Common use of Credit Reporting Agency Clause in Contracts

Credit Reporting Agency. 2.1 The Lender, any Assign, a Service Provider, a Broker or Financial Adviser acting on behalf of the Borrower or the Guarantor may give a credit reporting agency personal information about the Borrower and the Guarantor. The information which may be given to an agency is covered by the Privacy Act and includes, to the extent applicable: (a) permitted information about the Borrower or the Guarantor which will allow the Borrower or the Guarantor to be identified; (b) details of any cheques drawn by the Borrower or the Guarantor for an amount not less than $100 which have been dishonoured more than once; (c) where in the Lender’s opinion, the Borrower or the Guarantor has committed a serious credit infringement; (d) the fact that the Borrower: i has applied for credit and the amount of credit applied for; and ii the Lender is a current credit provider to the Borrower; (e) payments which are overdue by the Borrower for more than 60 days and for which collection action has commenced; (f) advice that payments by the Borrower are no longer overdue; (g) whether credit provided to the Borrower by the Lender has been paid or otherwise discharged; and (h) the fact that: i the Guarantor has offered to act as guarantor in respect of credit or an Application; and ii the fact that the Guarantor has failed to pay an amount due by it as guarantor where, amongst other things: A it has received notice of default by the Borrower and has not paid for 60 days after that notice; and B the Lender has in addition to that notice, commenced action to recover the amount due from the Guarantor. 2.2 The information in Clause 2 of this Part 8 may be given before, during or after the assessment is made whether to accept an Application. 2.3 Each of the Borrower and the Guarantor agrees to the Lender, for the purpose of assessing the Application (and any other application or request the Borrower or the Guarantor may make to the Lender in relation to the Agreement) and assessing whether to provide credit to the Borrower or accept the Guarantor as guarantor in respect of credit applied for, or provided to, the Borrower: (a) obtaining from a credit reporting agency a credit report containing information about its personal credit worthiness for the purpose of assessing the application of the Borrower and/or the application by the Guarantor to act as guarantor for the Borrower and for the purpose of assisting in collecting overdue payments in respect of any credit the Lender provides as a result of this application; (b) obtaining a report about its commercial activities or commercial credit worthiness from any business which provides information about the commercial credit worthiness of persons, its accountant or any supplier to the Lender; and (c) giving to and obtaining from any credit provider named in the Application Form or in a credit report on it issued by a credit reporting agency, information about its credit arrangements for the purposes of: i assessing the Application of the Borrower and/or the application by it to act as guarantor for the Borrower; ii notifying a failure by it to observe its obligations (if any) as Borrower or Guarantor (as applicable); iii allowing another credit provider to ascertain the status of its obligations to the Lender where the Borrower or the Guarantor is in default with one or more other credit providers; and iv generally assessing its credit worthiness. 2.4 The Borrower and the Guarantor understand that the information exchanged can include any information about its personal and/or commercial credit worthiness, credit standing, credit history or credit capacity which the Privacy Act allows credit providers to give to or receive from each other. The Borrower and the Guarantor agree that if the Lender approves the Borrower’s application for the Margin Loan Facility, this agreement remains in force until all facilities the Lender has with the Borrower cease.