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:
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:
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:
Client credit liability information
We collect and hold personal client credit liability information concerning company directors and business owners, including:
Repayment history information
If and when we provide credit to you, your company or your business, the following information may be collected and held:
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 six possible sources:
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:
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:
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:
In accordance with Section 21G and the Rapid Business Finance Privacy Consent agreement, we use credit eligibility information for the following purposes:
We may disclose this information to:
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:
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:
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.