QBE LMI's privacy assurance
This Credit Reporting Policy applies to QBE Lenders’ Mortgage Insurance Limited ABN 70 000 511 071 Credit licence number 393812 ("QBE LMI”, “we” or “us”).
We value and respect your right to privacy of your credit-related personal information ("credit information"). We are bound by, and will abide by, Part IIIA of the Privacy Act 1988 (Cth) ("Privacy Act") and the Privacy (Credit Reporting) Code ("CR Code").
This Credit Reporting Policy explains how QBE LMI manages your credit information.
Credit information includes:
- Information which is derived, wholly or in part, by credit providers including lender banks, credit unions, building societies, mortgage brokers or originators (each a "mortgage lender") from information it has received from a credit reporting body
- Information which is received by QBE LMI from a credit reporting body.
Your credit information does not include the following:
- Information that a mortgage lender has collected directly from you (e.g. information contained in a loan application form)
- Information that a mortgage lender has derived solely from information collected directly from you (i.e. where the mortgage lender has not used information disclosed by a credit reporting body to derive that information).
Types of credit information we collect and hold
QBE LMI collects your credit information when it provides lenders' mortgage insurance to a mortgage lender in respect of a loan provided to you by the mortgage lender, and where permitted under the Privacy Act and the CR Code, for related business activities like reinsurance and securitisations.
Your credit information may include the following information about you:
- Identification information such as your contact details
- Consumer credit liability information such as any borrowed amounts owing that are outstanding
- Repayment history information
- Statements regarding information requests made about you
- Consumer credit information such as the amount of credit sought in a loan application or your credit worthiness
- Default information and payment information in relation to your loan
- New arrangement information such as where a payment arrangement is entered to collect overdue payments
- Information related to court proceedings or your personal insolvency
- Publicly available information about you that relates to your activities or your credit worthiness
- Opinions of credit providers in relation to consumer credit infringements as defined under the CR Code.
This information is usually contained in a credit report prepared by a credit reporting body.
How we collect and hold credit information
In some cases, QBE LMI collects your credit information from a mortgage lender when offering lenders' mortgage insurance to them. In these circumstances, the mortgage lender seeks and obtains your credit information from a credit reporting body at the time you apply for a loan from them. The mortgage lender then provides us with your credit information when they apply for lenders' mortgage insurance.
In most cases however, we collect your credit information directly from a credit reporting body. We usually make an information request about you with a credit reporting body at the time the mortgage lender applies for lenders' mortgage insurance.
For legal reasons and subject to our obligations under the Privacy Act and the CR Code, information collected may be retained by QBE LMI after a transaction or relationship has concluded.
In holding your credit information, QBE LMI uses a variety of physical and electronic security measures, including restricting physical access to its offices, in our endeavour to protect your information from misuse, interference or loss, and from unauthorised access, modification and disclosure.
Purposes for collecting, holding, using and disclosing your credit information
When QBE LMI offers lenders' mortgage insurance to a mortgage lender, and to the extent permitted under the Privacy Act and the CR Code, QBE LMI collects, holds and uses your credit information to:
- assess the risk of:
- providing lenders' mortgage insurance to the mortgage lender
- you defaulting on your obligations to the mortgage lender
- you being unable to meet a liability that might arise under a guarantee, in respect of mortgage finance given (or to be given) by the mortgage lender to another person
- administer or vary any lenders' mortgage insurance cover provided, including dealing with claims, recovery of proceeds and enforcing the mortgage in the place of the mortgage lender
- conduct risk assessment and management involving securitisation, credit scoring, portfolio analysis, reporting, fraud prevention and claim recovery
- comply with legislative and regulatory requirements including the Privacy Act, CR Code and the Insurance Contracts Act 1984 (Cth) as amended from time to time.
Credit reporting information and direct marketing
QBE LMI does not use your credit reporting information provided by a credit reporting body for the purposes of any direct marketing (including pre-screening).
Who your credit information may be disclosed to
In accordance with Part IIIA of the Privacy Act and for so long as QBE LMI is acting in its capacity as a lenders' mortgage insurer, QBE LMI will not disclose your credit information unless the disclosure is required or authorised by or under an Australian law or court/tribunal order.
However, if you default in your obligations to the mortgage lender and the mortgage lender assigns your loan (and mortgage) to us, then we may report your default to a credit reporting body ("default information"). We will give you prior written notice in such circumstances. The court may also record a judgment in respect of the default in QBE LMI’s favour. Please note that the credit reporting body may then include your information in credit reports that it gives other organisations (such as other mortgage lenders) to help them assess your credit worthiness. The default information and judgment may adversely affect your credit worthiness and accordingly, may affect your ability to obtain credit from other mortgage lenders.
We currently report default information with the following credit reporting bodies, whose details below can be used to access your credit report:
Equifax Australia Information Services & Solutions Pty Limited
Attention: Equifax – Public Access
Equifax Australia Information Services and Solutions Pty Limited
GPO Box 964
North Sydney NSW 2059
Phone: 1300 762 207
DBCC Pty Ltd (trading as illion Data Registries)
Attention: illion – Public Access Centre
Phone: 1300 734 806
Non-disclosure to entities without an Australian link
All credit reporting bodies that receive default information from QBE LMI are based in Australia and/or have registered offices in Australia.
QBE LMI does not disclose your default information to credit reporting bodies that do not have an Australian link.
Access, corrections and complaints
Our aim is to always have accurate, complete, up-to-date and relevant credit information. When you deal with us, you should check the information we hold about you is correct.
You can contact our Customer Care team to request access to credit information we hold about you and correct any errors. Generally, no restrictions or charges apply.
Our Customer Care team is also available if you have questions about our Credit Reporting Policy, would like a free copy or if you’d like to make a complaint.
QBE Customer Care
If you think we have not handled your personal or credit information correctly, or have not met our obligations under the Privacy Act or the CR Code, you can make a complaint with our Customer Care team, the Office of the Australian Information Commissioner (OAIC) or the Australian Financial Complaints Authority (AFCA).
We recommend you contact us first so we can try and resolve your complaint effectively and efficiently as generally, the OAIC and AFCA will refer you back to us if you have not already complained to us.
Our Customer Care team will contact you to acknowledge your complaint and provide you with a unique reference number. You will have the opportunity to explain why you are unhappy with how we have handled your personal or credit information and provide information to support your complaint. Our Customer Care team will review your concerns, taking into account all relevant information including relevant privacy or credit reporting requirements and work with you to try and resolve your complaint.
If you are not satisfied with the outcome of your complaint, you can take your complaint further including to the:
Office of the Australian Information Commissioner (OAIC)
Complaints to the OAIC must be made in writing.
Phone: 1300 363 992
Australian Financial Complaints Authority (AFCA)
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority, GPO Box 3, MELBOURNE VIC 3001
Further information about your Privacy rights
For further information about credit reporting, please visit the website of the OAIC: www.oaic.gov.au/privacy/credit-reporting/
This policy documents how we manage personal and credit information and reflects our obligations under the Privacy Act and the CR Code. All reasonable care is taken to ensure the currency and accuracy of this policy.
Date prepared:12 October 2021
Date effective:12 October 2021