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Question
Jill is about to open accounts with Nova Bank Ltd (‘Nova’) in Melbourne, and requests a savings account and a credit card facility.
Currently, she has a credit card account with Elbe Bank, and a personal, unsecured loan of $2,000 from Aspen Finance Ltd.
As part of the procedure for opening the accounts with Nova, she signs various forms that she does not read. She is informed that further information about these account facilities will be sent to her in the mail.
A few days later, her application has been duly processed and she is issued with the requested accounts.
Later, Jill learns that Nova had conducted credit checks on her with a Credit Reporting Agency (CRA) prior to issuing the accounts to her, and Nova had approached her former employer to glean information about her employment history, revealing that Jill had applied to Nova for a credit card with a $4,000 limit.
In respect of all of these matters, Nova denies it has done anything wrong.
Required
Describe the information about Jill that is likely to be in the credit report from the CRA, and advise Jill of her legal position in respect of Nova’s actions
Summary
This question belongs to financial law and discusses about an employee who is about to open accounts with a bank. Describes the information about employee that is likely to be in the credit report from the reporting agency.
Total word count: 832
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