8. Credit Checks and Credit Reporting
When you apply to us for credit, want to borrow money or propose to be a guarantor, we need to know if you're able to meet your financial commitments to us. We also want to avoid giving you further credit if this would put you in financial difficulty. One of our checks involves obtaining a credit report about you.
A credit report contains information about your credit history which helps credit providers assess applications you make for credit, verify your identity and manage accounts you hold with them. Credit reporting bodies collect and exchange this information with credit providers like us.
The Privacy Act limits the information that credit providers can disclose about you to credit reporting bodies, as well as the ways in which credit providers can use credit reports.
What we do with your credit report
A credit report contains information about your credit history which helps credit providers assess applications for credit, verify identity of borrowers and guarantors including directors and beneficial owners and manage accounts. Credit reporting bodies collect and exchange this information with credit providers like us and other service providers such as phone companies.
We use information from credit reporting bodies to confirm your identity, assess applications for credit, manage our relationship with you and collect overdue payments. We may also use this information to arrive at our own internal assessment of your creditworthiness.
Exchange of your personal information with credit providers
If you apply for credit, you agree may collect and disclose personal information about you from, and/or disclose it to, other credit providers for the purpose of:
- assessing an application for credit;
- collecting overdue payments, managing credit, helping you avoid default on credit obligations and taking action in the event of your fraud and other serious credit infringements; and
- providing or managing transferred loans.
What information can be exchange with credit reporting bodies?
The Privacy Act limits the information that credit providers can disclose about you to credit reporting bodies, as well as the ways in which credit providers can use credit-related personal information.
If you are over 18 years old, the information we can exchange includes your identification details, what type of loans you have, how much you’ve borrowed, and whether or not you’ve met your loan payment obligations, and if you have committed a serious credit infringement (such as fraud). We also ask the credit reporting body to provide us with an overall assessment score of your creditworthiness.
The credit reporting body that we use is Equifax.
You may download a copy of Equifax's Privacy Statement at: