5) How does NFS handle your credit information?
In this section, references to “we”, “us” or “our” refer to NFS only.
This section provides information about the management of your credit information. NFS participates in the credit reporting system as a credit provider. When you apply for credit with NFS, or offer to be a guarantor, we request a credit report about you from a credit reporting body. Credit reports contain information about your credit history that help us assess your credit application.
What credit information do we collect and hold?
If you apply for credit, we collect and hold information for the assessment of your credit. We collect information such as identification details, the type of credit you hold, the amount of credit provided to you, the terms of your credit, when credit was open or closed, whether you have meet your payment obligations of loans with us or other credit providers and other information required to assess your credit application. We will obtain a credit report from a credit reporting body. We also hold credit eligibility information (for example credit scores and assessments) that NFS derives from information that it obtains from a credit reporting body.
What do we do with credit information?
We collect, hold, use and disclose credit information about you for purposes which include:
- confirming your personal details;
- assessing your credit application as either a consumer, commercial or guarantor;
- account management and collection of any outstanding payments;
- complying with any relevant laws and regulations;
- for uses which are required or authorised by law; and
- otherwise in accordance with the consents and authorities you give in your credit application.
If you have not met your payment obligations under your loan contract or committed a serious credit infringement, this may be reported to a credit reporting body. This information may be included in your credit report and provided to other credit providers to assist with their assessment of your credit worthiness.
We may disclose your information to any of the following credit reporting bodies:
- Equifax – www.mycreditfile.com.au – 1300 762 207
- Experian – www.experian.com.au – 03 8622 1600
- Dun & Bradstreet – www.dnb.com.au – 13 23 33
You can view the privacy policies of the above credit reporting bodies on their websites or contact them directly by calling the numbers provided.
NFS will only disclose your credit information to outside persons as permitted by the Privacy Act. Your credit report information will only be disclosed to our Dealers and other third parties with your prior consent
If you have or believe you are likely to be a victim of fraud, you can request the credit reporting body not disclose your credit report for 21 days. You can request an extension if you believe you may still be a victim of fraud. You can do this by contacting the credit reporting body.
Your also have the following rights under the Privacy Act in relation to credit information:
- You have the right to access credit information that we hold about you from us, to request us to correct the information, and to make a complaint to us. (See sections 7 and 8 below).
- You have the right to request a credit reporting body not to use their credit information about you for the purposes of pre-screening of direct marketing by a credit provider. You can do this by contacting the credit reporting body.