Privacy notice - consumer
AffordX Privacy Notice - Consumer
Effective Date: 10/10/2024
At AffordX, your privacy is important to us. This Privacy Notice explains how we collect, use, and protect your personal information when you use the AffordX platform. By using our services, you agree to the practices described in this notice.
1. Who We Are
AffordX is a platform designed to help financial advisors to assess your financial affordability. We retrieve and analyse financial data from your banking institutions using trusted and secure third-party services to provide you with valuable insights into your financial situation.
2. Information We Collect
We collect personal information from you in the following ways:
- When you use our services, you provide personal information such as your name, email address, and other details necessary for your advisor to perform affordability assessments.
- With your consent, AffordX retrieves financial information such as transaction history, account balances, and other financial data from your bank accounts through trusted third-party services. This data is used to perform affordability assessments and provide insights on your mortgage assessment processes.
3. How We Use Your Information
AffordX uses the information we collect for the following purposes:
- To provide and maintain our services, including assessing affordability and offering financial insights.
- To communicate with you regarding updates, features, or services.
- To ensure the security of our platform and your personal data.
- To analyse and improve our platform, ensuring that we deliver the best user experience.
4. Sharing Your Information
AffordX values your privacy and does not sell your personal data. However, we may share your information in the following situations:
- With Trusted Third-Party Services: We share your information with secure third-party services to retrieve data to provide affordability assessments. These third parties are bound by their own privacy terms to safeguard your data.
- Your financial advisor: We share your financial data with authorised financial advisors to help provide personalised mortgage advice and services. This data could include your income, expenses, banking history, and other financial details relevant to your mortgage assessment.
- Legal Obligations: We may share your information if required to do so by law, or in response to a valid request by law enforcement or other government authorities.
5. Data Security
AffordX takes appropriate measures to protect your personal data from unauthorised access, disclosure, alteration, or destruction. We use encryption and secure third-party services to handle the transfer of your financial information, ensuring that your data is kept safe at all times.
6. Your Rights
You have the following rights regarding your personal data:
- Access: You can request a copy of the personal data we hold about you.
- Correction: You can request to correct any inaccurate or incomplete data.
- Deletion: You can request to delete your personal data, although we may retain some data where legally required.
- Consent Revocation: You can revoke your consent for us to access your banking data at any time by disconnecting your accounts through our platform.
To exercise any of these rights, please contact us at support@AffordX.nz.
7. Data Retention
We retain your personal and financial information only for as long as necessary to fulfil the purposes outlined in this Privacy Notice. After this period, we will securely delete or anonymise your data, unless a longer retention period is required by law.
8. International Data Transfers
AffordX may store or process your data outside of your home country, including in countries that may have different data protection laws. We ensure that any transfer of personal data is in compliance with applicable data protection laws.
9. Changes to This Privacy Notice
We may update this Privacy Notice from time to time to reflect changes in our services or legal obligations. When we make significant changes, we will notify you via the AffordX platform or by other means. Continued use of our platform after any changes means you agree to the revised Privacy Notice.
10. Contact Us
If you have any questions or concerns about this Privacy Notice or how AffordX handles your data, please contact us at:
Email: support@AffordX.nz