This article will explain changes to the way Internode handles Credit Reporting as of March 2014. These changes reflect changes to Australian privacy laws that allow additional credit information to be included in an individual's credit report.
A credit report is a summary of your consumer (or commercial if you're a business customer) credit history which is held at a credit reporting agency and shared with credit providers to help them assess credit applications.
Changes to Credit Reporting
The changes are designed to provide a more complete picture of your credit profile and give credit providers (such as Internode) information to make more informed decisions about sales applications.
Before the changes, most credit providers make decisions based partly on the information contained in credit reports. For those who have not recently applied for credit, such as young people, this may reduce their chance of getting credit as they have a limited history. After the changes, there may be more information in credit reports to better help credit providers make a decision when they apply for credit.
How the new system gives you more control over the information in your credit report
- Credit providers and credit reporting bodies are obliged to take positive steps to help you get incorrect information in your credit report fixed. If your correction request is not resolved, you can access internal and external dispute resolution processes.
- Credit providers and credit reporting bodies must respond to complaints within set time periods, and if a complaint remains unresolved or the response is unsatisfactory, the complaint can be referred to an external dispute resolution scheme or to the Privacy Commissioner.
- Credit providers risk very significant fines if they misuse the information in your credit report.
- Credit providers cannot use information in credit reports to market products and services.
More information about these reforms is available at: http://www.oaic.gov.au/privacy/privacy-law-reform/credit-reporting-reform
As part of these changes, Internode must offer you, our customer, full transparency as to which organisations we engage to assist us with our Credit and Collection activities. These activities fall under the following categories:
- Credit Assessment. We engage 3rd parties to help us make decisions on your credit worthiness for contracts.
- Customer correspondence. Mailhouses used to send Overdue Invoice Reminder letters on our behalf.
- Automated outbound collection calls.
- Mercantile Agents (debt collectors)
List of current suppliers
These are the organisations that Internode engages to assist with Credit and Collection activities.
- Decision Intellect - Automated credit application processing.
- Dun & Bradstreet - Primary credit bureau used for credit assessment.
- Equifax - Secondary credit bureau used for credit assessment.
- Finsbury Green - Mail house used for printing and posting of Overdue Invoice Reminder letters.
- Dun & Bradstreet - Mercantile Agent (debt collection) for debts.
- Probe Group - Mercantile Agent (debt collection) for debts.