What is Credit Sense?
As responsible lenders, by law, we need to ensure you can afford your loan. To accurately do this, we need to review your last 90 days banking transactions so we can accurately assess your affordability so a funding decision can be made for you.
Credit Sense is a service used by our business to facilitate automatic bank statement retrieval during our online loan application process.
Credit Sense is an Australian owned and operated company based in Brisbane and is used by a number of leading New Zealand lenders to ensure that credit provider assessments of customer transaction histories are consistent, fair, compliant and efficient.
New Zealand credit providers are obligated to make reasonable inquiries about their customer’s personal situation and be satisfied that the products they are offering are not unsuitable. This enables us to engage our customers with a clearer understanding of their financial situation and more accurately assess the suitability of our products for our customers. Credit Sense assists us to comply with all obligations to our potential customers required by law under the Credit Contracts and Consumer Finance Act 2003.
During the Loan Application process you will be asked to input your online banking details so that a summary of your last 90 days bank statement can be retrieved for automatic analysis.
No. Credit Sense will obtain these from your bank, create a report on them and provide them to our business.
Fee Funders NZ t/a Fee Funders, Real Estate Funders and Pet Funders is granted encrypted access to your bank statement transactions through Credit Sense and your Internet banking service provider.
When you follow the link to the Credit Sense website you will be required to choose your bank, then enter your Internet banking user ID and password.
Credit Sense will download the last 90 days of transaction history and perform an automatic categorisation of your transactions.
These will then be securely provided to our business here in NZ.
Fee Funders NZ and Credit Sense do not keep your Internet banking user ID or password. Your user ID and password is encrypted when you enter it, passed to your bank once to gain access to your transaction history and then permanently deleted.
If you need to use Credit Sense again, you will need to re-enter your user ID and password.
Your user ID and password are encrypted by Credit Sense as you enter them and once your transaction history has been obtained it is also encrypted and your user ID and password are permanently deleted.
Even with this level of security, you should be aware that your bank will have policies about not disclosing your login and password to third parties and some banks MAY decide that entering your banking login and password into the Credit Sense website breaches those policies.
We encourage you to talk to your bank about this if you have any concerns.
You could also simply change your Internet banking password after using the Credit Sense service
Your transaction history is encrypted whilst with Credit Sense and delivered to Fee Funders NZ using secure protocols.
No. Only the credit provider (Fee Funders NZ t/a Fee Funders, Real Estate Funders, Pet Funders) who orders the Credit Sense assessment can obtain a copy of the assessment. Because Credit Sense does not maintain any identifiable information about you it cannot independently identify your assessment to provide it to other third-party credit providers.
Credit Sense only provides your bank statement report details to us, they do not assess your loan application.
If you need an update on the progress of your loan, you will need to contact us.