PRIVACY MANAGEMENT POLICY
This policy has been developed to acknowledge the importance of, and assist in providing a framework for, the appropriate level of protection for personal, company and/or business identification, credit-related and business process and performance information. The policy represents the company‘s commitment to compliance with the privacy laws and privacy code obligations.
Concerning the collection, holding, use and disclosure of personal, company and/or business information
We provide this policy in accordance with the Commonwealth Privacy Act 1988, hereafter referred to as the Privacy Act, detailing the lawful approach we take in the collection of information in our role as credit providers and/or invoice financiers and/or invoice factors in regard to the management and use of all information collected from our potential clients and actual clients, and all subsequent dealings with representatives, credit reporting bodies, and other entities listed in this policy.
The kinds of credit information we collect and hold
Rapid Business Finance collects and holds credit reporting information, personal, company and business identification information, credit capacity and business financial performance information and the like according to this policy, under Part IIIA of the Privacy Act and under a Privacy Consent Agreement entered into with all potential clients at time of application for one or more of Rapid Business Finance’s services.
In accordance with Section 6 of the Privacy Act, we may collect and hold the following information:
- identification information;
- credit liability information;
- repayment history information;
- a statement that an information request has been made to a credit reporting body, by a credit provider, in relation to applications for credit;
- if relevant, the type of commercial credit, and the amount of credit sought in an application that you have made to a credit provider, in connection with which that credit provider has made an information request concerning you;
- overdue and default information concerning current and/or previous loans;
- payment information in general, including information concerning late payments;
- information about any new arrangements that may have been made involving an existing credit contract;
- court proceedings (civil) information about you;
- insolvency information, as included on the National Personal Insolvency Index, which relates to bankruptcy, debt agreements, personal insolvency agreements and Sections 50 and/or 188 Bankruptcy Act directions and/or authorities;
- publicly available information concerning activities in Australia and credit worthiness;
- if relevant, any opinion that we might reach that there may have been a serious infringement in relation to any credit we may have provided to you, your company and/or your business, with the circumstances specified on the file; and
- unsolicited information that we may deem relevant to keep on file.
We also collect business process and historic information relevant for application assessment and management of invoice financing, invoice factoring and inventory/trade facility services provided by Rapid Business Finance.
Explanation of some of the key elements listed above is as follows.
Identification information about you
To assist in protecting you against identity theft and to assist in reducing the opportunity for fraud, we may ask you for some or all of the following identification information:
- your full name;
- any alias or previous name/s;
- date of birth;
- current address;
- 2 previous addresses (if any);
- name of current employer; or
- name of last known employer;
- past and current corporate and/or business positions; and
- driver’s licence number.
Company and business identification
To assist in protecting your company or business against identity theft and to assist in reducing the opportunity for fraud, we may ask you for some or all of the following identification information:
- company or business name;
- associated trading names;
- current and past addresses;
- names of directors/owners;
- company or business commercial, directorship and ownership histories; and/or
- as available, comprehensive contact details.
Client credit liability information
We collect and hold personal client credit liability information concerning company directors and business owners, including:
- the name of the credit provider;
- whether or not the credit provider holds an Australian Credit Licence;
- the type of client credit;
- the day on which the client credit was entered into;
- the terms or conditions of the client credit which relate to the repayment of that credit and anything that may be prescribed by regulation;
- the maximum amount available under the client credit; and
- the day on which the client credit is terminated, or otherwise ceases to be in force.
Repayment history information
If and when we provide credit to you, your company or your business, the following information may be collected and held:
- whether or not periodic repayment obligations have been or are being met;
- the date on which the repayments were or are due and payable; and
- when repayments have actually been made.
We collect and hold information about any payment that is overdue.
We may collect and hold information that is presented against you, your company and/or business in civil court proceedings that relate to any credit or service that has been provided to you, your company and/or business, or for which you, your company and/or business have applied.
How we collect credit and other information
We may collect credit and other information from seven possible sources:
- from you, your company and/or business;
- from the documentation we request and are provided;
- from credit reporting bodies;
- from people or organisations you permit us to contact, to verify relevant details;
- from other credit and/or service providers;
- from information about you, your company and/or business that is publicly available, including court and tribunal reports and decisions; and
- from guarantors, accountants and referees listed on your application.
How we hold information securely
In all circumstances, we take reasonable steps to protect information from misuse, loss, interference, unauthorised access, modification or unauthorised disclosure. Hard copies are held in a locked environment, with other security protection after business hours and electronic copies are held in a secure environment, with the application of appropriate passwords and other computer and software security techniques. We choose not to provide further detail, for security reasons.
Further protection detail can be provided verbally, on request.
The kinds of information that we hold
This includes credit reporting information and CP derived information about you, your company or business that may be disclosed to us by a credit reporting body, under Division 2 of Part IIIA of the Privacy Act.
The credit reporting bodies
We may provide information to and request information from Veda, a credit reporting body and from Dun & Bradstreet, a credit reporting body. If you have a need to contact those bodies, the contact details are:
Telephone: 1300 762 207
Dun & Bradstreet
Telephone: D&B Public Access Centre on 1300 734 806
Should Rapid Business Finance have dealings with any other credit reporting body, we will inform you of that body’s contact details.
You may contact the credit reporting body if:
- you believe that the information they have on their file about you, your company or business needs amendment or correction; and/or
- you want the body to hold off disclosing any information from the their file about you, your company or business because, on reasonable grounds, you believe that you, your company or business have been, or are likely to be, a victim or victims of fraud; and/or
- you do not want the body to use their credit reporting information for the purposes of pre-screening for direct marketing by a credit provider.
Transfer of information between us and a credit reporting body
This information transfer is permitted under Division 2 of Part IIIA of the Privacy Act. The information involved is the credit-related information that a credit reporting body may provide about you, your company or business to assist us to assess credit worthiness.
Please note that the company may contract with Veda and/or Dun & Bradstreet to have part or all of this information provided, from time to time, in accordance with company policy. This information may have been provided to Veda and/or Dun & Bradstreet by credit providers with whom you, your company or business have had contact, and includes:
- credit applied for and/or supplied in Australia;
- repayment history; and
- any default information.
If we provide a loan to you, your company or business and there is a failure to meet repayment obligations, or a serious credit infringement is committed, we may be entitled to disclose this to the credit reporting body and it will be included on the file they hold about you, your company or business.
The purposes for which we collect, hold, use and disclose credit-related information or other company or business information (with reference to the Privacy Act)
The credit or other services-related purposes for which we collect, hold, use and disclose information are:
- to assess you, your company or business’ application to us for credit or other services; and
- to collect payments that are overdue in relation to credit we may have provided; and
- to collect payments that are overdue in relation to credit provided by another credit provider, under a credit contract that has been assigned to us by that other credit provider [in accordance with Sub-sections 6K(2) and (3)], or by commercial credit contract; and
- in accordance with section 21M and the Rapid Business Finance Privacy Consent agreement, we will disclose relevant and permitted information to debt collectors.
In accordance with Section 21G and the Rapid Business Finance Privacy Consent agreement, we use credit eligibility information for the following purposes:
- credit related purposes involving you, your company or business; or
- permitted reporting of information to a credit reporting body; or
- in connection with what we reasonably believe is a serious credit infringement that may have been committed; or
- for a use prescribed by a court, or tribunal, or regulations.
We may disclose this information to:
- credit bodies;
- a company related to us;
- a person responsible for processing your application; or
- a person who manages our credit or other services contracts; or
- another credit provider, if we reasonably believe that a serious credit infringement has been committed; or
- the external dispute resolution scheme we subscribe to; or
- as authorised under Australian law, regulation, court or tribunal.
In accordance with Section 21N and the Rapid Business Finance Privacy Consent agreement, we may disclose information to an approved entity seeking participation in an assignment of your debt, or purchase of our business. Should the transaction proceed you will be informed in writing, in accordance with Obligation 13 in the Credit Reporting Privacy Code and all our rights will be transferred to the acquirer, in accordance with Section 6K.
How you may access information that we hold about you
First contact the Privacy Compliance Manager, phone: 07 5553 1500, post to: PO Box 429, Miami Qld, 4220, email: firstname.lastname@example.org, or fax to: (07) 3251 0651.
In accordance with Section 21T and Code Obligation 19, at your or other relevant company or business officer’s request, we will:
- provide access to any information we hold about your company or business;
- respond to the request within a reasonable period and provide the access within 30 days of the request;
- provide the information in a clear manner and provide reasonable explanations and summaries of the information, to assist in the understanding of the impact of the information; and
- deny access, only if such would be unlawful, required under Australian law, or by a court or tribunal, or would prejudice an official enforcement body investigation.
A fee of $15 will be charged for access to this information, to reflect company administration costs.
Following a successful request, access will be provided by the Privacy Compliance Manager, who will facilitate the provision of a print out of the information stored in the company’s Specialist Client Information System. Any denial of access will be in writing, with the reason/s explained and details of the company’s internal disputes resolution process, relevant external resolution scheme and the Office of the Australian Information Commission, to which a complaint may be lodged if the company’s explanation is not considered satisfactory.
Correction of credit and service-related information that we hold
Once the information we hold on file has been inspected, the person inspecting the information may inform our Privacy Compliance Manager if they have discovered any information that is inaccurate, out-of-date, incomplete, irrelevant or misleading.
The Privacy Compliance Manager will be pleased to amend the file within 30 days but, in most cases, will require appropriate evidence to support the request. Please note that, in the exercise of this correction duty, the Privacy Compliance Manager is lawfully entitled to consult with a credit reporting body and/or another credit provider, as relevant. Any entity consulted in the process will be informed in writing of any correction.
Complaints about our failure to comply with Part 3 of the Privacy Act, or the Credit Reporting Privacy Code, or the company’s Privacy Consent Agreement
There are 3 ways a complaint can be made:
- verbally, or in writing, to our Privacy Manager;
- if the Privacy Manager’s response is not considered satisfactory, a verbal or written complaint to our Internal Disputes Resolution Manager can be lodged;
- if the Internal Disputes Manager’s response is not considered satisfactory, a complaint can be lodged either with the Privacy Commissioner, at the Office of the Australian Information Commission, contact details –
Office of the Australian Information Commission
GPO Box 5218
Sydney NSW 2001
Phone: 02 9284 9753
Enquiries: 1300 363 992
With the external disputes resolution scheme of which we are a member, contact details:
Financial Ombudsman Services Ltd
GPO Box 3
Melbourne VIC 3001
Phone: 1800 367 287
Fax: 03 9613 6399
There is no charge for lodging a complaint.
How we will deal with such a complaint
Where the complaint is lodged with Rapid Business Finance, we will communicate acknowledging receipt of the complaint. After appropriate investigation and a decision has been reached, the Privacy Manager will communicate as soon as practicable, outlining the decision and the reasons for reaching it.
Where the complaint is lodged externally, we will follow the relevant procedures outlined by the entity with which the complaint has been lodged.
We do not disclose credit information, credit eligibility information, or company, or business information to entities that do not have an Australian link.