How Credit Sense Works and Why Your Banking Data Is Safe

When you apply for a payment plan through Fee Funders, you may be asked to connect your bank account using a service called Credit Sense. It is natural to have questions about what this means and whether your data is safe. This guide explains exactly how Credit Sense works and why you can feel confident using it.

What Is Credit Sense?

Credit Sense is a secure, read-only bank data sharing service used by lenders across New Zealand and Australia. It allows you to share a snapshot of your bank transaction history with a lender as part of a loan or credit application.

Think of it like giving your bank statements to a lender, but in a faster, more secure digital format. Credit Sense does not store your banking login credentials, and it cannot make transactions or move money from your account.

How Does It Work?

The process is straightforward:

1. During your application, you are directed to the Credit Sense platform
2. You select your bank and log in using your normal internet banking credentials
3. Credit Sense retrieves a read-only copy of your recent transaction history
4. This data is securely shared with Fee Funders to assist with your application
5. Your login credentials are not stored or accessible to Fee Funders at any point

Why Is It Used in Loan Assessments?

Under New Zealand's responsible lending laws, lenders must verify that you can afford the repayments before approving credit. Credit Sense helps with this by providing:

• Income verification: Confirming your regular income matches what you have declared
• Expense analysis: Understanding your regular financial commitments
• Existing debt review: Identifying other loans or credit obligations
• Overall financial health: Getting a clear picture of your financial position

This information helps Fee Funders make a fair and responsible lending decision. It protects you from being approved for repayments you cannot comfortably afford.

Is My Data Safe?

Data security is a top priority for Credit Sense. Here are the protections in place:

• Bank-level encryption: All data is encrypted using the same standards your bank uses
• Read-only access: Credit Sense can only view transaction data. It cannot initiate payments, transfers, or any changes to your account
• No credential storage: Your banking username and password are never stored by Credit Sense or Fee Funders
• Limited data retention: Data is only retained for the period necessary to process your application
• Regulatory compliance: Credit Sense operates in compliance with the Privacy Act 2020 and Australian Privacy Principles

Common Concerns Addressed

Can anyone access my bank account?

No. Credit Sense provides read-only access to transaction history. Nobody can access your account, move money, or make changes.

Will Fee Funders see my login details?

No. Your credentials are handled solely by Credit Sense's secure platform. Fee Funders never sees or has access to your username or password.

Can I use bank statements instead?

In some cases, alternative verification methods may be available. Contact our team to discuss your options.

What happens to my data after the application?

Data is retained only as required for the application and any ongoing compliance obligations. It is not used for marketing or shared with unrelated third parties.

Learn More

For more details on how Credit Sense is used in the Fee Funders application process, visit our Credit Sense information page. If you have specific questions about data privacy, our team is happy to help.