Our handling of credit information is regulated by the Privacy Act 1988 (Cth) (‘Privacy Act’) and the Privacy (Credit Reporting) Code (‘credit reporting code).
- your right to access the credit information we hold on you;
- your right to seek the correction of credit information that we hold on you;
- your right to complain about a breach by us of the credit reporting provisions of the Privacy Act or the credit reporting code and how we will deal with such a complaint; and
- entities outside Australia to which we are likely to disclose your credit information and the countries where they are located.
Credit information is personal information that has a bearing on credit that has been provided to you or that you have applied for. This includes credit for personal, domestic or household purposes and credit in connection with a business. It can also cover information about you as a guarantor of a loan or as an insured party under a credit related insurance policy.
Credit reporting bodies are allowed under the Privacy Act and the credit reporting code to handle personal information relating to credit. If you apply for any kind of credit or offer to act as guarantor, we may disclose your personal information to, or collect personal information about you from, a credit reporting body. This information is used for the purpose of determining your eligibility for credit, and we may process the information to create an unsuitability assessment or other ratings of your suitability for credit.
Credit reporting bodies may include your personal information in reports that they provide to credit providers to assist those providers in assessing your credit worthiness (such as when you have applied for a loan from the provider).
The credit reporting bodies with whom we deal are:
If you fail to meet your payment obligations in relation to consumer credit or commit a serious credit infringement, we may be entitled under the Privacy Act to disclose this to a Credit Reporting Body. Any such report by us may affect your ability in the future to be able to obtain further credit.
We draw your specific attention to the fact that each time we disclose your personal information to a credit reporting body, that personal information will be recorded on your credit file and be available to others who are authorised to access your credit file held by the credit reporting body and may also impact any credit score the relevant credit reporting body has determined in relation to you.
Credit reporting bodies offer a service to credit providers wishing to send direct marketing material about credit services to individuals. This is called “credit pre- screening”. You have the right to request that the credit reporting bodies do not use your information for this purpose. To opt out of credit pre-screening, contact the credit reporting body, using the contact details on their websites noted above.
You can also ask a credit reporting body not to use or disclose your personal information for a period if you believe on reasonable grounds that you have been or are likely to be a victim of fraud.
The Privacy Act and the credit reporting code limit what we can do with the information we obtain from a credit reporting body.
Generally, it can only be used in relation to the consumer credit products you hold through us. For example, if you fail to meet your payment obligations in relation to consumer credit, or commit a serious credit infringement, we may be entitled to disclose this to a credit reporting body.
This Statement of Notifiable Matters is current as at 1 July 2019.
Here’s what a loan might look like
Here’s what a small loan might look like…
You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
In the above example You’ll pay:
- Loan Amount Financed: $1,000
- Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
- Amount of Credit of the Loan: $1,240
- Total Amount of Interest Payable: NIL
- Direct Debit Fees: $25.74 ($0.99 per transaction)
- Total amount of repayments: $1,440.00
- Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP
Comparison Rate: 160.0571% as defined by NCCP
Here’s what a medium loan might look like…
You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
In the above example You’ll pay:
- Loan Amount Financed: $2,500
- Establishment fee: $400 (Set by NCCP)
- Amount of Credit of the Loan: $2,900
- Total Amount of Interest Payable: $1,590.86
- Repayments: 103 x $43.19 + $42.31 (a final payment)
- Total amount of repayments: $4,490.88
- Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP
Comparison Rate: 65.5138% as defined by NCCP
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.