About these credit reporting provisions
This attachment contains additional information about how we manage personal information collected in connection with a credit application, or a credit facility.
What types of credit information do we collect and hold?
When we’re checking your credit worthiness and at other times, we might exchange information about you with credit reporting bodies. This information can include:
ID information: a record of your name(s) (including an alias or previous name), date of birth, gender, current or last known address and previous two addresses, name of current or last known employer and drivers licence number (or other government-issued identification).
Information request: a record of a lender asking a credit reporting body for information in relation to a credit application, including the type and amount of credit applied for.
Default information: a record of unpaid consumer credit payments.
Serious credit infringement: a record of when a lender reasonably believes that there has been a fraud relating to your consumer credit or that you have avoided paying your consumer credit payments and the credit provider can’t find you.
Personal insolvency information: a record relating to your bankruptcy or your entry into a debt agreement or personal insolvency agreement.
Court proceedings information: an Australian court judgment relating to your credit.
Publicly available information: a record relating to your activities in Australia and your credit worthiness.
Consumer credit liability information: certain details relating to your consumer credit, such as the name of the credit provider, whether the credit provider has an Australian Credit Licence, the type of consumer credit, the day on which the consumer credit was entered into (and closed), the maximum amount of credit available and certain repayment terms and conditions.
Repayment history information: a record of whether you made applicable consumer credit payments and whether such payments were paid on time.
Financial Hardship Information: information about whether you wereprovided with a permanent or temporary arrangement due to hardship and, if so, whether you met the requirements of such an arrangement.
Payment information: If a lender gave a credit reporting body default information about you and the overdue amount is paid, a statement that the payment has been made.
New arrangement information: If a lender gave a credit reporting body default information about you and your consumer credit contract is varied or replaced, a statement about this.
We base some things on the information we get from credit reporting bodies, such as:
- our summaries of what the credit reporting bodies tell us; and
- credit scores: a credit score is a calculation that lets us know how likely a credit applicant will repay credit we may make available to them.
Information that we get from a credit reporting body or information we derive from such information is known as credit eligibility information.
How we collect and hold your credit information
We will collect your credit information from details included in your application for credit (whether paper based, phone or electronic). The other main sources for collecting and assessing credit information are:
- credit reporting bodies and other credit providers;
- your co-loan applicants or co-borrowers, as well as your guarantors/proposed guarantors;
- your employer, accountant, real estate agent or other referees;
- your agents and other representatives like your referrers, brokers, solicitors, conveyancers and settlement agents;
- organisations that help us to process credit applications such as mortgage managers;
- organisations that check the security you are offering such as valuers;
- organisations involved in the securitisation of our loans such as loan servicers, trust managers, trustees and security trustees;
- organisations providing lenders mortgage insurance and title insurance to us or our related lenders;
- bodies that issue identification documents to help us check your identity; and
- our service providers involved in helping us to assess credit applications, provide credit or to administer credit products, including our debt collectors and our legal advisers.
How we use your credit information
- assess your credit worthiness;
- enable a mortgage insurer or title insurer to assess the risk of providing insurance to us or to address our contractual arrangements with the insurer;
- assess whether to accept a guarantor or the risk of a guarantor being unable to meet their obligations;
- consider hardship requests; and
- assess whether to securitise loans and to arrange the securitising of loans.
Sharing your credit information
We may exchange information about you with a credit reporting body if you are applying for credit; or you have obtained credit from us; or you guarantee or are considering guaranteeing the obligations of another person to us; or you are a director of a company that is loan applicant or borrower or guarantor. This may include information about the date you opened (and closed) a credit account, the account type, the credit limit, your repayment history, any temporary or permanent hardship arrangements and details relating to any defaults or serious credit infringements. When we give your information to a credit reporting body, it may be included in reports that the credit reporting body gives other organisations (such as other lenders) to help them assess your credit worthiness.
Some of that information may reflect adversely on your credit worthiness, for example, if you fail to make payments or if you commit a serious credit infringement (like obtaining credit by fraud). That sort of information may affect your ability to get credit from other lenders.
We will not share any of your credit information with a credit reporting body unless it has a business operation in Australia. We are not likely to share credit eligibility information (that is, credit information we obtain about you from a credit reporting body or that we derive from that information) with organisations unless they have business operations in Australia. However, in the event NAB seeks assistance from a related company to manage defaulting loans, we may need to disclose credit eligibility information to the Bank of New Zealand, located in New Zealand. We are likely to share other credit information about you with organisations outside Australia, including our service providers. A list of countries in which those overseas organisations are located is set out at www.nab. com.au/privacy/overseas-countries-list/
How to access your credit eligibility information
Where you request access to credit information about you that we obtained from a credit reporting body (or data that we have derived from such information), we will:
- provide you with access to the information generally within 30 days (unless unusual circumstances apply); and
- ask you to check with credit reporting bodies what information they hold about you.
This is to ensure it is accurate and up-to-date.
If we are unable to give you access, we will tell you why in writing. If concerns you have about your credit eligibility information are not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA) or with the Office of the Australian Information Commissioner. Contact details are provided below.
Correcting your credit information
If you believe that credit information about you is incorrect, you can apply to have it corrected. Whether we made the mistake or someone else made it, we will help you seek to correct the information within 30 days. If we can’t make a correction in that timeframe, we will explain why and let you know when the correction will be made. We also might need to talk to others in order to process your request. The most efficient way for you to make a correction request is to contact the organisation which made the mistake.
When you make a correction request in relation to information held and disclosed by the NAB Group, we will assess your request and advise whether we agree that a correction should be made. Whether we’re able to correct the information or not, we’ll let you know within five business days of our decision. If we do not agree to the correction, we will provide reasons. If we agree to a correction, we’ll also let the relevant third parties (such as credit reporting bodies) know as well as any other third parties that you tell us about. If there are any instances where we can’t do this, then we’ll let you know in writing. If your concerns are not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA) or with the Office of the Australian Information Commissioner. Contact details are given below.
What about complaints relating to credit information?
We will let you know how we will deal with your complaint within seven days.
If we can’t fix things within 30 days, we’ll let you know why and how long we think it will take. We may also ask you for an extension of time to fix the matter. If you have any unresolved concerns, you may complain to AFCA or the Office of the Australian Information Commissioner.
If your complaint relates to how we handled your access and correction requests, you may take your complaint directly to AFCA or the Office of the Australian Information Commissioner. You are not required to let us try to fix it first.
Contact details for Credit Reporting Bodies
As outlined above, when we’re checking your credit worthiness and at other times, we might exchange information about you with one or more credit reporting bodies. The contact details of the credit reporting bodies that we use are set out below. Each credit reporting body has a credit reporting policy about how they handle your information. You can obtain copies of these policies at their websites.