Credit reporting policy
Purpose
- As part of Mondus Capital Pty Ltd (ABN 91 659 284 312) (the business) process to ensure that it continues to maintain the highest levels of professional integrity and ethical conduct, the business has adopted this credit reporting policy (policy) to guide and direct the business’ approach to credit reporting.
- The business is an authorised representative of loanmaker Pty Ltd (ACN 603 763 220) ACL 509175 (licensee) noting that the licensee is solely responsible for
providing credit pursuant to its Australian credit license.
- The key objective of this policy is to ensure that the business complies with its legal and ethical obligations in respect of credit reporting.
- This policy is also intended to set out how we collect, use, disclose and otherwise manage credit related personal information.
1. Definitions
1.1 Definitions
ACL: means Australian Credit Licence.
Authorised representative: means Mondus Capital Pty Ltd ACN 659 284 312.
The business: means Mondus Capital Pty Ltd ACN 659 284 312 and any related bodies corporate that might exist from time to time including as an authorised representative of loanmaker Pty Ltd (ACN 603 763 220 ACL 509175).
Compliance officer: means the employee(s) who are responsible for managing the compliance of the business.
Employee: means any of the business employees, representatives, officersor directors.
Representative: means any business employee who provides advice or deals in the credit services products authorised under the authorised representative ACL.
Responsible manager or RM: means any individual nominated under the business’ authorised representatives ACL as being responsible for significant day-to-day decisions about the business’ credit services business.
2. This policy
2.1 Effective date
This policy is effective from the above date.
2.2 Supersedes
This document supersedes all previous documents, practices, and policies relevant to credit reporting.
2.3 When does this policy apply?
Policy applies to all RMs, directors, officers and employees of the business at all times, and the requirements remain in force on an ongoing basis.
This policy represents the standards which apply throughout the business. Where the business relies on a third party for compliance with this policy, the
business must ensure that such reliance is permissible under and complies with the applicable law and is consistent with this policy.
2.4 Policy review
This policy will be reviewed on at least an annual basis by the RM of the business, having regard to the changing circumstances of the business. The RM will then
make any changes as necessary to ensure the ongoing compliance of this policy.
3. What is credit information?
3.1 Credit information
Credit information is personal information that has a bearing on credit that you have applied for, or credit that has been provided to you. This includes:
(a) credit for personal, domestic or household purposes; and
(b) 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.
4. Reporting of credit information
4.1 If you apply for credit from us, we may collect and hold various information related to you.
We also collect and use all types of ‘credit information’, ‘credit eligibility information’ and ‘CP–derived information,’ as defined in the Privacy Act 1988 (Cth) (Privacy Act).
We may collect and give your credit information to a credit reporting body (CRB). The CRB we deal with is:
Equifax www.equifax.com.au
4.2 The role of CRB’s
For contact details and information on how CRBs manage credit related personal information, please see their privacy policies available on their websites.
5. Information we may collect about you
5.1 Types of credit information
In this policy, the following information is referred to as “credit-related personal information” and includes, within the meaning of the privacy act, credit information, credit reporting information, credit eligibility information and credit score.
If you apply for credit with us or provide a guarantee the types of credit-related personal information that we may collect, hold and disclose includes:
(a) identity details including your name, address(s), date of birth, occupation, employer details and your driver’s licence number;
(b) basic information about your credit account (for example, when it was opened);
(c) payments information, such as payments owed to us or another credit provider, in connection with credit provided to you or in relation to which you are a guarantor;
(d) details about information requests we or other credit providers make about you to a CRB, including scores, ratings, summaries, evaluations and other information relating to your credit worthiness which is derived by us or by CRBs;
(e) information about certain overdue payments and serious credit infringements as well as information about payments or subsequent arrangements in relation to either of these;
(f) various publicly available information like bankruptcy, insolvency and credit-related court judgements;
(g) the fact that you have applied for services from us; and
(h) the fact that we are a credit provider to you.
5.2 CRB’s credit information
‘Credit eligibility information’ is the information CRBs provide to us. Primarily, this information relates to your dealings with other credit providers including:
(a) banks;
(b) other financial institutions; or
(c) other organisations that may provide you with credit in connection with their products or services.
Credit information may also include certain credit worthiness information that we derive from the data that we receive from a CRB.
Occasionally, we may also collect credit eligibility information about you from other credit providers. The information we can receive from a CRB has been
extended as part of our comprehensive credit reporting (see below).
‘CP-derived information’ means any personal information that is derived from information given to us by CRBs and that has bearing on your credit worthiness.
This could be, for example, a credit score.
5.3 Credit information
In this policy, we refer to ‘credit information’ to capture some or all information referred to above (as the context requires).
6. Why is credit information collected ?
6.1 The main reason we collect, use, hold and disclose credit Information is to provide you with products and services.
This includes:
(a) checking whether you are eligible for the product or service;
(b) providing the product or service;
(c) helping manage the product or service; and
(d) checking your identity. We use information from CRBs to confirm your identity, assess your application for credit, manage our relationship with you and collect overdue payments. We may also use this information as part of reaching our own internal assessment of your creditworthiness.
6.2 Acting as a guarantor
If you are offering to act as guarantor, your credit Information may be necessary to assess whether the borrower will be eligible for a loan with you acting in that position.
6.3 Other uses of credit information
We may also use your credit information for other purposes. For example:
(a) to comply with legislative or regulatory requirements in any jurisdiction;
(b) prevent fraud, crime or other activity that may cause harm in relation to our products or services; and
(c) help us run our business. We may also use your credit information to inform you on products or services we think may interest you, subject to legal restrictions on using this type of information for marketing purposes.
7. How do we hold credit information?
7.1 Secure data centres
Much of information we hold about you will be stored electronically in secure data centres located in Australia. Some information we hold about you will be
stored in paper files.
Some of your credit related personal information may be held on portable devices such as mobile phones, laptop computers or in diaries operated and
held by our employees.
We use a range of physical and electronic security measures, such as locks and passwords, to protect the security of the credit information we hold. We also
train our employees to keep information secure.
For more information regarding the way we store your data, please visit our privacy policy at mymondus.com/privacy-policy
8. Who do we disclose your credit Information to, and why?
8.1 The way we approve and manage credit involves a range of tasks.
Some tasks are carried out for us by third party service providers, both in and outside Australia.
In carrying out these tasks, service providers may have access to credit related personal information. To protect your credit information, the business enters
into contracts with the service providers that require them to comply with the privacy act. These contracts oblige them to only use the credit information we
disclose to them for the specific role we ask them to perform.
8.2 Disclose to CRB’s
When we exchange your credit information with CRBs, this information is used to:
(a) validate your identity;
(b) assess your credit application; and
(c) manage your account with us.
When you submit an application for a product with the business, we will obtain a credit report on you from a CRB. This may occur at any time after you commence your online application. The enquiry will be listed in your credit file that is maintained by the relevant CRB.
If you are a victim of fraud (including identity-related fraud), you are entitled under the privacy act to request that a CRB not use or disclose credit reporting
information they hold about you in circumstances where you reasonably believe that you have been or likely to be a victim of fraud, including identity-related
fraud. The period while this applies is called a “ban period”. You can make such a request to any of the CRBs listed above.
8.3 Disclose to third party’s
Generally, we disclose credit information to organisations that help us with our business. These may include:
(a) our agents, contractors and external service providers (for example, mailing houses and technology service providers);
(b) credit representatives who sell products and services on our behalf;
(c) other organisations, who jointly with us, provide products or services to you;
(d) other financial services organisations, including banks, superannuation funds, stockbrokers, custodians, funds managers and portfolio service providers;
(e) organisations involved in our funding of loans (including securitisation trustees, investors and their advisers);
(f) credit reporting bodies;
(g) organisations that provide us with insurance to cover our lending risks;
(h) The business’ financial advisers, legal advisers or auditors;
(i) your representatives (including your legal adviser, financial adviser, executor, administrator, guardian, trustee, or attorney);
(j) government agencies or dispute resolution schemes that assist consumers in relation to credit; and
(k) where permitted by law, debt collection agencies or other lenders, such as where you have given mortgage security over the same property to us and another lender.
We may also disclose your credit information to others outside the business where:
(a) we are required or authorised by law;
(b) where we have a public duty to do so;
(c) you have expressly consented to the disclosure;
(d) the consent may be reasonably inferred from the circumstances; or
(e) we are otherwise permitted to disclose the information under the privacy act.
8.4 Repayment loan history
As permitted under the privacy act, we may participate in repayment history reporting as part of our ‘comprehensive credit reporting.’ When we receive a loan application, we may receive information about whether the applicant has a history of making required repayments on time and whether any have been made after they are due.
8.5 Inclusion of relevant dates
For all borrowers, we may periodically report the same information to CRBs. As part of our comprehensive credit reporting, we may also disclose the date an
account is opened and closed, credit limits and the type of credit. Such information may also be provided by a CRB.
8.6 More information
For more information about comprehensive credit reporting, please visit creditsmart.org.au.
If you are having trouble making your repayments, we can help. Please contact us at nir@mymondus.com for a confidential conversation. We encourage you to visit mymondus.com/hardship-policy to avoid defaulting on your financial obligations.
9. Access to and correction of credit information
9.1 Gaining access to credit information
You can request access to credit information that is held by us. You can also ask to correct any inaccurate information we hold or have provided to others. To do
so, please contact us with an explanation and materials outlining the inaccuracy.
There is no fee for requesting that your credit information is corrected or for us to make the corrections. In processing your request for access to your credit
information, a reasonable cost may be charged. This charge covers, for example, locating the information and supplying it to you.
9.2 Corrections to your credit-related personal information
You can request that we correct credit-related personal information we hold about you. We will make corrections to your credit-related personal information,
if:
(a) we are satisfied that, having regard to a purpose for which the information is held, the information is inaccurate, out of date, incomplete, irrelevant or misleading; or
(b) you request us to correct the information.
Within a reasonable period of time, we will take such steps (if any) as are reasonable in the circumstances to correct that information to ensure that, having regard to the purpose which it is held, the information is accurate, up to date, complete, relevant and not misleading. If we refuse to correct your credit-related personal information, we will notify you in writing and provide reasons.
9.3 Refusal to provide access
There are some circumstances in which we are not required to give you access to your credit information or certain types of credit information as requested by
you.
If we refuse to give you access to or refuse to correct your credit information, we will give you a notice explaining our reasons, except where it would be
unreasonable to do so.
If we refuse your request to correct your credit information, you also have the right to request that a statement be associated with your credit information
noting that you disagree with its accuracy.
If we refuse your request to access or correct your credit information, we will also provide you with information on how you can complain about the refusal.
10. Resolving your credit information concerns and complaints – your rights
10.1 Concerns and complaints
If you are concerned about how your personal information is being handled or if you have a complaint about a breach by us under the Australian privacy
principles, please contact us.
We will acknowledge your complaint as soon as we can after receipt of your complaint. We will contact you if any further information is required to resolve
your complaint.
We aim to resolve complaints as quickly as possible. We strive to resolve complaints within five business days, but some complaints take longer to resolve. If your complaint is taking longer, we will let you know what is happening and a date by which you can reasonably expect a response.
10.2 If you are unhappy with our response, there are other bodies you can go to.
The Australian Financial Complaints Authority (AFCA) can consider most privacy complaints involving providers of credit services. AFCA can be contacted at:
Australian Financial Complaints Authority
GPO Box 3 Melbourne VIC 3001
Phone: 1800 931 678
Website: www.afca.org.au
Under the privacy act, you may complain to the Office of the Australian Information Commissioner (OAIC) about the way we handle your personal information. The OAIC can be contacted at:
GPO Box 5218 Sydney NSW 2001
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
Website: www.oaic.gov.au
11. Contact us
11.1 If you would like more information about how we protect your privacy, please contact us using the details below:
Contact person: Nir Davidson
Email: nir@mymondus.com
Phone: 0422 362 290