Bank Account Enquiries allows you (the Finance Company) to download Bank Statement information from an Applicant or existing Client via a web service, like other Credit Enquiries.
The Finance Company creates a "Request" for the applicant to complete.
The Applicant is sent an email or text with a web link.
The Applicant goes to the Service Providers web site, selects their bank and logs in using their credentials.
The Finance Company then retrieves the completed report and reviews the information.
The responsible lending provisions of the National Credit Code may require a Credit Provider to access the credit suitability of the consumer, and therefore reviewing the past 90 days of bank statements may be mandatory in these cases.