Privacy requirements
You are not required to provide us with viewing access to your bank account transaction information (Transaction History) or internet banking access details. You may still be allowed to apply for a loan with us if you do not provide us with this information. However, if you do it will help us make an informed decision about whether we can lend to you. If you agree that we may access your Transaction History the following provisions shall apply.
Provide Accurate Information.
You, agree to provide true, accurate, current and complete information about yourself and your bank accounts (with us or third parties) and you agree to not misrepresent your identity or your account information. You agree to keep your bank account information up-to-date, accurate and complete.
Purposes.
We will access your Transaction History using the services of Perfect Data Solutions Limited (PDS). We will access this information by using your internet banking login details such as your customer access number or PIN. We will use your Transaction History to assess your application for credit, any future application for credit, and to manage the your loan. PDS is located in the United Kingdom and can be contacted at Forum 3, Parkway, Whiteley, Hampshire PO15 7FH United Kingdom or Phone: +44 (0) 208 123 9260 or info@lendingmetrics.com.
A copy of the PDS privacy policy can be found using the link detailed here http://www.bank-vision.com/documents/termsandconditions(australia).pdf. PDS uses a third party service provider to access your Transaction History called ‘Yodlee’. Yodlee is located in the USA at 3600 Bridge Parkway, Redwood City, CA 94065.
Third Party Accounts.
By agreeing to allow us viewing access to your Transaction History, you authorise Yodlee to access third party sites designated by you, on your behalf, to retrieve information requested by us, and to register to view bank statements over a period of up to [90] days. You agree that Yodlee may, and are instructed by you as your agent and nominated representative, with full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person. This will include the following purposes: copying Transaction History over a [90] day period and storing the copied Transaction History on our servers. Yodlee provides your Transaction History to PDS and PDS passes your Transaction History to us. PDS and Yodlee will continue to have access to your Transactions History provided you do not change your internet banking login details.
You acknowledge and agree that when we, PDS or Yodlee access and retrieve information and Transaction History from third party sites, this is undertaken as your agent, and not the agent on behalf of any third party (including the bank account provider). You should be aware that third party account providers shall be entitled to rely on this authorisation and agency granted by you. You should also be aware that this service is not endorsed or sponsored by any third party bank account providers. We would recommend that you refer to the terms and conditions of your internet banking provider if you would like more information. Providing us with your internet banking login details may limit your rights under your banks terms and conditions for unauthorised transactions.
You understand that allowing us, PDS and Yodlee to review your Transaction History is at your sole risk.We are only able to review your Transaction History on an "as is" and "as available basis" as it is made available to us by service providers. It may not be available to us from time to time.
We cannot guarantee that allowing us to review your Transaction History will guarantee the success of your loan application or the rate at which the loan is available. By providing consent for us to access your Transaction History you will not have access to the protections otherwise afforded to you under the Privacy Act (Cth) 1988 if your personal information was not disclosed overseas.
FAQs
1. Why do you ask for my internet-banking details?
By inputting your details we are able to view [90] days of bank account history. This helps us make our lending decisions, assessing whether and if so what amount of credit is affordable and sustainable for you. As a responsible lender, we work with credit reference agencies to review your creditworthiness. As part of that process it is important for us to verify your incomings and outgoings. Ultimately, this will help us ensure that you do not fall in difficulties in making the repayments due under a loan or incurring further costs and charges. We are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account – nothing more. Your bank details are encrypted in transit and stored securely by Yodlee. We do not have the ability to change any of your banking details, set up standing orders/direct debits or to manage your account in any other way. All data is securely handled in accordance with data protection laws and our privacy policy.
2. Who sees my internet banking log-in details?
No person can access your internet banking details. When you enter your banking credentials on our website they are immediately encrypted. The encrypted details are then passed by Perfect Data Solutions Limited to Yodlee. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan.
3. What happens to my internet banking details after input them on your website?
As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers and are encrypted. Our partner, Perfect Data Solutions Limited, Yodlee and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled in accordance with data protection laws and our privacy policy.
4. What happens to the bank statements you obtain?
They will be used by use to make lending decisions about you and stored by us as long as necessary to assist us in managing your account or underwriting loan to you. It will be stored by Perfect Data Solutions Limited and Yodlee.
5. What will my bank say about me inputting my log-in details into your website?
We would recommend that you review the Terms and Conditions of your internet banking provider. Before you decide to submit your baking credentials, we would stress that security is of paramount importance, we would especially mention that:
- Your data is encrypted in transit;
- We do not have any functionality over your bank account; and
- We only have access to a read only service.
Terms
If you agreed to provide us with viewing access to your internet baking account the following data protection provisions shall apply.
Provide Accurate Information.
You have provided true, accurate, current and complete information about yourself and your bank accounts (with us or third parties) and you have not misrepresented your identity or your account information.
Purposes.
We will access your bank account transaction information going back for a period of up to [90] days (Transaction History) using the services of Perfect Data Solutions Limited (PDS) and Yodlee. We will use your Transaction History to assess your creditworthiness and whether the loan you seek is affordable.
Neither we nor PDS will store or have access to your internet banking credentials, PIN codes or passwords. That information is encrypted in transit and stored by Yodlee upon their servers in a secure environment in the USA.
Third Party Accounts.
By agreeing to allow us viewing access to your Transaction History, you authorise PDS and Yodlee to access third party sites designated by you, on your behalf, to retrieve information requested by us, and to register to view bank statements over a period of up to [90] days.You agree that Yodlee may, and is instructed by you as your agent and nominated representative, with full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person. This will include the following purposes: copying Transaction History over a [90] day period and storing the copied Transaction History on our servers.
You acknowledge and agree that when we, PDS or Yodlee access and retrieve information and Transaction History from third party sites, this is undertaken as your agent, and not the agent on behalf of any third party (including the bank account provider). You should be aware that third party account providers shall be entitled to rely on this authorisation and agency granted by you. You should also be aware that this service is not endorsed or sponsored by any third party bank account providers. We would recommend that you refer to the terms and conditions of your internet banking provider if you would like more information.
You understand that allowing us to review your Transaction History is at your sole risk. We cannot guarantee that allowing us to review your Transaction History will guarantee the success of your loan application. By providing consent for us to access your Transaction History you will not have access to the protections otherwise afforded to you under the Privacy Act (Cth) 1988 if your personal information was not disclosed overseas. We are only able to review your Transaction History on an "as is" and "as available basis" as it is made available to us by service providers. It may not be available to us from time to time.
