CREDIT REPORTING POLICY
Credit Reporting Policy
This policy establishes how Counting Beans Capital Pty Ltd and its related companies (referred to in this document as we, us or our) intends to collect, handle, and disclose the consumer credit-related information of our customers. We are governed by the Privacy Act 1988 (Cth) (Privacy Act). Part IIIA of the Privacy Act is supplemented by the Privacy Regulation 2013 and the Privacy (Credit Reporting) Code 2014 (‘CR Code’). These policies govern how we must manage personal information.
One of the objectives of these policies is to balance the need to allow consumers to protect their personal information against the requirement of assessing the creditworthiness of consumers to decide whether or not they should be provided with credit. Our Credit Reporting Policy is intended to be structured to appropriately give effect to balancing these objectives.
This Credit Reporting Policy applies to all customers and guarantors.
This Credit Reporting Policy sets out how we collect, use, disclose and otherwise manage credit-related information. Credit-related information includes information about customer credit applications and credit accounts with us, and customer credit reporting information that we obtain from credit reporting bodies.
Information That Is Collected By Us
If a customer applies for credit facilities to support a rental contract, we may collect and hold various information related to that customer’s assets and financial position, including income details, expense details, asset values, business operation history, and taxation information.
We also collect and use all types of ‘credit information’, ‘credit eligibility information’ and ‘CP derived information’ (as those terms are defined in the Privacy Act).
Credit information is the information we may collect and give to a credit reporting body. This information includes:
the fact that the customer has applied for credit and the amount of credit requested;
the fact that we are a credit provider to the customer;
repayment history information;
in specified circumstances, default information (including payment information if that customer was paid a defaulted amount previously listed with a credit reporting body);
advice that payments are no longer overdue and the date on which overdue payments were made;
in specified circumstances, our opinion that the customer has committed a serious credit infringement and the fact that credit provided to the customer has been paid or otherwise discharged (including the date of discharge); and
taxation history details.
Credit eligibility information is the information credit reporting bodies provide to us. This includes, for example, an outline of which grade of loans a customer can be eligible for. ‘Grade of loans’ refers to the interest rates which a customer is eligible for, based on the customer’s creditworthiness.
CP-derived information includes any personal information that is derived from information provided to us by a credit reporting body. This includes, for example, a credit score.
In this policy, we refer to ‘credit-related information’ to capture some or all information referred to above (as the context requires). The term ‘credit-related information’ is to be construed narrowly, to include only the above information and any other information that can reasonably be assumed to fall under the categorisation of ‘credit-related information’. The definition of ‘credit-related information’ is to be informed by the specific information that we request from customers throughout the course of our credit application process.
Method of Collection
We will collect customer consumer and commercial credit-related information if the customer applies for credit from us.
We will collect this information directly from the customer in most cases, for instance through telephone calls, through our application forms and processes or via email. We may also collect it from persons acting on the customer’s behalf (for instance, dealers, brokers, or financial advisors) or from our related entities.
We also collect customer consumer and commercial credit-related information from credit reporting bodies or from other credit providers where permitted by the Privacy Act.
Purposes of Collection, Use and Disclosure
We collect and use customer consumer and commercial credit-related information to assess the customer’s application for commercial credit (or assess the customer’s application to be a guarantor in relation to such credit), for securitisation-related purposes, for our internal management purposes that are directly related to the management of commercial credit, including collecting overdue payments, where we reasonably believe that the customer has committed a serious credit infringement, and where otherwise required or permitted by law.
Importantly, we may disclose credit-related information about the customer to:
a) our related entities, or a person who manages credit, to process an application or manage credit or for related internal management purposes that are directly related to the provision or management of commercial credit;
b) other persons where we believe on reasonable grounds that the customer have committed a serious credit infringement;
c) external dispute resolution providers;
d) third parties for securitisation purposes;
e) third parties for the purposes of considering whether to accept an assignment of debt, or to take an interest in the credit provider;
f) other credit providers where the customer has consented and where permitted by law;
g) guarantors or proposed guarantors, where the customer has consented and where permitted by law;
h) mortgage insurers;
i) debt remediation providers (including call centre providers) and debt collectors; and
j) other persons where required or authorised by law.
We may disclose the customer’s credit information to credit reporting bodies as set out in this Credit Reporting Policy from time to time.
We do not presently store credit-related information overseas, but we may disclose credit-related information to credit reporting bodies and other parties overseas.
Access and Correction
A customer may access the credit information we hold about them, by making a written request. We will respond to the customer’s request within a reasonable period (usually 30 days). In relation to credit eligibility information specifically, we will provide access within 30 days unless unusual circumstances apply.
Except where prohibited by the Privacy Act and Credit Reporting Privacy Code, we may charge the customer a reasonable fee for providing the customer with access to their personal information which we hold. We will not charge a customer for making a request for access or for correcting the information which we hold.
We may decline a request for access in circumstances prescribed by the Privacy Act, and if we do, we will provide the customer with a written notice that sets out the reasons for the refusal (unless it would be unreasonable to provide those reasons) and notify the customer that they may make a complaint to the Information Commissioner.
To ensure that the customer has access to the most up-to-date information, the customer should also request access to credit reporting information held by credit reporting bodies.
A customer can ask us to correct their credit-related information. If we are satisfied that their information is inaccurate, out of date, incomplete, irrelevant or misleading, we will take reasonable steps to update their information within 30 days (or such a longer period as the customer may agree to in writing) and we will provide written notice of that correction to the customer within 14 business days.
Further to the above, if we form the view that we will not be able to resolve the customer’s correction request within the 30-day time period, we will write to the customer seeking an extension of time.
Security Of Credit Information
We will take all reasonable steps to ensure that all credit information we collect, use or disclose is stored in a secure environment accessed only by authorised persons. Users should be aware that there is a residual risk in transmitting any data electronically. This risk is inherent in all Internet dealings.
Issues and Complaints
If you have an issue in relation to your Contract with us, please contact us via email; and speak to one of our team members. If we are unable to satisfactorily address your issue, then please contact the Customer Resolution Officer as follows:
Level 1, 41 Thomas St
McMahons Point NSW 2060
Email address: firstname.lastname@example.org
Within 7 days of contacting the Customer Resolution Officer we will acknowledge the complaint in writing. We may request the complaint be made in writing. We will then investigate the complaint and consult with third parties we consider it necessary to consult with. We will endeavour to fully investigate your complaint and provide you our decision within 30 days from the date of your complaint. Where we are unable to provide a decision regarding your complaint within 30 days we will communicate this to you along with the reason for the delay and the new timeframe for resolving the complaint.
If you are not satisfied with the outcome you may request an independent review by the director of Counting Beans Capital.
Statement of Notifiable Matters under the Credit Reporting Privacy Code
Under the Credit Reporting Privacy Code, there are several ‘notifiable matters’ that we are required to disclose to you at or before the time of collecting personal information that is likely to be disclosed to a credit reporting body. Those matters are:
the credit reporting body may include the credit information we provide to it in reports, which it then provides to other credit providers to assist those other credit providers to assess your creditworthiness;
if you commit a serious credit infringement, we may disclose this to a credit reporting body;
you can request a copy of this Credit Reporting Policy by contacting us, or obtain it directly from our website;
you have the right to access credit information we hold about you, request that we correct the information, and make a complaint, as set out in this Credit Reporting Policy;
you can request a credit reporting body not to use your credit reporting information for the purposes of pre-screening of direct marketing by us; and
you can request a credit reporting body not to use or disclose your credit reporting information if you believe on reasonable grounds that you have been, or are likely to be, the victim of fraud.