Privacy and Credit Reporting Policy
Bank Australia is committed to complying with the provisions relating to privacy and to the collection, use, disclosure, and storage of your information.
Privacy and Credit Reporting Policy
Bank Australia complies with the provisions relating to privacy and to the collection, use, disclosure, and storage of your information contained in the:
- Privacy Act 1988,
- Australian Privacy Principals (APPs),
- Credit Reporting Privacy Code, and
- privacy and confidentiality provisions contained in the Customer Owned Banking Code of Practice.
Customers and users are concerned about how their information will be used and we recognise these concerns about their privacy and confidentiality.
- what information we collect and hold
- when you apply for a loan – what information we use from your credit report
- how we collect and hold information
- why we collect, hold, use and disclose your information
- how you can access your information
- how you can correct your information
- how you can make a complaint
- how we will deal with your complaint
- in what overseas countries we are likely to disclose your information.
- Information we collect and hold
Information we will collect and hold:
- your name, date of birth and evidence of identity
- your tax file number
- passwords, passcodes and secret questions used to confirm your authorisation of a transaction
- credit and debits to your accounts.
When you apply for a loan we will also collect and hold:
- information about your financial position
- your current credit history.
We will only collect information that is related to our providing, or arranging others to provide:
- banking products and services
- financial advisory services
- financial accommodation
- general insurance
- travel services.
How we collect your information
We will collect information about you and your financial position from you directly.
When you apply for a loan, we will collect information about your credit history from a credit reporting body.
What information do we use from your credit report
We look at the following information:
- what are your current loans
- what loans have you applied for
- if available, your repayment history on any loans and your default history
- any payment defaults reported by service providers such as telcos and energy companies
- whether there are any Court judgments against you
- whether you are, or have recently been, a bankrupt
- whether you have committed any serious credit infringements.
Your credit report will usually only contain information from the past five years. It may contain information from up to the past seven years if you have committed a serious credit infringement.
We may ask you to explain why your credit report differs from what you have told us about your financial history.
Why we collect, hold, use and disclose personal information
We collect and use your information for a number of purposes, such as:
- providing membership benefits, financial services and products or information about those benefits, services and products
- providing you with information about financial services and products from third parties we have arrangements with
- conducting market or customer satisfaction research.
We also collect and hold personal information as required by law, for example:
- for our register of members
- to verify your identity
- to assess your capacity to pay a loan.
We collect and use your information:
- when you apply for a loan – to establish your eligibility for a loan and your capacity to repay
- when you have a loan with us – to disclose the following information to a credit reporting body:
- the fact that you have applied for a loan
- details of the loan, when approved
- when payments are due
- whether you have paid on time
- when you actually paid.
We disclose your information to other entities such as:
- entities that verify identity
- lawyers, conveyancers, accountants, brokers and agents representing you
- contractors for statement printing and mail out, card and cheque production, market research or direct marketing
- affiliated product and service suppliers to provide information to you about their services and products
- credit reporting bodies and other financial institutions that have previously lent to you
- persons you use as referees
- for property loans – property valuers and insurers
- mortgage documentation service
- trustee and manager of securitised loan programs
- any proposed guarantor of a loan
- debt collection agencies, lawyers, process servers
- our auditors.
We will also disclose your information to law enforcement and government agencies as required by law or to assist with their enforcement activities.
We do not currently disclose your information to overseas recipients.
How we hold your information
We hold your information in our banking system. We have security systems to guard against unauthorised access. We also limit access to our employees on a needs basis.
We will destroy or de-identify information when we no longer need it.
How you can access and/or correct your information
You can request access to your information at any time. If the information we hold is incorrect, you can request us to correct it.
You can make a request by contacting us, by visiting one of our branches or by telephone.
We currently do not charge any fees for giving customers access to their information.
Making a complaint
We offer an internal complaint resolution scheme which any customer can access at any time without charge. If you consider that we have not compiled with the relevant provisions of the APPs or relevant credit reporting provisions of the Privacy Act, you may make a complaint in person at one of our branches or by contacting Bank Australia’s Privacy Officer in the following ways:
- in writing to Private Bag 12, Kew VIC 3101
- by calling us on 132 888
- by email at email@example.com
We will deal with your complaint under our internal dispute resolution procedure. We will give you our Complaints and Disputes Resolution Guide when you make your complaint.
We also participate in an external dispute resolution scheme so that customers not satisfied with our handling of their complaint can take the matter there. We will advise you at the time how you may contact the external dispute resolution scheme. You can find more information on our complaint and dispute resolution process.