(Last Updated: October 2018)
Why do you collect my data?
How do you collect my data?
We collect your data when you download our application and consent to us obtaining your digital footprint. We will not and cannot extract a digital footprint without your consent.
We do not request your data from financial institutions without your consent and do not collect or process it without your consent. We will also ask you to click on a button that says “proceed with credit analysis”, or similar, before commencing a credit scoring assessment on your mobile phone.
What data do you collect?
We collect various types of data from your smartphone to perform our services. Our CredoLab mobile application will only access the information on your mobile device after you have agreed to its collection and use. This information may include your device ID numbers, SIM card number, incoming and outgoing call history, SMS messages and history, browser history, contacts, calendars, application list, location data and storage. You may change such permissions using your device settings.
We collect also data to improve our services, including Advertising ID associated with your device; Internet service provider or mobile network you use to connect to our products; and Information regarding other applications you may have on your device and how they are used (we never enter said applications).
Do you collect information that can identify me?
Unlike other companies, we do not collect your name or email address to identify you. We collect other information about you such as Device ID number, including Machine ID, IMEI and/or MEID; depersonalised geographic location present in media files. We use this information to detect fraudulent applications coming from the same device. In doing this, we protect your identity but retain the ability to recognise what information relates to you.
To protect your identity, we may also remove personal identifiers from the information that we collect or aggregate and/or anonymize personal data we collect about you. For instance, although we would consider your precise location to be personal data is stored separately, if we combined the locations of our users into a data set that could only tell us how many users were located in a particular country, we would not consider this aggregated information to be personally identifiable.
The information collected by our mobile application is not sent to the financial institution you are applying for a financial service with. The processing of the information is done on CredoLab’s secure servers. The financial institution of your choice receives some limited pseudonymised information about you including the results of your credit assessment. While the information remains attributable to you, it cannot be reverse engineered to produce the original raw information collected.
These techniques assist in keeping the information that is sent to our servers secure and allows you to retain your raw information on your device.
While we cannot list out each and every type of data that we collect, we’ve tried below to give you a general understanding of what types of data we collect and examples to help you see what we mean.
How do you use my data?
We use your data to assess your financial health and status to allow Financial Institutions to decide whether or not to grant a loan or other financial
services to you.
We also use your data to: -
You may withdraw your consent to receive advertising and marketing collateral from us and the financial institutions at any time.
Do you share my data?
We share the result of your credit assessment with the financial institution with which you are applying for a financial service and your potential willingness to communicate directly with the financial institution if requested by the financial institution. We also share your potential willingness to communicate directly with the financial institution, if requested by the financial institution.
We may also share your data in the following ways:
How long do you keep my data?
To implement and improve the functionality of the mobile application and to update the credit scorecards developed for the financial institution client, we will keep your data for up to three 3 years unless you request us to delete your data at an earlier date.
What rights do I have over my data?
What changes have you recently made?
Recent Changes: In our latest update, we have clarified how we collect, use and share your data, and in particular how we enable users’ choice and the measures we take to protect users’ identity through our products.
How can I contact you?
If have any questions about this policy or any of the above, please email us at email@example.com. You may also contact us by mail at CredoLab Pte. Ltd, #12-01 Capital Tower, 168 Robinson Road, Singapore 068912.
Is there anything else I need to know?
You may opt-out of our collection, use and disclosure of your information by removing our application from your mobile device and requesting for us to delete your information.
We require information from you to properly perform the services intended. Some or all of the functionalities of our service may not be accurate or available should you choose not to share information with us.