QBE LMI Credit Policy
QBE LMI’s Privacy Assurance
QBE Lenders' Mortgage Insurance Limited ("QBE LMI", "we" or "us") values and respects your right to privacy of your credit related personal information - this is regulated under Part IIIA of the Privacy Act 1988 (Cth) ("Privacy Act") and the Credit Reporting Privacy Code ("CR Code") ("credit information").
This Credit Policy explains how QBE LMI manages your credit information.
We are bound by, and will abide by, Part IIIA of the Privacy Act and the CR Code.
Credit information includes: (i) 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 and (ii) 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 (eg. information contained in a loan application form); or
- information that a mortgage lender has derived solely from information collected directly from you (ie. where the mortgage lender has not used information disclosed by a credit reporting body to derive that information).
Kinds 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 Credit Code, for related business activities like reinsurance and securitizations.
Your credit information includes the following information:
- commercial credit information (concerning your credit worthiness or history);
- consumer information; and
- information on collection of overdue payments.
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 Credit 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 Credit 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 and the Insurance Contracts Act 1984 (Cth) as amended from time to time.
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. 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 may adversely affect your credit worthiness and accordingly, may affect your ability to obtain credit from other mortgage lenders.
Accessing and seeking correction of credit related personal information
You have a right to request access to any credit information that QBE LMI holds about you. Please contact our Privacy Officer if you require access to your information.
If you believe that any of the credit information that QBE LMI holds about you may be inaccurate, out of date, incomplete, irrelevant or misleading please contact the Privacy Officer. The Privacy Officer will discuss with you the most effective ways to correct your credit information.
How you can contact us or make a complaint
If you would like more information about how we manage your personal information, wish to request access to or correction of your personal information, please contact firstname.lastname@example.org or write to: The Compliance Manager, QBE Insurance (Australia) Limited, GPO Box 82, Sydney NSW 2001.
If you have a complaint, please contact us and we will make every effort to resolve your complaint or refer you to our independent dispute resolution processes. Please see our complaints section for more information.
QBE LMI's contact details
QBE Lenders’ Mortgage Insurance Ltd ABN 70 000 511 071
GPO Box 82
Sydney NSW 2001
Phone: 1300 367 764