Who are we?

‘We’, ‘us’ and ‘our’ refer to Loan Concern Pty Ltd, ACN 665894173, Credit Representative Number 546739 is authorized under Australian Credit License 384704 and our affiliated businesses.

Our Commitment to protecting your privacy

Our Commitment to protecting your privacy We acknowledge the importance of safeguarding your personal information, including credit-related information, and have outlined our commitment in this regard. Our commitment is to ensure that any personal information we collect about you is used only for the purposes for which it was collected or as permitted by law. We aim to assure you that any personal information we hold about you will be treated with utmost care and protection. We abide by the Australian Privacy Principles (APPs), Part IIIA of the Privacy Act, the Privacy (Credit Reporting) Code 2014, and other relevant laws when it comes to handling personal information. Personal information, in this context, refers to information that can reasonably identify you. This may include information or opinions about you, as well as credit-related information.

Personal Information

Our privacy policy concerns the collection of personal information that is reasonably identifiable to you. This information may include details or opinions about you, including credit information. This policy applies to your loan application, where you may have offered to guarantee another applicant's loan or your loan or guarantee. Your loan may be for consumer or commercial purposes.

The types of personal information that we may collect include your name, date of birth, address, account details, occupation, and any other details that are necessary to verify your identity. Credit information or Credit eligibility information is also collected, which is used to assess your eligibility for finance. This includes any outstanding loans you may have, your repayment history and any defaults. Normally, credit information is shared between credit providers, finance providers, and credit reporting agencies.

When you register for or acquire a service, you provide registration information, such as your name, email address, gender, date of birth, and address details. This information is used to create an account or subscriber profile. If you apply for finance, we may also collect details about your dependents and cohabitants, employment status, proof of earnings and expenses, and the length of time you have lived at your current address.

Why do we collect your personal information?

The reasons why we gather your personal information are to evaluate your finance application, oversee your finance, verify your identity, reach out to you, control our risk, and fulfill our legal obligations. We may also acquire your personal information to manage our relationship with you and for direct marketing purposes. Occasionally, we may suggest other products and services to you.

How do we collect your personal information?

Where reasonable and practical we will collect your personal information directly from you. We may collect information about you that is publicly available, for example from public registers or social media, or made available by third parties. We may also collect your personal information from credit reporting bodies, mortgage and finance brokers, employers and other people such as accountants and lawyers.

Do we disclose your personal information?

Yes, we may share your personal information with the following:

  • Potential lenders or intermediaries for your financial needs;
  • Third-party suppliers, lenders mortgage insurers, tradeinsurers, credit reporting bodies and others who help us manage and administer your finance;
  • Associated businesses that want to offer you products;
  • Companies that provide us with information and infrastructure systems;
  • Agents, contractors, and external service providers who help us outsource certain functions, such as statement production, debt recovery, and information technology support;
  • Anyone who represents you, including mortgage and finance brokers, lawyers, guardians, power of attorney holders, and accountants;
  • Anyone you have provided us consent to share your information with;
  • Other borrowers or guarantors if there are multiple;
  • Auditors, insurers, re-insurers, and healthcare providers;
  • Government and law enforcement agencies or regulators, as authorized by law, such as under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth);
  • Investors, agents, trustees, rating agencies or entities that have an interest in your finance or our business;
  • Other financial institutions, for example, to process a claim for mistaken payment;
  • Organizations that provide products or services used or marketed by us; or
  • Your employer, referees, or identity verification services.

Before sharing your personal information with anyone, we will take reasonable steps to ensure that:

  • The person or organization has a commitment to protecting your personal information that is at least equal to our commitment;
  • You have given your consent to us sharing your information.
Direct Marketing

We may use your personal information to keep you informed about our company, any associated company, changes in our organization, finance offers or new products and services. If you do not wish to receive marketing information, you can decline by contacting us by telephone or email. You can use the unsubscribe option for marketing emails. We will not charge you for your request and will try our best to comply with it as soon as possible.

Updating your personal information

It is important to us that the personal information we hold about you is accurate and up to date. During our relationship with you, we may ask you to inform us if any of your personal information has changed. If you wish to make any changes to your personal information, you may contact us. We will generally rely on you to ensure the information we hold about you is accurate or complete.

Access and correction to your personal information

You have the right to access and request correction of your personal and credit-related information that we hold. If you would like to view your information, you may request it at any time. Please be aware that we may charge a fee to cover our costs in retrieving and providing this information.

We aim to respond to your request within seven days of receiving it, but depending on the nature of the request, we may need to investigate further or seek input from other entities. In some cases, we may not be able to provide you with access to your personal or credit-related information, such as if it relates to legal proceedings or if your request is unreasonable.

If we deny your request, we will provide an explanation for our decision. If you believe that the information, we hold about you is incorrect or outdated, you can request that we correct it by contacting us by telephone or email. We will endeavour to correct any errors in a timely manner, and we will provide you with an initial response within seven days of receiving your request. If it requires further investigation or consultation with other finance providers or credit reporting bodies, we will keep you informed about our progress.

If we cannot correct the information, we will explain our reasons for doing so.

Usage of Government Identifiers

We ensure that any government identifiers such as your tax file number, are collected and used in accordance with the law. We will not use or disclose your government identifiers for the purpose of identifying you, except as required by the law.

Conducting Business Without Identifying You

In order to do business with us, it is usually necessary for us to identify you. However, when it is practicable and lawful, we will offer you the opportunity to conduct business with us without revealing your personal information. For instance, you can enquire about our interest rates or promotions without providing us with personal information.

Collection of Sensitive Information

We understand the importance of sensitive information and we will only collect it with your consent. Sensitive information includes personal information such as your racial or ethnic background, political views, association with trade or professional groups or unions, sexual orientation, criminal history, or health information.

Protection of Your Personal Information

We take the protection of your personal information seriously and implement various measures and reasonable steps to keep it safe and secure. Your personal information is kept in a secure environment, whether it is stored in paper or electronic form. We ensure that your personal information is not misused, lost, accessed, modified or disclosed without authorisation.

Complaints Handling

If you have any concerns or complaints about how we handle your personal information or our compliance with the Privacy Act and Credit Reporting Code, you can contact our complaints officer at admin@loancocnern.com.au. We will respond to your complaint within seven days and provide a resolution within 30 days. If you are not satisfied with our response, you can escalate the matter to the Australian Financial Complaints Authority (AFCA) at www.afca.org.au or 1800 931 678 or the Privacy Commissioner at www.oaic.gov.au or 1300 363 992.

Further Information

If you require additional information about how we manage your personal or credit-related information, please feel free to contact us.

Updates to Privacy and Credit Reporting Policy

We regularly review and update our policies to keep up with changes in technology, laws, and market practices. Any changes to this policy will be posted on our website. You can also request this policy in an alternative form by contacting us at admin@loancocnern.com.au.

This Privacy Policy was created on March 17th, 2023.