Credit Reporting Policy
Credit Reporting Policy (Australia)
Veda Advantage Information Services & Solutions Limited (VISS), as one of its many data businesses, operates a credit reporting business and is a credit reporting body (CRB) for the purposes of consumer credit information (only) under Part IIIA of the Privacy Act 1988 (the Act).
The CRB division collects credit information and uses and discloses credit reporting information in order to carry on a credit reporting business.
1. Collection, Use and Disclosure
The CRB collects uses and discloses the following credit information to credit providers, mortgage insurers, trade insurers and access seekers.
- Identification information:
- Alias(es) (including previous name(s))
- Current Address
- Two previous Addresses
- Date of Birth
- Driver’s Licence Number
- Repayment history information
- Default information
- Payment information with respect to previously reported defaults
- New arrangement information
- Serious Credit Infringements
- Credit enquiries by credit providers, mortgage insurers and trade insurers
- The type of consumer credit applied and the amount applied for.
- Consumer Credit Liability Information
VISS also collects, uses and discloses the following publicly available information, which for the purposes of operating as a CRB, is credit information and relates to credit worthiness.
- Court proceedings information including:
- Court judgements
- Court writs
- Personal insolvency information, namely, Bankruptcies, Part IX and Part X agreements.
- Current Directorships
- Previous Directorships
- Disqualified Directorships
- Proprietor information.
The credit information the CRB collects is retained by the CRB in accordance with Part IIIA of the Act. The CRB also uses credit reporting information in the course of carrying on its credit reporting business, this includes managing the credit reporting information the CRB holds and conducting investigations arising from complaints or requests for correction made by individuals with respect to their credit information.
The CRB also discloses credit reporting information in the form of scores and summary data, to credit provides, mortgage insurers and trade insurers. In addition, the CRB may disclose bureau scores and related summary data to you when you are a member of the Your Credit & Identity service. For further information go to www.veda.com.au. This information is not held by the CRB but generated dynamically.
Veda may use or disclose de-identified credit reporting information for the purposes of conducting research in relation to credit where a permitted purpose exists under the Privacy (Credit Related Research) Rule 2014. Prior to conducting the research. Veda will not re-identify or attempt to re-identify the de-identified information. Veda will destroy the information if it is re-identified unintentionally.
Where required or authorised by or under law the CRB will disclose credit reporting information to an enforcement body. Should you make a complaint to an EDR of which the CRB is a member or to the Office of the Australian Information Commissioner, the CRB will provide credit reporting information to these organisations, as part of responding to your complaint.
(a) Credit information and direct marketing (pre-screening)
In addition to the uses and disclosures detailed above the Act expressly permits a CRB to use credit information for the purposes of providing pre-screening services to licensed credit providers.
This means you may receive marketing material from a bank or other licensed credit provider offering you a credit card or other financial service as a result of that credit provider using VISS’ pre-screening service.
If you do not wish to receive this type of marketing material you can opt-out by going to www.donotcontact.com.au and filling out the online form. Alternatively you can contact VISS at:
PO Box 964
NORTH SYDNEY NSW 2059
Note that not all marketing material you receive from licensed credit providers has necessarily used VISS’ pre-screening service. Where VISS’ pre-screening service has been used our contact details will be included in the marketing material.
2. Access to Credit Reporting Information
Under the Act you have a right to a free copy of credit reporting information the CRB holds on you:
- once every 12 months; or
- when you have been declined credit by a credit provider wholly or partly because of credit reporting information held by the CRB and you make your request for free access within 90 days of being declined credit and provide the CRB with evidence of the same.
- You are also entitled to a free copy of credit reporting information the CRB holds on you when it makes a change to your credit reporting information as a result of a correction request made by you.
To obtain a free copy please go to www.veda.com.au/understanding-your-credit-file and click on the ORDER NOW link under the column headed “Basic Credit File”.
If you do not have access to the internet you can write to the CRB at:
Veda Public Access
PO Box 964
NORTH SYDNEY NSW 2059
As part of the CRB taking reasonable steps with the respect to the security of credit reporting information VISS holds on you, you will need to provide the following information:
- Full name
- Date of Birth
- Driver’s Licence number (if you have one)
- Current Address
- Previous Address
- Current Employer
- Previous Employer
- Daytime contact number
Please also provide a copy of your driver’s licence, passport or birth certificate together with a local council, utility bill or bank statement.
Unless specified otherwise we will respond by post within 10 days of receipt of your request.
The CRB does not hold personal information derived from credit information (such as bureau scores) as this information is dynamically derived at the time the CRB receives a request for this information. If you wish to obtain a bureau score or a copy of your credit information more frequently than once a year, you may, if you wish, pay an annual fee and sign up to the Your Credit & Identity Service. For more information go to www.veda.com.au.
(b) What information we provide
When the CRB provides you with a copy of all credit information it holds on you it will also provide you with the following information held by VISS and governed by the APPs of the Act:
- any commercial credit information VISS holds on you
- any public record information VISS holds on you
- In addition to the identification information that forms part of credit information other identification information VISS may have from commercial credit or public sources including:
- Previous occupation
- Up to 3 commercial addresses
- Up to 3 public record addresses.
3. Your right to request a correction or make a complaint
If you believe that credit information the CRB holds on you is incorrect you may request a correction to that information.
We recommend that you contact the credit provider, mortgage insurer or trade insurer who provided the information to the CRB to seek a resolution. If a correction is needed they will notify the CRB of any correction that is required. However, if you contact the CRB we will investigate your dispute and liaise with the relevant third party in order to resolve the matter. Once we have investigated we will write to you setting out the outcome of that investigation.
In addition, you may complain about an act or practise of the CRB if you believe it to be a breach of Part IIIA of the Act or of the CR Code.
The CRB will investigate and deal with your correct request or complaint in a fair, efficient and timely manner.
If you are unhappy with the outcome of the CRB’s investigation you have a right to complain to the EDR of which the CRB is a member or the Office of the Australian Information Commissioner. The contact details of each are set out below:
Credit and Investments Ombudsman
PO Box A252
Sydney South NSW 1235
Office of the Australian Information Commissioner
GPO Box 5218
SYDNEY NSW 2001
4. Further information about your Privacy rights
For further information about the credit reporting please visit the Office of the Australian Information Commissioner website at www.oaic.gov.au.
This policy documents how we manage personal information and reflects our obligations under the Part IIIA of the Act. This document does not create any additional rights under contract, statute or equity law.