Credit Reporting Policy

C1 Finance

Company: C1 Finance PTY LTD
ACN: 113 695 453
Credit Licence: 386 366
Date Updated: 10 June, 2024
Version Number: 02-01 Privacy Policy 240610-1 (final)

INTRODUCTION

This document is the Credit Reporting Statement of C1 Finance PTY LTD ("C1 Finance", "we" or "us"). The purpose of this Credit Reporting Statement is to tell you how we collect, use, hold, disclose and protect your Credit Information.

This Credit Reporting Policy should be read in conjunction with our Privacy Policy.

We will act to protect your Credit Information in accordance with the Australian Privacy Principles, the Privacy Act 1988 (Cth) (the "Privacy Act") and the Credit Reporting Code 2014 Version 2 ("CR Code").

WHAT IS CREDIT INFORMATION?

Credit Information is information that has a bearing on credit that has been provided to you or that you have applied for. If you apply for credit or give a guarantee, we may collect information about your financial position for the purpose of assessing an application for credit and to assist in the ongoing management of the credit product or guarantee. The credit information we collect may include:

identification information;
credit application information, including the type and amount credit you have applied for;
default information;
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;
personal insolvency information;
court proceedings information;
publicly available information;
consumer credit liability information;
repayment history information;
new arrangement information - if a lender gave a credit reporting body default information about you and your consumer credit contract is varied or replaced

WHAT CREDIT INFORMATION DO WE COLLECT FROM OTHERS?

We may collect Credit Information about you from other people, such as credit reports from credit reporting bodies or opinions from other lenders about your creditworthiness. We may also seek credit information about you from:

publicly available sources of information, such as public registers;
your representatives (including your legal adviser, mortgage broker, financial adviser, executor, administrator, guardian or trustee);
your employer;
other organisations, who jointly with us, provide products or services to you;
commercial information service providers, such as companies that provide fraud prevention reports.

HOW WE USE OR DISCLOSE YOUR CREDIT INFORMATION

We may use the Credit Information that is collected and held by us to help us decide whether or not to provide credit to you, and to conduct an assessment of your creditworthiness. The Credit Information that we hold about you may be used by us in accordance with the Privacy Act and the CR Code. The purposes for which we use your Credit Information may include:

assessing any application that you make to us for credit;
collecting payments that are owed to us in respect of any credit that we have previously provided to you;
disclosing to a related company or credit provider that is also considering whether to provide credit to you;
where you have offered to guarantee credit that we have offered to provide to your related company or entity, to assess your suitability as a guarantor and to enforce that guarantee;
disclosing to a third party that you or we ask to act as a guarantor of any credit provided to you;
disclosing to a credit reporting body that uses credit information to provide a credit-related service to their customers (including to us);
disclosing to other third parties that provide services to us (or to you on our behalf);
responding to any access or correction requests that you make to us;
consulting with a credit reporting body or another credit provider about an access or correction request that you have made to those entities, to respond to that request;
where you complain to the Office of the Australian Information Commissioner ("OAIC") or the Australian Financial Complaints Authority ("AFCA") about our treatment of your Credit Information, to respond to that complaint and to seek legal or other professional advice in relation to your complaint;
as required by law or the order of a court or tribunal; and
where you otherwise expressly consent to the use or disclosure.

WHO DO WE DISCLOSE YOUR CREDIT INFORMATION TO?

We disclose your Credit Information to organisations to help deliver or support the provision of products or services to you. These may include:

our agents, contractors and external service providers;
credit representatives who sell products and services on our behalf;
payment systems operators;
other organisations, who jointly with us, provide products or services to you;
other financial services organisations, including banks, superannuation funds, stockbrokers, custodians, fund managers and portfolio service providers;
organisations involved in our funding of loans;
credit reporting bodies;
organisations that provide us with insurance to cover our lending risks;
our financial advisers, legal advisers or auditors;
your representatives (including your legal adviser, mortgage broker, financial adviser, executor, administrator, guardian or trustee);
government agencies or dispute resolution schemes; and
where permitted by law, debt collection agencies or other lenders.

We may also disclose your Credit Information to others where:

we are required to disclose information by law e.g. under court orders or statutory notices pursuant to taxation or social security laws or under laws relating to sanctions, anti-money laundering or counter-terrorism financing;
you may have expressly consented to the disclosure or your consent may be reasonably inferred from the circumstances; or
we are otherwise permitted to disclose the information under applicable privacy laws.

Where required by law, we will make a written note (which may be kept in electronic form) of any use or disclosure that we make relating to your Credit Information.

COLLECTING AND DISCLOSING CREDIT INFORMATION TO CREDIT REPORTING BODIES

We may disclose information about you to, or collect information about you from a credit reporting body if you are applying for credit or you have obtained credit from us or if you guarantee or are considering guaranteeing the obligations of another person to us or you are a director of a company that is a loan applicant or borrower or guarantor.

The Privacy Act and the CR Code limit the information we can give to credit reporting bodies and that the credit reporting body can give to us.

The information we can disclose to credit reporting bodies includes:

identification details;
the type and amount of credit you have e.g. credit cards, personal loans etc.;
how much you have borrowed;
if you have made your repayments; and if you have committed fraud or another serious credit infringement.

Notifiable Matters: Credit reporting bodies may include your Credit Information in reports that they provide to credit providers to assist those providers in assessing your creditworthiness. Some of that information may reflect adversely on your creditworthiness, e.g. 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.

The Privacy Act and the CR Code also limits what we can do with the information we obtain from a credit reporting body. Generally, it can only be used in relation to the consumer credit products you hold through us.

The credit reporting bodies we deal with are:

For contact details and information on how credit reporting bodies manage Credit Information, please see the privacy policies available at https://www.equifax.com.au/privacy

You can also ask a credit reporting body not to use or disclose your personal information for a period if you believe on reasonable grounds that you have been or are likely to be a victim of fraud.

We will not share any of your Credit Information or Credit Eligibility Information (that is, credit information we obtain about you from a credit reporting body or that we derive from that information) with a credit reporting body, unless it has a business operation in Australia.

ACCESS TO A CREDIT REPORT ABOUT YOU

You have the right to ask for a copy of any credit report we have obtained about you from a credit reporting body. However, as we may not have retained a copy after we have used it in accordance with the Privacy Act, the best means of obtaining an up-to-date copy is to get in touch with the credit reporting body directly.

You have a right to have any inaccuracies corrected or, if there is any dispute as to accuracy, to have a note added to your credit reporting body file explaining your position.

If we decline your credit application wholly or partly because of adverse information on your credit report, the Privacy Act requires us to tell you of that fact and how you can go about getting a copy of your credit report.

CORRECTION

We aim to hold up to date Credit Information about you at all times. If you consider that any information we hold about you is incorrect in any way, you may seek the correction of that information, through contacting us directly. We do not charge a fee for requesting a correction of Credit Information.

In certain situations, we may not agree to a request to correct information we hold about you. If this occurs, we will advise you of this and our reason for not agreeing to the correction request in writing. 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.

COMPLAINTS

We offer a free internal complaint resolution scheme to all of our customers. Please visit our Complaint and Dispute Resolution tab on our website for more information on how to make a complaint.

If you are not satisfied with our internal privacy practices or the outcome in respect to your complaint, you may approach the Office of the Australian Information Commissioner ("OAIC") with your complaint.

Office of the Australian Information Commissioner
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
Website: https://www.oaic.gov.au

AFCA is an external dispute resolution scheme in which we are a member. AFCA can consider certain privacy complaints relating to either the provision of credit or credit reporting information in general. You can lodge your complaint with:

Australian Financial Complaints Authority
Address: PO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: https://www.afca.org.au

POLICY CHANGES

We may change this Credit Reporting Policy from time to time. Such amendments will be effective at the time the amended policy is published on our website.

This privacy policy was last updated in June 2024.