Lodex Member Terms of Use and Authorisations


BACKGROUND AND APPLICATION

About Lodex services

This document is the Lodex Member Terms of Use and Authorisations (Terms) which apply to the data and introduction products and services (the Services), offered by © Dourios Ippos Pty Ltd ACN 611 790 179 trading as Lodex, Australian Credit Licence 494811, Authorised Representative number 1252526 of PGW Financial Services Pty Ltd, AFSL 384713 and its related bodies corporate (we, us and our).The Terms apply to the Services available through our website, or through any online or mobile applications we may make available.

These Terms describe how we deliver the Services to our members (you, your). They are divided into two parts, (1) the important legal consents, and (2) how our Services work. By signing up to our Services, you agree to, and consent to these Terms. If you do not agree or consent, do not become a member of our Services.

PART 1: THE IMPORTANT LEGAL CONSENTS

Your acknowledgement, warranty and consent

To assist you to access your enhanced data and the Services, we carefully select and rely on service providers to provide you and us with services.Those key providers may include Experian Australia Credit Services Pty Ltd ACN 150 305 838 (Experian) for your credit information, Vix Verify Pty Ltd ACN 111 307 361 (Vix) for identity verification. By using the Services you:

  1. warrant that you are over 18 years old, have read these Terms and our Privacy Policy for how we manage your personal information, and you acknowledge and agree to be bound by our Terms and our Privacy Policy;

  2. warrant that you have had the opportunity to read :

    - Experian’s Privacy Policy and Credit Reporting Policyhttp://www.experian.com.au/assets/legal/experian-australia-privacy-policy.pdf and Experian terms and conditionshttp://www.experian.com.au/legal/legal.html , wish to be bound by those documents, and

    - Lenddo’s Privacy Policyhttps://www.lenddo.com/legal/en-US/privacy.html and Lenddo Terms of Servicehttps://www.lenddo.com/legal/en-US/terms.html ,wish to be bound by these documents;and you authorise and instruct Lodex to accept these terms and conditions on your behalfso that you can benefit from Experian'sand Lenddo’s services through the Lodex Services.

  3. appoint us as an “access seeker” under the Privacy Act 1988 (Cth), and to act as your agent to (1) subscribe you (without cost to you) to the Experian monthly update service; and (2) receive on your behalf, and store your regular Experian credit report data and upload it on your member profile for you to access and use, and for you to effectively use the features within the Services. This authorisation continues until you terminate your membership to the Services; and

  4. authorise us to carry out an identity verification of you using Vix's Green ID. It is essential for us to correctly identify you to enable us to accurately request your Experian score on your behalf, and because we need to give accurate information to lenders and financial service providers (together, FSPs) if you decide that you would like to be introduced to an FSP.

  5. To enable us to provide our Services to you, you consent to us disclosing your personal information to identify you, to subscribe you to Experian’s services in accordance with your authorisation above, to request data from third parties you have authorised to provide personal and credit information, to our agents or service providers to assist us to provide our Services to you, to government agencies, to regulators upon request, to another party if we are required by law, and to other parties as described in our Privacy Policy which is always available online or by contacting us.

PART 2: CORELOGIC

The CoreLogic Data provided in this publication is of a general nature and should not be construed as specific advice or relied upon in lieu of appropriate professional advice.

While CoreLogic uses commercially reasonable efforts to ensure the CoreLogic Data is current, CoreLogic does not warrant the accuracy, currency or completeness of the CoreLogic Data and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the CoreLogic Data.

By using Product Data, you confirm that you have read and accepted CoreLogic’s End User Terms for the access and use of the Product Data.

Full terms and conditions can be read in the following link

PART 3: HOW OUR SERVICES WORK

1. Our Services

In summary, Lodex Services give you free access to “big data” and sophisticated analysis tools to help you build a story about what you’re really like as a customer. When you’re in the market for a loan or deposit product, you can quickly post a rate request on our marketplace style platform, and elect to share your score(s) and / or profile with our FSP panel. There is no cost to you, your request is anonymous and there are no strings attached.

The Services have been designed to align with our beliefs and values.

  1. You should be able to easily monitor your credit report whenever you want, and without cost or delay.By creating a membership profile, you instruct us to subscribe you to Experian’s regular personal credit information update service. You appoint us as your access seeker to receive and store your most recent Experian credit report data for you, and to upload it to your member profile for you to access and use, and for you to effectively use the features offered by our Services. We encourage you to log into your Lodex member profile regularly, to monitor your credit report information for incorrect information, fraud or identity theft.

  2. You’re unique – you should get a more customised rate on loans and deposit products. Our Services allow you to access your social profile (should you wish to provide Lenddo with access to your email account through our Services) and your credit information, and to use our complex algorithms to build a sophisticated model of your value as a potential deposit customer (together and separately, your Profile Scores). By electing to share the enhanced information in your Profile Scores, FSPs can make more informed and holistic decisions about you, allowing them to get comfort in offering competitive responses on your product requests.

  3. You’re a valuable customer - we want you to have access to new types of tools that you can use to give FSPs a better idea about just how valuable you might be.Whenever you would like to explore more favourable loan or deposit account rates, you may instruct us to package-up and share your Profile Scores with connected FSPs.

  4. Introducer fees.We charge FSPs fees. Depending on the FSP and the particular product or service, these fees may be payable to us by the FSP when the FSP responds to your rate request and/or when you subsequently accept their invitation to apply for their product or service and/or when you accept any offer of a product or service they make to you. All of our member FSPs have the same opportunity to connect with you through the Lodex platform.

  5. Advertising and Marketing.Sponsored and Advertisements: Products marked as ‘Sponsored’ or "Advertisement’ or ‘Featured’ are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Lodex may receive remuneration from the FSP if you click on the related link, purchase or enquire about the product. Lodex’s decision to show a ‘sponsored’ product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We suggest that you utilise the information provided on the Lodex platform to compare the products, but in any case, get independent expert advice if you need to. Please note that Lodex does not provide information on all products so please appreciate that there may be others out there. Remuneration: Where Lodex links to particular products or displays ‘Select', "Go to Website’ or similar 'call to action' buttons, we may receive a commission, referral fee or payment in relation to your clicking of this link.

  6. You should control your personal information preferences. You can manage the third parties from who we collect or seek your personal information, and you decide when to request personalised rate responses. However, restricting third party data sources or not sharing the results reduces your ability to successfully convey your unique features, which is what we anticipate that FSPs will rely on to get confidence in responding to you with more competitive rates.

2. Important information about using our Services

  1. We are an information packager, a notice board and an introduction service only.We do not assess whether, or represent that credit or financial products are suitable, or meet your needs. Products and offers are only displayed based on their rate competitiveness. It is your responsibility to assess all product features and costs against your needs, and to carefully review the relevant terms and conditions before going ahead with any product. The cheapest is not necessarily the best for you. You, or the FSP may decide that the particular product is not appropriate for you. You should seek a third party professional opinion if you are unsure.

  2. Product information belongs to the FSPs so we cannot guarantee accuracy.Being a ‘notice board’ style service, we display information that has been submitted by FSPs. We contractually require FSPs to submit accurate information in their invites to treat (responses), and they are required to not mislead or deceive under their Australian Credit Licence or Australian Financial Services Licence. However, there is always a risk of error, or inaccuracy. Please let us know if you have a concern about third party FSP content, or FSP conduct.

  3. Rate responses are only invitations to treat, and are conditional.FSPs have their own internal suitability and eligibility processes, and sometimes change their product eligibility criteria. Any rate responded to you by an FSP in an invitation to treat is conditional and indicative only, and FSPs are not obliged to go ahead with any invitation to treat that they have given.

  4. Rate responses are not guaranteed.We provide a marketplace style connection platform – buyers and sellers don’t always align. To increase your chances of FSP interest, check that you are receiving your Experian score, your Lenddo profile, you are sharing your scores, and that your product request is reasonable.

  5. We provide the Services on a reasonable efforts basis. We try to ensure that services and data are accurate and available, as we want our members to have a great experience. However, as we rely on third parties for data services and certain other services, we cannot assure or warrant data accuracy or service availability. All use of the Services is at your own risk. Neither us, nor our service providers are liable for any actual or anticipated loss, damage or cost, which may be directly or indirectly caused by, or connected to the Services, our conduct or our omission of conduct.

  6. Changes to these Terms.As we continue to enhance our Services, these Terms may change from time to time. Where a change materially impacts your rights, or the law requires notification, we will notify you. If you continue to use our Services after notification, you are taken to have acknowledged and accepted the change.

  7. Termination of your membership or use.We maintain the right to suspend or terminate any membership or access to our Services at any time without notice. If we terminate your access to the Services, we may also terminate any open quote requests and may destroy your personal information.

  8. Our rights.We may assign, encumber, declare a trust over or otherwise deal with our rights under this Agreement without your consent.

3. Requesting a custom "response"

In order to request FSPs to give you invites to treat (your custom response), you will create a request to the relevant class of FSP. You can elect to include your relevant Profile Scores. This is to enable the FSPs to consider an indicative special rate. If you select an FSP to whom you would like to be introduced, you will need to instruct the Services to share your personal information and to facilitate an introduction. Requesting a custom rate response will usually result in disclosing your personal and credit information in order for the FSP to speak with you.

4. Use of our APIs

Put simply, an API service is a smart tech service that facilitates an action quickly and without effort directly from the Lodex Services. We may provide you with access to a range of API services. As an example, we will invite you to use the Lenddo service through our Services. If you wish to use Lenddo, you can arrange to have your Lenddo profile sent to your Services, and can further elect to share your Lenddo profile when you request rates from FSPs.

Any API is delivered through a third party (and not part of the Lodex Services). We will always notify you and seek your consent before you use an API connected to our Services. This will allow you to read the API provider's privacy policy, decide whether to use the API. We try to select reputable API providers, but ultimately, we are unable to control them, and are not liable for their actions or services. Please ensure that you read their terms and conditions carefully before using their services.

5. Collection and use of information

We may collect personal information from you directly, or from third party service providers to provide you with our Services. We will only collect personal information which is reasonably necessary for, or directly related to our Services or functions. Some services providers may be offshore, but we take reasonable steps to protect your personal information. See our Privacy Policy https://www.lodex.co/pages/privacy-policy for details of offshore disclosures.

We may use third party service providers to analyse the way in which our Services are used to assist us improve the user experience.

6. Sensitive information

Sensitive information is any information about a person’s racial or ethnic origin, political opinion, membership of a political association, religious beliefs or affiliations, philosophical beliefs, membership of a professional or trade association, membership of a trade union, sexual preferences or practices, criminal record or health information. We will generally not ask you to disclose sensitive information, without giving you our Privacy Policy, but if you elect to provide sensitive information it may also be captured and stored. Sometimes Profile Scores may use sensitive information as an input to the score. Where this occurs, we will not use and store the sensitive information, but may use or store the resulting score.

7. Member profiles and request for services

When you create a member profile, or create a request for service form, we retain the information contained in your profile, or your request for service. We are able to then use that information to provide any services that you require.

8. Security of information

The security of your information is very important to us. We take reasonable steps to protect your privacy, and we regularly review developments in security and encryption technologies. Unfortunately, it is impossible for anyone to guarantee security over the internet.Please see our Privacy Policy https://www.lodex.co/pages/privacy-policy for further information.

9. Licence to use the Services and any Service delivery system

We own and remain at all times the owner of the Services and any application used to deliver the Services. You must not copy, transmit, distribute, reproduce (for compensation or otherwise), licence, alter, adapt, reverse engineer or modify the whole or any part of the Services or the Service delivery mechanisms.

You acknowledge that we may grant you a limited right to download the Services on your mobile device, and use the Services through web delivery. This limited right is licensed (not sold) to you, and can be revoked or suspended at any time without notice or reason. Under your limited licence, you must use the Services as they are intended to be used, without tamper or alteration, and without placing at risk our security, system integrity, or reputation. You must not damage or compromise the Services, or our rights in the Services, and you must comply with all relevant laws when you use the Services. Other than the limited user licence, you have no rights in, or to, the Services or the technology used to facilitate the Services.

10. Direct marketing

We will not use or disclose sensitive information about you for direct marketing purposes unless you have consented to that kind of use or disclosure. See our Privacy Policy for details about changing your preferences. If you have consented to us direct marketing to you, we may use your personal information to tell you about offers or services that we think you may like.

11. Governing laws

These Terms and our Services are governed by the laws of the State of New South Wales in Australia. Any dispute is subject to the non-exclusive jurisdiction of the courts of New South Wales in Australia.

12. Disputes or problems

We are licenced under the National Consumer Credit Protection Act 2009 (Cth), to engage in credit activities under our Australia Credit Licence 494811, and we are an Authorised Representative number 001252526 under PGW Financial Services Pty Ltd, AFSL 384713.

As such, we have an internal dispute resolution process. Please contact us if you have a complaint or for more information. We generally respond within 5 business days, or if a complaint is more complex, we will let you know that you should expect a response within 25 days.

If you are unhappy with how we have responded to you, you may contact our external dispute resolution scheme, which is the Financial Ombudsman Service[email protected].

Please contact us on [email protected] if you would like further information about any aspect of these Terms.