We collect, hold, use and disclose certain credit-related information about individuals in connection with the provision of our services. This includes credit information (which refers to information related primarily to your or your credit-related dealings with us), which we may disclose to credit reporting bodies, such as information that identifies you, and credit eligibility information (which refers to information related primarily to your credit-related dealings with other credit providers and comprises of credit reporting information which is disclosed by credit reporting bodies to us, and information which we derive from that).
We may collect and hold any type of credit-related information about individuals which is permitted under the Privacy Act, including:
- permitted identity particulars – name, gender, address (and previous two addresses), date of birth, name of employer and driver’s licence number;
- details of the relevant product or service;
- confirmation of previous information requests to credit reporting bodies made by third parties;
- details of other credit providers to the individual and the terms of those arrangements;
- permitted payment default information, including information about related payment arrangements and subsequent repayment;
- other repayment history information;
- information about serious credit infringements (e.g. fraud);
information about adverse court judgments;
- publicly available information about the individual’s creditworthiness;
- certain insolvency information from the National Personal Insolvency Index; and
- any credit score or credit risk assessment indicating a credit reporting body’s or credit provider's analysis of the individual's eligibility for credit.
This information may be collected in a number of ways, such as obtaining it directly from you or from persons acting on your behalf.
Where we collect credit-related information, we may use that information:
- to assess an application by you, or a Connected Entity, for credit (including assessing any proposed guarantors);
- to manage credit we may provide (including servicing and administration of our products);
- to participate in the credit reporting system and providing information to credit reporting bodies as permitted by Part IIIA of the Privacy Act and the Credit Reporting Privacy Code;
- for internal management purposes;
- to assist you if we consider that you may be at risk of defaulting on your credit-related obligations;
- to undertake debt recovery and enforcement activities, including in relation to guarantors;
- to meet our legal and regulatory requirements (such as reporting matters to regulators or enforcement bodies when authorised or required by law);
- to deal with complaints and legal proceedings;
- to derive scores, ratings, and other information relating to your creditworthiness which is used in our decision-making processes; and
- to assist other credit providers to do the same.
We may provide credit-related information to credit reporting bodies to assist them to maintain information about individuals to provide to other credit providers for their credit assessments. We may also report to a credit reporting body where an individual fails to meet their payment obligations or commits a serious credit infringement.
The third parties we may share credit eligibility information with may be located in other countries, including South Africa, the UK, Ireland, the USA, Mauritius, Hong Kong, Switzerland, and India, and may not be subject to Australia’s Privacy Act. Investec is required to comply with the Privacy Act in respect of any such disclosures.
The credit reporting bodies we use may include:
Tasmanian Collection Service: www.tascol.com.au
Each credit reporting body has a policy that sets out its management of credit reporting information. To access this, please visit their website and follow the “Privacy” links, or you can contact the credit reporting body directly for further information.
You have the right to request credit reporting bodies not to:
- use your credit-related information to determine your eligibility to receive direct marketing from credit providers; and
- use or disclose your credit-related information, if you have been or are likely to be a victim of fraud.
In some cases, we are subject to further obligations, including relating to consent and notification requirements, under the Privacy Act regarding credit-related information, and this Policy is not intended to limit or exclude those obligations.