Intrinsic Finance Credit Reporting Policy

Types of information collected

We may collect and hold personal information about you, that is, information that can identify you, and is relevant to providing you with the products and services you are seeking.  If you are a customer, we are likely to provide you with products and services on credit terms (that is, you will pay for those products or services after we start providing them to you).  As such, we may collect and hold various information related to your financial position and your creditworthiness (such as ‘credit information’, ‘credit-eligibility information’, ‘CRB derived information’, and ‘CP derived information’ (as those terms are defined in the Privacy Act, detailed further below).

In this Credit Reporting Policy, we refer to ‘credit-related information’ to capture some or all information related to your financial position such as credit that have been provided to you, or that you have applied for, which may have bearing on your creditworthiness and which we may use in our decision to approve or reject your credit application (as the context requires).  This ‘credit-related information’ includes credit information, credit eligibility information and DP derived information.

Credit information is the information we may collect from and give to credit reporting bodies (CRBs) including Equifax whose details are set out below.  This information includes:

(a)  identity details;
(b)  the fact that you have applied for credit, the type of credit, and the amount;
(c)  the fact that we are a credit provider to you;
(d)  the identity of your other credit providers;
(e)  consumer credit liability information (including the type of account, the date the account was opened and closed, the maximum amount of credit approved and some specific terms and conditions relating to that repayment);
(f)  default and repayment history information (including the date on which you paid overdue amounts that were previously recorded as default information with a CRB);
(g)  new arrangement information which outlines the arrangements you have entered into with us in relation to consumer credit where you have been overdue in making a payment;
(h)  publicly available information such as bankruptcy, insolvency and credit-related court judgements; and
(i)  publicly available information that relates to your activities in Australia and your credit worthiness (other than court proceedings information or information that you are entered or recorded on the National Personal Insolvency Index).

Credit eligibility information is information that CRBs give us, such as:

(a)  a credit score provided by a credit reporting body;
(b)  default information;
(c)  repayment history information;
(d)  credit inquiries;
(e)  court proceedings information;
(f)  personal insolvency information;
(g)  information associated with your overall credit worthiness; and
(h)  CRB derived information, such as a credit score or credit rating.

‘CP derived information’ is information we derive from information disclosed to us by credit reporting bodies includes our own score of your credit worthiness, and a risk profile analysis.

In this policy, we refer to ‘credit-related information’ to capture some or all of the information referred to above (as the context requires).

Method of collection

Where possible, we will collect credit-related information directly from you through the use of our standard forms, via email, through a telephone conversation with you, in person, or via our website. 

However, we will also collect credit-related information from credit reporting bodies.  In certain situations, credit eligibility information may be disclosed to us from another credit provider (for example, where we have entered into a co-financing arrangement with a third-party credit provider) where permitted by the Privacy Act. 

We may also collect credit-related information about you from third parties acting on your behalf (such as financial advisors).

If we receive unsolicited information about you that we do not ask for or which is not directly related to our functions or activities, we may be required to destroy or de-identify that information, provided it is lawful and reasonable to do so.

Purpose of collection

We collect and use your credit-related information for the following purposes:

(i)  assessing your financial position and whether we wish to offer to provide you with services;
(j)  providing you with credit;
(k)  securitisation-related purposes;
(l)  our internal management purposes that are directly related to the management of credit, including:
     (i)  assisting you to avoid defaults;
     (ii)  collecting any amount(s) you may owe us in relation to such credit and dealing with serious credit infringements;
     (iii)  assigning our debts;
     (iv)  participating in the credit reporting system;
     (v)  dealing with complaints or regulatory matters relating to credit or credit reporting;
(m)  where we reasonably believe that you have committed a serious credit infringement; and
(n)  where otherwise required or permitted by law.

Failure to provide information

If the credit-related information you provide to us is incomplete or inaccurate, we will not be able to assess your application for a credit account and therefore we may be unable to provide you with the goods and services you are seeking.