Our Commitment to Responsible Subscription Practices
We are committed to providing a transparent and secure experience for our customers applying for a car subscription. To assess affordability and ensure subscription practices, we have partnered with Basiq, an accredited data recipient under the Australian Government’s Consumer Data Right (CDR) Scheme. This partnership enables us to conduct seamless and secure open banking affordability checks, ensuring that our services are accessible and suitable for your financial situation.
Introduction to the Consumer Data Right (CDR)
The Consumer Data Right (CDR) regulates the collection and handling of CDR data in line with privacy safeguards and rules that:
Ensure your data is managed securely.
Provide you with control over how your data is shared and used.
For more information about the Australian Government’s Consumer Data Right Scheme, visit https://www.cdr.gov.au/.
Accredited Data Recipients (ADRs)
An Accredited Data Recipient (ADR) is an organisation approved under the CDR framework to receive and manage consumer data securely. ADRs are required to adhere to strict privacy and security rules, ensuring that your data is used only with your consent. ADRs and their representatives (partners) are expected to:
Transparently disclose how data is used.
Ensure secure storage and transfer of consumer data.
Implement privacy safeguards to protect user consent.
What is Open Banking with Basiq?
Open Banking is an initiative that allows you to securely share your financial data with accredited service providers like us, facilitating more accurate and efficient financial assessments. Basiq, as our trusted partner, acts as an intermediary that accesses this data with your explicit consent, ensuring a smooth and secure process.
Benefits of Open Banking:
Choice and Control: You remain in control of the data you share, ensuring that your financial information is used solely for affordability assessments. You decide what data to share, how it’s used, and who can access it. At any time, you have the ability to manage your data preferences, ensuring full control over your information.
Manage Consent: You can view, modify, or revoke your consent whenever needed. If you decide to stop sharing your data, you can manage this through the link provided in the email sent to you after completing your application form.
Data Deletion Requests: If you no longer wish for your data to be retained, you can request data deletion or de-identification. We will ensure that your personal data is removed in compliance with CDR regulations.
Improved Security: The Consumer Data Right (CDR) framework ensures that your data is handled securely and only used for the purpose of assessing your affordability.
Simplified Process: Reduces the need for manually uploading bank statements and other financial documents, expediting the application process.
What Data Do We Collect?
With your explicit consent, we may access the following information through Open Banking to assess your application:
Account Information: Details of your bank accounts, including account balances and transaction history.
Income Details: Information on your regular income sources, such as salary deposits and other inflows.
Spending Patterns: A summary of your regular expenses, such as rent, utility bills, subscriptions, and loan repayments.
We only access the minimum amount of data necessary to make an informed decision regarding your application. Your data is never shared with third parties for marketing or any other purposes outside of affordability assessments.
Managing Your Consent
Your control over your data is our priority. As part of the Consumer Data Right (CDR) Scheme, you have the right to update or revoke your consent at any time.
How to Update or Revoke Your Consent
You have two options for managing your consent:
1. Via Email Link
If you have completed the Open Banking process, you will receive an email once you have submitted your application. This email includes a secure link to manage your data sharing preferences.
Look for the “Manage Your Open Banking Consent” button in the email.
This will direct you to our secure partner, Basiq, where you can update or revoke your data sharing preferences at any time.
2. Contact Our Support Team
If you’re unable to access the link or prefer direct assistance, you can contact our team and we will process the revocation for you.
You can reach us via:
Email: info@karmo.co
Phone: 1800 316 965
Once we receive your request, we will ensure that your consent is revoked promptly, and no further access to your financial data will occur. Please note that revoking consent may impact your ability to proceed with your application if affordability checks are required.
Your Privacy and Security
We are dedicated to maintaining the privacy and security of your data. Our Open Banking process complies with the Consumer Data Right (CDR) Scheme, meaning:
Your data is accessed only with your explicit consent.
We do not store your financial data beyond what is required for affordability checks.
Your information is handled in compliance with Australian privacy laws and industry-leading security standards.
We are here to ensure a secure, transparent, and seamless car subscription experience for you!