- to assess an application by each applicant for credit
- to assist each applicant avoid defaulting on their credit obligations
- to notify other credit providers of a default by any applicant
- to assess each applicant's credit worthiness
Authority to exchange information with other credit providers.
Each applicant authorises a mortgage insurer to obtain their report from a credit reporting agency. In accordance with Section 18N(bb) of the Privacy Act, each applicant authorises National Commercial Funding,and any ultimate funder / financier who provides the credit funds to disclose a report or information to a mortgage insurer so that mortgage insurer may assess whether to insure or consider the risk of insuring National Commercial Funding, and/or any ultimate funder / financier who provides the credit funds, for the mortgage credit to be given to an applicant, or to assess the risk of default by an applicant on the mortgage credit, for any purposes arising under the contract of mortgage insurance between the credit provider and the mortgage insurer.