Why lenders look at transactions
Lenders must take reasonable steps to verify your financial situation. Transaction data helps confirm what you've told them, rather than relying only on what's typed into a form.
Income
How much is deposited, how often and from where.
Expenses
Regular costs such as rent, groceries, utilities and subscriptions.
Commitments
Existing loan, credit card and buy now pay later repayments, and any dishonoured payments.
How sharing through the Consumer Data Right works
- 1
Check the business
Accredited data recipients are listed at cdr.gov.au. Before collecting data, the business must tell you its name and accreditation number.
- 2
Choose what and for how long
You consent to share specific data for a stated purpose and a period of up to 12 months.
- 3
Confirm with your bank
You're taken to your own bank to authorise the sharing, so you don't hand the other business your internet banking password.
- 4
Manage it from a dashboard
Businesses must give you an online dashboard where you can see, change or withdraw your consent at any time.
- 5
Ask for deletion
When the data is no longer needed, you can ask for it to be deleted or de-identified.
What these checks can't do
- They can't tell the whole story. A one-off unusual month may need explaining.
- They don't replace your own budget. You still know your plans and upcoming costs best.
- Sharing data doesn't give a business the ability to move money from your account.
- They don't decide the outcome on their own. A lender still has to assess your full situation.
- They can't make an unaffordable loan safe. If repayments would squeeze essentials, consider other options.
Be wary of anyone asking for your internet banking password or a one-time code by phone, email or message. That isn't how Consumer Data Right sharing works, and scammers use these details to take over accounts.
How Evercrest uses bank information
When applications open, Evercrest Finance may ask you to connect a supported bank account, or use an approved alternative, so income, expenses and transaction patterns can be verified. A collection notice explains the purposes before any information is collected.
Open banking questions
Is open banking safe?
The Consumer Data Right has rules about consent, accreditation and security, and you can see and withdraw consent from a dashboard. Check the business is accredited at cdr.gov.au, and never share passwords or one-time codes.
How long does my consent last?
You choose the period, up to a maximum of 12 months, and you can withdraw consent sooner at any time.
Can I complain about how my data was used?
Complain to the business first. If you're not satisfied, you can go to an external dispute resolution scheme, such as AFCA for financial firms, or to the OAIC.
What if I don't want to share bank data?
Ask the lender what alternatives it accepts, such as downloaded statements. A lender may not be able to assess an application without reliable evidence of income and expenses.