Credit Reporting Policy

Australian Loans & Mortgages Pty Ltd
2023

Version Control

Credit Reporting Policy
Dated 30 June 2023

Purpose
Australian Loans & Mortgages Pty Ltd ACN 142 403 790, Australian Credit Licence 385213, and its related bodies corporate ("AL&M", also referred to as "the Business", "us", "we", and "our") are committed to professional integrity and ethical conduct. This Credit Reporting Policy outlines how we comply with legal and ethical obligations regarding credit reporting. It also explains how we collect, use, disclose, and manage credit-related personal information.

Definitions

1.1 Definitions
TERM | DEFINITION
ACL | Australian Credit Licence
The Business | Australian Loans & Mortgages Pty Ltd ACN 142 403 790 and any related bodies corporate
Compliance Officer | Employee(s) responsible for managing compliance
Credit Information | As defined in section 6N of the Privacy Act 1988 (Cth)
Employee | Any of the Business's employees, representatives, officers or directors
Representative | Employee who provides advice or deals in credit services under the Business's ACL, or is listed as an Authorised Representative on ASIC's register
Responsible Manager (RM) | Individual responsible for significant credit services business decisions under the Business's ACL

This Policy

2.1 Effective Date
Effective from the date listed above.

2.2 Supersedes
Replaces all previous credit reporting documents, practices, and policies.

2.3 Applicability
Applies to all RMs, directors, officers and employees at all times. Requirements remain ongoing. Third-party reliance must comply with law and this Policy.

2.4 Review
Reviewed annually by the RM. Changes made to ensure ongoing compliance.

What is Credit Information?

3.1 Definition
Credit information includes personal information about credit applied for or provided, including personal, domestic or business-related credit. It may also relate to guarantors or insured parties under a credit-related insurance policy.

Reporting of Credit Information

4.1 Collection
We collect credit information when you apply for credit. This includes 'Credit Information', 'credit eligibility information', and 'CP-derived information' under the Privacy Act. We may share this with Credit Reporting Bodies (CRBs):

Equifax
Illion

4.2 Role of CRBs
Refer to CRBs' privacy policies for more information on how they manage credit-related personal information.

Information We May Collect About You

5.1 Types
Includes:

Identity details
Credit account details
Payment information
Information requests
Overdue payments and infringements
Publicly available information (e.g., bankruptcy)
Credit applications and provider status

5.2 CRB Information
CRBs provide 'credit eligibility information' about your dealings with other credit providers (banks, institutions, etc.). We may also receive CP-derived information like credit scores.

5.3 General Term
We use 'credit information' to refer to all types listed above as applicable.

Why Credit Information Is Collected

6.1 Main Purpose
To provide and manage products/services, assess eligibility and confirm identity. Used for creditworthiness assessment.

6.2 Guarantors
Your information may be assessed when you offer to act as a guarantor.

6.3 Other Uses
May include:

Legal/regulatory compliance
Fraud/crime prevention
Business operations
Marketing (where legally allowed)

How We Hold Credit Information

7.1 Storage
Stored in secure electronic data centres in Australia and in cloud systems. Some data held in paper form. We use locks, passwords and employee training to protect your data.

Disclosure of Credit Information

8.1 Business Operations
Third-party service providers may access information to help with credit approval and management. Contracts require Privacy Act compliance.

8.2 CRB Disclosure
Shared to validate identity, assess credit applications and manage accounts. CRB checks may be done during your online application.

8.3 Third Parties
May include:

Agents, contractors, service providers
Credit representatives
Co-product/service providers
Financial organisations
Loan funders
Insurance providers
Advisers and auditors
Your representatives
Government agencies or resolution schemes
Debt collectors or other lenders

Disclosure occurs if:

Legally required/authorised
In public interest
With your consent (express or inferred)
Permitted under the Privacy Act

8.4 Repayment History
We may report your repayment history (on-time or overdue) as allowed by the Privacy Act.

8.5 Relevant Dates
We may report account opening/closing dates, credit limits and types under comprehensive credit reporting.

8.6 More Info
Visit creditsmart.org.au. For help with repayments, email customer.service@folio.com.au.

Access and Correction

9.1 Access Requests
You may request access or correction of your credit information. No fee for corrections. Reasonable cost may apply for access.

9.2 Refusal
In some cases, we may refuse access or correction. If so, we’ll provide reasons and explain your complaint options.

Retention of Credit Information

10.1 Retention Periods

Complaints and Concerns

11.1 Contact Us
Raise concerns or complaints directly. We’ll acknowledge your complaint and request further info if needed. Most resolved within five business days. Updates provided if delays occur.

11.2 External Bodies
If unsatisfied, contact:

AFCA
GPO Box 3 Melbourne VIC 3001
Phone: 1800 931 678
Website: www.afca.org.au

OAIC
GPO Box 5218 Sydney NSW 2001
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
Website: www.oaic.gov.au

GM Operations/Customer Service
Phone: 1300 304 572
Post: PO Box A553, Sydney South NSW 1235
Email: customer.service@folio.com.au

You can also contact the OAIC (see Section 11.2) for privacy complaints.

Policy Changes

13.1 Updates
We may update this Policy. The latest version is available at https://www.folio.com.au/