Our Credit Information Policy
This Credit Information Policy sets out how Efic manages personal information collected in connection with a credit application or a credit facility. We refer to this information as credit-related information.
As a credit provider, we may conduct a credit check on you as an individual (for example, as a director of an applicant company or other applicant entity, or as a guarantor) before we make a decision on a commercial credit application.
We will only use or disclose credit related information as permitted by law.
The Privacy Act and this policy do not apply to information about companies or other entities who are not individuals. Efic is also referred to in this policy as “we”, “us” or “our”.
How we collect and hold your credit-related information
If you (or your related company or other entity) ask us for credit, we may check your credit reports. We might collect information about you from and give it to credit reporting bodies. We share your credit information with them so they can provide credit reports to others. We currently deal with the following credit reporting body:
Equifax Pty Ltd
PO Box 964, North Sydney NSW 2059
Telephone: 138 332 or 1300 762 207
Credit-related information that we collect and hold
Credit-related information collected and held by us may include:
- identification information such as your name(s), date of birth, contact details (personal and/or business), address, drivers’ license and passport details, telephone and fax numbers and email address.
- repayment and default history.
- details about your current and previous credit arrangements and inquiries / applications.
- details about adverse court judgments, personal insolvencies and other publicly available information in relation to your creditworthiness.
- credit reporting information about you in the form of a credit report received from a credit reporting body.
- information derived by credit reporting bodies or by us, including from the information set out above (e.g. credit scores, ratings and assessments relating to an individual’s creditworthiness).
How we use and disclose your credit-related information
We may use this information to derive or calculate a credit assessment score in relation to you, which will then help us in conducting our assessment of your creditworthiness.
We may also use the credit-related information that is collected and held by us to help us decide whether or not to provide commercial credit to your related company or other entity.
We may use or disclose your credit-related information to:
- assess your application for commercial credit or an application for commercial credit by your related company or other entity;
- collect overdue payments owed to us in respect of commercial credit;
- assess your suitability as a guarantor in relation to an application for commercial credit by your related company or other entity;
- administer and manage the commercial credit that we have provided to you (or your related company or other entity);
- work with our service providers;
- create assessments and ratings of your creditworthiness;
- disclose to the following credit reporting body that we deal with:
Equifax Pty Ltd
PO Box 964 North Sydney NSW 2059
Telephone: 138 332 or 1300 762 207
(A credit reporting body collects different types of credit-related information about individuals and uses that information to provide a credit-related service to their customers (including to us). Information may be given to a credit reporting body before, during or after the provision of credit and is limited to credit information we collect. We may provide information to a credit reporting body for each review of your facility and we may obtain a credit report from a credit reporting body for the purpose of such review.)
- disclose it to other third parties that provide services to us (or to you on our behalf), such as professional advisers, contractors, agents and other third parties that process applications for credit that have been made to us;
- disclose it, with your consent, to other credit providers which provide, or are considering providing, credit to you (or to your related company or other entity) or for other particular purposes permitted by law;
- assess and respond to any access or correction requests that you make to us;
- to respond to a consultation request by a credit reporting body or another credit provider about an access or correction request that you have made to those entities;
- deal with your complaints and enquiries, including to respond to those complaints and enquiries and to seek legal or other professional advice in relation to those complaints and enquiries;
- as required or authorised by law or the order of a court or tribunal; or
- where you otherwise have consented to the use or disclosure.
We will only use or disclose credit-related information where it is permitted by law.
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 may 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 the 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.
Contacting credit reporting bodies
You have the right to request credit reporting bodies (including Equifax) not to:
- use your credit-related information to pre-screen your eligibility to receive direct marketing from credit providers; and
- use or disclose your credit-related information, if you believe on reasonable grounds that you have been, or are likely to be, a victim of fraud.
How we protect of your credit-related information
When your credit-related information is no longer required, we will destroy or delete it from our systems in a secure manner or de-identify the information, if permitted by law to do so.
How to access or correct your credit-related information
We take reasonable steps to sure that the credit-related information that we collect, use, hold and disclose about you is accurate, complete and up-to-date and (in relation to the purpose of our use or disclosure) is relevant to that purpose.
You have a right to request access to, and seek correction of, any credit-related information that we hold about you. If you would like to make an access or correction request, please contact us using the contact details below. There is no cost involved.
If you make an access request for any credit-related information we hold about you, we will provide you with access to this information (unless there is a legal reason not to do so) in a clear and accessible manner within a reasonable period (generally within 30 days). If we decide not to provide you with access to your information, we will provide reasons for this decision.
If you make a correction request of any credit-related information that we hold about you, we will help you correct the credit-related information within 30 days. If we cannot make a correction in that timeframe, we will ask you for extra time. We may be required to consult with other credit providers or credit reporting bodies which are permitted by law to assist us in resolving your correction request.
If we do not agree that your credit-related information is inaccurate, out-of-date or incomplete, we will provide you with a written notice including the reasons why we do not agree with you.
If we have any other reasons for suspecting that credit-related information that we hold about you has become inaccurate, out-of-date, incomplete, irrelevant or misleading, we may independently decide to correct this information without consulting you. If we do this, we will take reasonable steps to notify that correction to you and to any other entities to which we have previously disclosed that credit-related information (unless it is impracticable for us to do so).
How to make a complaint
If you have a complaint regarding our failure to provide access to or to correct any credit-related information that we hold about you, you may lodge it with us or directly to the Office of the Australian Information Commissioner (OAIC). You are not required to let us fix it first. Further information about making a privacy complaint to the OAIC is at: http://www.oaic.gov.au/.
If you wish to make a complaint regarding our handling of your credit-related information (but is not a complaint relating to access or correction, as described above), please contact us using the contact details below and provide us with details of the incident so that we can investigate your complaint and notify you of the outcome.
Our procedure for investigating and dealing with complaints (other than complaints in relation to access and correction made directly to OAIC, as described above) will be in accordance with our Complaints Mechanism.
If your complaint relates to the correction of your credit-related information and the resolution of your complaint requires us to correct your information, we will inform each other credit provider and credit reporting body that we have previously disclosed your information to, that you have made a correction complaint in relation to that information and that we have corrected your information as a result of the outcome of that complaint. However, we will not give such notification if doing so is impracticable or prohibited under an Australian law or court / tribunal order.
If you are not satisfied with our handling of your complaint or our proposed resolution, you have a right to lodge a further complaint to the OAIC (see contact details above).
Updating our Credit Information Policy
How to contact us
If you have any questions about this Credit Information Policy or if you have any concerns or a complaint regarding the treatment of your credit-related information, we encourage you to contact our Privacy Officer during business hours at:
Level 10, 22 Pitt Street
Sydney NSW 2000
Telephone: +61 2 8273 5333