End user terms - consumer
AffordX End User Terms - Consumer
Effective Date: 08/10/2024
Thank you for using AffordX. These terms and conditions ("Terms") govern your access and use of the AffordX platform ("AffordX"), which allows brokers to assist you in retrieving and assessing financial data from your authorised bank accounts. By using AffordX, you agree to these Terms. If you do not agree to these Terms, please do not use AffordX.
1. Introduction
AffordX provides services to mortgage brokers ("Brokers") to assist consumers ("You" or "Users") with the mortgage application and refinancing process by retrieving financial data from your authorised banks and credit reporting agencies using Akahu's service, which securely connects with your financial institution(s). This service is used to perform mortgage affordability assessments and other related services.
2. Your Consent
By using AffordX and consenting to these Terms, you allow AffordX and its Broker partners to access your banking and credit data through Akahu's secure API and other authorised credit reporting agencies. AffordX only retrieves information that you authorise, and such information is solely used for the purpose of assessing your financial suitability for mortgage products or related services.
AffordX uses Akahu's API to securely link to your bank accounts. Before any data is retrieved, you will be prompted to provide your consent to Akahu to access your financial data. You can review Akahu's End User Terms and Privacy Notice to understand how Akahu handles your data.
3. Data Collection and Use
AffordX collects and processes the following types of personal data:
- Financial Data: Account balance, transactions, income, and expenses from your authorised bank accounts.
- Personal Credit Data: Your credit history, credit score, payment history, and other credit-related information as retrieved from authorised credit reporting agencies.
- Personal Data: Information necessary for identifying you (such as name and contact details), mortgage history, and any other information that may be relevant for mortgage assessments.
This data is collected from your bank(s) and credit agencies through Akahu with your explicit consent. The data will be used solely to assess your financial and credit situation for mortgage-related products and will not be shared with any third parties outside AffordX and its Brokers without your consent, except as required by law.
3.1 Personal Credit Data
Personal Credit Data refers to the information about your creditworthiness, including but not limited to:
- Credit Score: Your credit score as calculated by authorised credit reporting agencies.
- Credit History: Information related to your credit accounts, such as loans, credit cards, payment defaults, bankruptcies, and repayment behaviour.
- Credit Inquiries: Details of any applications for credit you have made, including those not yet approved or rejected.
This data is retrieved from credit reporting agencies directly from the agency itself. The data is used by AffordX and its Brokers to assess your eligibility for mortgage products and to determine your ability to repay a loan.
Note: Your Personal Credit Data is highly confidential and is only accessible to AffordX and the Broker assisting you, as part of the mortgage assessment process.
4. Your Rights and Responsibilities
- Accuracy of Data: You are responsible for ensuring that the information you provide, or authorise access to, is accurate and up-to-date.
- Consent Revocation: You can revoke your consent at any time by contacting Akahu, AffordX, or the Broker. Once consent is revoked, no further access to your banking or credit data will occur, but AffordX may retain historical data for legal or regulatory purposes.
- Data Portability: Upon request, you may request a copy of your financial and credit data retrieved through AffordX.
- Confidentiality: Your data is confidential, and AffordX will take reasonable measures to protect your information.
5. Use of Akahu Services
AffordX uses Akahu to retrieve financial and credit data from your bank and credit reporting agencies. Akahu is responsible for securely processing your financial information. Please review Akahu's End User Terms and Privacy Notice for further details on their handling of your data.
One-Off Consent
Akahu retrieves your data based on a one-off consent, which means it will only access your data once per request and will not store it for any future use unless explicitly authorised. You will need to provide consent each time AffordX requests access to your financial and credit data.
6. Limitation of Liability
AffordX aims to provide accurate and up-to-date services, but we cannot guarantee that all information retrieved through Akahu and credit reporting agencies will be entirely accurate, as it depends on the data provided by your bank(s) and credit providers.
AffordX, its affiliates, Brokers, and Akahu are not responsible for:
- Any inaccuracies in the financial or credit data provided by your bank(s) or credit agencies.
- Any decisions made based on the financial or credit data retrieved through the platform.
- Any loss or damage resulting from unauthorised access to your account or information not caused by AffordX's negligence.
7. Termination
AffordX reserves the right to suspend or terminate your access to the platform if you violate these Terms or engage in any fraudulent or unlawful activities. You may terminate your use of AffordX at any time by discontinuing the use of our services.
8. Data Security
AffordX takes your privacy and data security seriously. We implement appropriate technical and organisational measures to protect your personal, financial, and credit information from unauthorised access, disclosure, alteration, or destruction. However, no method of data transmission or storage is 100% secure, and while we strive to protect your data, we cannot guarantee its absolute security.
9. Privacy Policy
Your use of AffordX is also governed by our Privacy Policy, which explains how we collect, use, and share your personal information, including your Personal Credit Data.
10. Modifications to These Terms
AffordX reserves the right to modify these Terms at any time. If any changes are made, AffordX will notify you by updating the effective date at the top of these Terms. Your continued use of the platform after any modifications indicates your acceptance of the new Terms.
11. Governing Law
These Terms are governed by and construed in accordance with the laws of New Zealand. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in New Zealand.
12. Contact Us
If you have any questions or concerns regarding these Terms, please contact us at:
AffordX Support: support@affordx.nz