Credit Reporting Policy
- Credit Reporting Policy
- What is credit information?
- What kinds of credit information do we collect and hold, and how do we collect it?
- For what purposes do we collect, hold, use and disclose credit information?
- How do we hold credit information?
- Who do we disclose your credit information to, and why?
- Access to and correction of credit information
- Resolving your credit information concerns and complaints – your rights
- Contact us
This webpage contains our Credit Reporting Policy.
Our Credit Reporting Policy explains how we manage your credit information. Our handling of credit information is regulated by the Privacy Act and the Privacy (Credit Reporting) Code (known as the “CR Code”).
We are bound by the Privacy Act and will protect your credit information in accordance with it and the CR Code. These instruments regulate how we manage and collect your credit information.
This is a summary of our Credit Reporting Policy. Download a copy of our full Credit Reporting Policy.
Credit information is personal information that has a bearing on credit that has been provided to you or that you have applied for. This includes credit for personal use and credit in connection with a business. It can also cover information about you as a guarantor of a loan.
If you apply for credit or give a guarantee, we may ask for identification information. We may also collect information about your financial position for the purpose of assessing an application for credit and to assist in the ongoing management of the credit product or guarantee.
Sometimes we collect credit information about you from other people. For instance, credit reporting bodies or opinions from other lenders about your creditworthiness.
The main reason we collect, hold, use and disclose credit information is to provide you with products and services. This includes:
- checking your eligibility for the product or service;
- providing the product or service;
- helping manage the product or service; and
- assessing whether to provide lenders mortgage insurance
Much of the information we hold about you will be stored electronically in secure Westpac Group owned data centres located in Australia. We use a range of security measures to protect the credit information we hold.
We may share your credit information with other Westpac Group companies or external organisations to assist us in approving and managing credit. For example, credit reporting bodies, payment system operators, or insurers. We may also disclose your credit information to our third party service providers that may be located overseas.
You can request access to credit information we hold about you. You can also ask for corrections to be made. To do so, please contact us on the details listed at ‘Contact us’.
If you are concerned about how your credit information is being handled or if you would like to make a complaint, please contact us using the details listed at ‘Contact us’.
If you are unhappy with our response, there are other bodies you can go to.
Under the Privacy Act, you may complain to the Office of the Australian Information Commissioner (OAIC) about the way we handle your credit related information. Please note the OAIC requires any complaint must first be made to the respondent organisation. The law also allows 30 days for the respondent organisation to deal with the complaint before a person may make a complaint to the OAIC.
The Commissioner can be contacted at:
- Office of the Australian Information Commissioner
GPO Box 5218
Sydney NSW 2001
Phone: 1300 363 992
The Financial Ombudsman Service and Australian Financial Complaints Authority can consider certain privacy complaints relating to either the provision of credit or credit reporting information in general. You can lodge your complaint with:
- Financial Ombudsman Service Australia if lodged before 1 November 2018:
Phone: 1800 367 287
Mail: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001; or
- Australian Financial Complaints Authority if lodged on or after 1 November 2018:
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
You can contact us by:
calling 13 33 30
visiting any of our branches or agencies
writing to us at Locked Bag 1, Kogarah, NSW 1485.
Our Privacy Officer can also be contacted in relation to privacy concerns by writing to GPO Box 5265, Sydney NSW 2001.