances. We may conduct a credit check on you, any joint account holders (or for corporate customers, any directors, partners or other authorised representatives) before credit is provided to you (or your related entity).
The Privacy Act and this policy do not apply to commercial credit provided to companies or other entities. However, this policy will apply where an individual applies for commercial credit or we request that a director or other authorised individual guarantees the commercial credit to be provided by us to a company or other entity. This policy will only apply in respect of any uses of individuals’ credit-related information as part of any assessment of the creditworthiness of that individual that we undertake and any consideration that we undertake in relation to an individual’s suitability as a guarantor.
5.2 Collection of credit-related information
We may collect the following particular types of credit-related information about you:
- your name, residential address (including previous addresses), contact details (including telephone and email addresses) and other identity verification emails;
- your date of birth and gender;
- your credit history (including any repayments missed or late repayments that you have made)
- details of any credit provided to you by other credit providers (such as other financial institutions, utilities or telecommunications providers);
- any credit rating or credit assessment score that we have derived or that is provided to us by a credit reporting body; and
- details of any credit-related court proceedings or insolvency applications that relate to you.
We may obtain this information from you or from third parties, including from credit reporting bodies and other credit providers, in order to assist us in determining whether we will provide any credit to you (or to your related company or other entity) or accept you as a guarantor of that credit.
5.3 Our use and disclosure of your credit-related information
We may use the credit-related information that is collected and held by us to help us decide whether or not to provide credit to you (or to your related company or other entity). We may also use this information to derive or calculate a credit assessment score in relation to you, which we may use to help in conducting an assessment of your creditworthiness or the creditworthiness of your related company or other entity.
The credit-related information that we hold about you may be used by us in accordance with Part IIIA of the Privacy Act and the Credit Reporting Code. The purposes for which we use your credit-related information may include:
- using your credit-related information to assess any application that you make to us for credit (or which is made by your related company or other entity);
- using your credit-related information to collect payments that are owed to us in respect of any credit that we have previously provided to you (or to your related company or other entity);
- disclosing your credit-related information to any of our related companies that are also are considering whether to provide credit to you (or to your related company or other entity);
- where you have offered to guarantee credit that we have offered to provide to your related company or entity, to assess your suitability as a guarantor of that credit and to enforce that guarantee if required;
- disclosing your credit-related information to a third party that you or we ask to act as a guarantor of any credit provided to you;
- disclosing your credit-related information to the credit reporting bodies that we deal with, including Dun & Bradstreet and Veda. Credit reporting bodies collect different types of credit-related information about individuals and use that information to provide a credit-related service to their customers (including to us);
- disclosing your credit-related information to other third parties that provide services to us (or to you on our behalf). These might include debt collectors, credit management agencies and other third parties that process applications for credit made to us;
- disclosing your credit-related information to other credit providers which provide, or are considering providing, credit to you (or to your related company or other entity);
- using and disclosing credit-related information that we hold about you to assess and respond to any access or correction requests that you make to us;
- where we are consulted by a credit reporting body or another credit provider about an access or correction request that you have made to those entities, to respond to that consultation request;
- where you complain to the Information Commissioner or any provider of a recognised external dispute resolution scheme about our treatment of your credit-related information, to respond to that complaint and to seek legal or other professional advice in relation to your complaint;
- using and disclosing credit-related information that we hold about you as required by law or the order of a court or tribunal; and
- where you otherwise expressly consent to the use or disclosure.
5.4 Other matters relating to your credit-related information
Where required by law, we will make a written note (which may be kept in electronic form) of any use or disclosure that we make relating to your credit-related information.
- you (or your related company or other entity) make an application for credit to us; or
- you offer to guarantee credit that we propose to provide to your related company or other entity,
and we subsequently refuse your application or offer based on information provided to us by a credit reporting body about you, we will inform you of this and provide you with the name and contact details of that body and any other information required by law to be provided to you.
5.5 Access and correction
You have a right to request access to, or the correction of, any credit-related information that we hold about you. You may request access to or the correction of, any credit-related information that we hold about you in accordance with section 11 of this policy.
You may complain about any failure by us to comply with Part IIIA of the Privacy Act or the Credit Reporting Code. If your complaint relates to our failure to provide access to or to correct any credit-related information that we hold about you, you may lodge a complaint directly with the Office of the Australian Information Commissioner (for more information, please see www.oaic.gov.au) or with a provider of an external dispute resolution scheme (if we are required by law to be a member of such a scheme), If this applies, we notify you of this and the identity of external dispute resolution provider at the time that you make a credit-related complaint.
If you make a complaint in relation to correction of your credit-related information, we will notify each other credit provider and credit reporting body to which we have previously disclosed that information that you have made a correction complaint in relation to that information and the outcome of that complaint, unless it is impracticable or illegal for us to do so.