Notice and Consent
Meaning of words: In this document:
- “we”, “us” and “our” refers to Fair Loans Foundation Pty Ltd ACN 123 592 487 Australian Credit Licence: 378968;
- “you” refers to the persons who are applying for credit from us or proposing to act as a guarantor.
Our contact details:
Mail to: The Privacy Officer - GPO Box 2175 Sydney 2000
Call our customer service team on: 1300 727 006
Effective from 12 March 2014
At Fair Loans we are bound by Part IIIA of the Privacy Act 1988 (Cth) ("Privacy Act") and the 'Credit Reporting Privacy Code', which govern credit reporting in Australia.
We recognise that any personal information we collect about you will only be used for the purposes we have collected it for or as allowed under the law. It is important to us that you are confident that any personal information we hold about you will be treated in a way which ensures protection of your personal information.
When we refer to personal information we mean information from which your identity is reasonably apparent. This information may include information or an opinion about you. The personal information we hold about you may also include credit information.
Credit information is information which is used to assess your eligibility to be provided with finance and may include any finance that you have outstanding, your repayment history, and any defaults. Usually, credit information is exchanged between credit and finance providers and credit reporting bodies.
We may collect the following kinds of credit information and exchange this information with credit reporting bodies and other entities:
- identification information such as name, any alias or previous name, date of birth, gender, current or last known address and 2 previous addresses, and driver licence number;
- information about consumer credit provided to an individual including the name of the credit provider, whether the credit provider is an Australian credit licensee, the type of consumer credit, the day on which the consumer credit is entered into, the terms or conditions of the consumer credit that relate to repayment, the maximum amount of credit available under the consumer credit, and the day in which the consumer credit is terminated or otherwise ceases to be in force;
- information about whether or not an individual has met an obligation to make a payment of consumer credit, the day on which the payment is due, and the day on which the payment is made;
- a statement that an information request has been made to a credit reporting body in relation to the individual by a credit provider;
- the type of consumer credit or commercial credit, and the amount of credit, sought in an application made by the individual to a credit provider and in connection with which a credit provider has made an information request in relation to the individual;
- information about payments that are at least 60 days overdue for consumer credit and more than $150, where the credit provider has requested payment and recovery is not prevented by a statute of limitations;
- information that an overdue payment has been paid;
- information about arrangements with credit providers;
- information about court judgments (but not for criminal proceedings) against an individual that relate to credit applied for or given to an individual;
- personal insolvency information;
- publicly available information that relates to the individual’s activities and the individual’s credit worthiness and that is not court proceedings information about the individual or information about the individual that is entered or recorded on the National Personal Insolvency Index; and
- the opinion of a credit provider that the individual has committed, in circumstances specified by the provider, a serious credit infringement in relation to consumer credit.
We exchange this credit information for the purposes of assessing your application for finance and managing that finance.
This credit information may be held by us in electronic form on our secure servers and may also be held in paper form. We may use cloud storage to store the credit information we hold about you. When we obtain credit information from a credit reporting body about you, we may also seek publicly available information and information about any serious credit infringement that you may have committed.
We may disclose your credit information to overseas entities that provide support functions to us including Singapore and the USA. You may obtain more information about these entities by contacting us.
We exchange your credit information with credit reporting bodies. We use the credit information that we exchange with the credit reporting body to assess your creditworthiness, assess your application for finance and manage your finance.
If you fail to meet your payment obligations in relation to any finance that we have provided or arranged or you have committed a serious credit infringement then we may disclose this information to a credit reporting body.
You have the right to request access to the credit information that we hold about you and make a request for us to correct that credit information if needed. Please see the heading Access and correction to your personal and credit information, below.
Sometimes your credit information will be used by credit reporting bodies for the purposes of 'pre-screening' credit offers on the request of other credit providers. You can contact the credit reporting body at any time to request that your credit information is not used in this way.
Fair Loans discloses credit information to the following credit reporting body:
Veda Advantage Information Services and Solutions Limited
Website : www.veda.com.au
Postal address : PO Box 964, North Sydney, NSW 2059
Credit reporting bodies are required to have a policy which explains how they will manage your credit-related personal information. If you would like to read the policies of this credit reporting bodies please visit their website and follow the "Privacy" links, or you can contact them directly for further information.
Your rights under the Privacy Act in relation to credit-related information include the following:
- You may obtain the Credit reporting body's policy about the management of credit-related personal information by contacting the Credit reporting body. See contact details above.
- You have the right to access credit-related information that we hold about you from us, to request us to correct the information, and to make a complaint to us.
- You have the right to request a Credit reporting body not to use credit reporting information about you for the purposes of pre-screening of direct marketing by a credit provider.
- You have the right to request the Credit reporting body not to use or disclose credit reporting information about you if you believe on reasonable grounds that you have been or are likely to be a victim of fraud.
Collection of personal information
We collect the following types of personal information if you are applying for finance:
- Your name, address, occupation, age, gender, your e-mail addresses, bank account details, income details, Medicare card and other financial information.
- Information about your transactions with us or others, such as payment history and loan balances, and information you provide when you contact our assessments team.
- Information we receive from third parties, such as credit reporting bodies and other lenders.
- Information we receive from other third parties, such as lead providers and others.
Personal information you give us about another person: If there is another person named in an application for credit, you may need to provide their personal information to us. You warrant that the other person has consented to the collection of their personal information by us for the reasons it is being collected.
We may collect personal information about you for the following purposes:
- to answer an enquiry from you;
- to provide you with the service you requested;
- to enable us to develop, administer and manage our services and businesses;
- to customise services to better meet your needs and preferences;
- to assess your application and manage your account with us;
- to compile a customer profile about you to serve you better;
- to engage a credit reporting body to conduct a credit and reference check;
- to assess your creditworthiness;
- billing purposes and collection of debts;
- statistical purposes;
- future promotional and marketing purposes including direct marketing purposes, and to inform you of special offers, promotions and competitions;
- for research purposes to better improve our website, products or services;
- any other customer support purposes;
- to notify credit providers of a default by you of your agreement with us;
- to deal with complaints; and
- to enforce our rights when you are in breach.
Collection required by law: Collection of some personal information about you may also be required or authorised by or under an Australian law. These laws include:
- the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), which requires us to collect personal information about you when verifying your identity;
- the National Consumer Credit Protection Act 2009 (Cth), which requires us to make inquiries about you when assessing an application for credit; and
- the Personal Property Securities Act 2009 (Cth), under which we may need to collect personal information about you to record a security interest on the Personal Property Securities Register.
You must not give us inaccurate or incorrect information, or omit to provide us with information as we may not be able to provide you with our services.
Where reasonable and practical we will collect your personal information directly from you. We may also collect your personal information from credit reporting bodies, our service providers and from finance brokers.
Use and disclosure of information
We may disclose your personal information in the following ways.
- Direct marketers: To associated business that may want to market any product to you. If you do not wish to receive marketing information, you may at any time decline to receive such information by contacting us on firstname.lastname@example.org. If the direct marketing is by email you may also use the unsubscribe function. We will not charge you for your request and will take all reasonable steps to meet your request at the earliest possible opportunity.
- Third Party Service Providers: We may contract with service providers to perform certain functions on our behalf. Examples include database providers who assist in identity verification, credit reporting bodies, collections agencies, and lead providers.
- To investors, agents or advisers, or any entity that has an interest in our business.
- To anyone who represents you or where you have provided us consent.
- To companies that provide information and infrastructure systems to us; or
- To your employer, referees or identity verification services.
Prior to disclosing any of your personal information to another person or organisation, we will take all reasonable steps to satisfy ourselves that:
- the person or organisation has a commitment to protecting your personal information at least equal to our commitment, or
- you have consented to us making the disclosure.
BCS Microfinance Team
If you proceed with your application we will exchange credit and personal information with the BCS Microfinance Team.
Fair Loans in partnership with The BCS Microfinance team has the aim of improving financial inclusion through access to financial lending and money mentoring for people seeking assistance with Nils, Step-up and Fair Loans.
For the BCS Microfinance team to be able to assist you, the members of the team will need to exchange information that they collect about you, or may have collected from your previous involvements with the individual agencies.
By proceeding with this application you consent to exchange of your personal and/or credit information between members of the BCS Microfinance team and Fair Loans
(NB: This consent is valid for a period of 2 years from the date of loan approval)
- WITHDRAWING CONSENT: You may withdraw consent at anytime by contacting the BCS Microfinance team (Ph: 4032 5280) or Fair Loans (1300727006)
- LIMITING CONSENT: You may discuss with any member of the BCS Microfinance team or Fair Loans any information which you do not want to be exchanged.
Security of Information
We will take reasonable steps to protect your personal information by storing it in a secure environment. We may store your personal information in paper and electronic form. We will also take reasonable steps to protect any personal information from misuse, loss and unauthorised access, modification or disclosure.
We may use cloud storage to store the personal information we hold about you. The cloud storage and the IT servers may be located in or outside Australia.
Updating your personal information
It is important to us that the personal information we hold about you is accurate and up to date. During the course of our relationship with you we may ask you to inform us if any of your personal information has changed.
If you wish to make any changes to your personal information, you may contact us. We will generally rely on you to ensure the information we hold about you is accurate or complete.
Access and correction to your personal and credit information
We will provide you with access to the personal and credit information we hold about you. You may request access to any of the personal information we hold about you at any time. We may charge a fee for our costs of retrieving and supplying the information to you.
Depending on the type of request that you make we may respond to your request immediately, otherwise we usually respond to you within 7 days of receiving your request. We may need to contact other entities to properly investigate your request.
There may be situations where we are not required to provide you with access to your personal or credit information, for example, if the information relates to existing or anticipated legal proceedings, or if your request is vexatious.
An explanation will be provided to you, if we deny you access to the personal or credit information we hold about you. If any of the personal or credit information we hold about you is incorrect, inaccurate or out of date you may request that we correct the information. If appropriate we will correct the personal information at the time of the request, otherwise, we will provide an initial response to you within 7 days of receiving your request. Where reasonable, and after our investigation, we will provide you with details about whether we have corrected the personal or credit information within 30 days.
We may need to consult with other finance providers or credit reporting bodies or entities as part of our investigation.
If we refuse to correct personal or credit information we will provide you with our reasons for not correcting the information.
Complaints Under the Privacy Act you have the right to make a complaint to us about an act or practice engaged in by us as a credit provider that may be a breach of Part IIIA of the Privacy Act (which deals with credit reporting) or the CR Code (a “Credit Privacy Complaint”).
If you are dissatisfied with how we have dealt with your personal information, or you have a complaint please you can contact us as follows:
Mail to: The Privacy Officer - GPO Box 2175 Sydney 2000
Call our customer service team on: 1300 727 006
We will acknowledge your complaint within 7 days. We will provide you with a decision on your complaint within 30 days.
If you are dissatisfied with the response of our complaints officer you may make a complaint to the Information Commissioner which can be contacted on either www.oaic.gov.au or 1300 363 992.
You may request further information about the way we manage your personal or credit information by contacting us.