Open Capital Exchange Inc.
Notice of Information We Collect and How We Use It
In general, we collect Personal Information in order to verify your identity, assess your eligibility to borrow money or invest through the Website, and help us maintain the appropriate features, functionality and user experience. We will retain your Personal Information for as long as your account is active or as needed to provide you services. In addition, certain borrower financial information and loan performance information may be retained indefinitely. We will retain and use your Personal Information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements.
"Personal Information" means information that specifically identifies an individual (such as a name, address, telephone number, mobile number or e-mail address) or other information about that individual that is directly linked to Personal Information, including financial information and information about any business or businesses an individual may be involved with. Personal Information does not include "aggregate" information, which is data we collect about the access or use of our Website.
When you apply to borrow funds, we may use this information to pull a credit report from a credit bureau to determine your creditworthiness. We may also use your information to facilitate activities and transactions that need to occur during the lending process, such as:
Generating a borrower profile, which may be shared with current and prospective investors;
Assigning you a borrower credit grade based on your credit history and financial circumstances;
Enabling our financial services partners to implement automatic payments and fund transfers;
Contacting you if there is a problem completing a transaction you requested or to discuss a problem with your account;
Implementing collection activities as needed; and
Maintaining regular communications with you concerning transactions you initiate, such as requesting information or assistance, submitting a loan request, making payments, transferring funds, etc.
When you register as an investors, we will request some required and optional data in order to facilitate such activities as:
Enabling our financial services partners to verify identity, implement fund transfers and the receipt of payments from us;
Enabling our financial services partners to implement automatic payments and fund transfers;
Determining an investor’s eligibility to participate in the funding of loans and/or the purchase of back-to-back notes;
Contacting you if there is a problem completing a transaction you requested or to discuss a problem with your account; and
Maintaining regular communications with you as may be necessary to execute transactions you request, such as transferring funds, etc.
Information We Collect About Website Visitors
We automatically track certain information based upon your use of the Website. We use this information to do internal research on our users' demographics, interests, and behavior to better understand, protect and serve you and our community.
By using our Website or our services, you indicate your consent for the Company and our affiliates to send cookies to your computer in order to uniquely identify your browser and improve the quality of our services; you may turn off cookies in your browser though, in doing so, some or all of our services may not work. For a description of how cookies work, please see the section entitled "Cookies" below.
Like many websites, we automatically gather certain information about our Website traffic and store it in log files. This information includes Internet protocol (IP) addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp, and clickstream data. We use this information, which does not identify individual users, to analyze trends, to administer the Website, to track users' movements around the Website and to gather demographic information about our user base.
We use both session ID and persistent cookies. A session ID cookie expires when you close your browser. We use session cookies to make it easier for you to navigate our Website. A persistent cookie remains on your hard drive for an extended period of time. You can remove persistent cookies by following directions provided in your Internet browser's "help" file. We set a persistent cookie to store your session identifier so that when you return to this Website, you do not have to login again. The identifier in the persistent cookie also allows us to look up details of your previous session to make your use of the Website easier. The persistent cookie may also contain a cryptographic checksum used to verify the origin and identity of the session.
If you reject cookies, you may still use our Website, but your ability to use some areas of our Website may be limited.
Information We Collect To Respond To Your Choices and Requests
Communication from Us or the Website
If you wish to subscribe to our newsletter(s), we may use your name and email address to send a newsletter to you. Out of respect for your privacy, we provide you a way to unsubscribe. Please see the "Choice and Opt-out" section.
We will send you strictly service-related announcements on rare occasions when it is necessary to do so. For instance, if our service is temporarily suspended for maintenance, we might send you an email. Generally, you may not opt-out of these communications, which are not promotional in nature. If you do not wish to receive them, you have the option to deactivate your account.
Based upon the Personal Information you provide us, we will send you emails to verify your username, password, bank account, and other information. We will communicate with you in response to your inquiries, to provide and/or confirm the loan and other services you request, and to manage your account. We will communicate with you by email or telephone, in accordance with your wishes. You may contact customer service at firstname.lastname@example.org.
Conditions Under Which We Share Information
Provision of Service
Personal Information is shared with other parties in the following ways in order for us to provide the services on our Website:
Personal and business information about borrowers, including financial and creditworthiness information, is shared with service providers and current and prospective investors.
Aggregated, anonymized information may be shared with current and potential users.
The Company works with a number of trusted partners that perform vital functions as part of our operations, including credit bureaus, collection agencies, electronic payment service providers, and customer support call centers. Information is shared with these third parties only to the extent necessary for us to process the transactions you initiate or perform other specific services, like collections. Our partners are legally required to keep your information private and secure.
We display personal testimonials of satisfied customers on our site in addition to other endorsements. With your consent we may post your testimonial along with your name. If you wish to update or delete your testimonial, you can contact us at email@example.com.
Credit History and Loan Data
When you apply for a loan, you will be providing personal and business information. This information may be shared with investors, who will also see certain credit data that is either provided by you or collected from or calculated based on your or your business' credit bureau file. It is necessary to allow prospective investors to see this information as they evaluate your loan request. The information displayed to investors includes a credit profile section and a credit history section.
If you receive a loan through OCX, we will also display status information about your loan to your investors. Your payment performance information such as late payments, collections activity or any other instances of delinquency will be displayed to investors.
Aggregate Information (Non-Personally Identifiable)
We may share aggregated demographic information about our user base with our affiliates. This information does not identify individual users.
We reserve the right to disclose your Personal Information as required by law and when we believe that disclosure is necessary to protect our rights; to comply with a judicial proceeding, court order, or legal process served on us or the Website; or in connection with an actual or proposed corporate transaction or insolvency proceeding involving all or part of the business or asset to which the information pertains.
Choice and Opt-out
We provide you the opportunity to 'opt-out' of having your Personal Information used for certain purposes, when we ask for this information. If you no longer wish to receive our communications, if any, you may opt-out of receiving them by following the instructions included in each communication or by emailing us at firstname.lastname@example.org.
Links to Other Websites
The Website contains links to other websites that are not owned or controlled by the Company. Please be aware that we are not responsible for the privacy policies of such other websites. We encourage you to be aware when you leave the Website and to read the privacy policies of each and every website that collects Personal Information.
Access to Personal Information
If your Personal Information changes, or if you no longer desire our service, you may correct, update, delete or deactivate it by making the change on our member information page or by emailing our Customer Support at email@example.com.
Please keep in mind that whenever you voluntarily make your Personal Information or other private information available for viewing by third parties online (for example on blogs, discussion forums, or other community posting or social networking websites) that information can be seen, collected and used by others besides us. We cannot be responsible for any unauthorized third-party use of such information.
The security of your Personal Information is important to us. When you enter sensitive information (such as social security number) on our registration or order forms, we encrypt that information using secure socket layer technology (SSL).
We follow generally accepted industry standards to protect the Personal Information submitted to us, both during transmission and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100% secure, however. Therefore, while we strive to use commercially acceptable means to protect your Personal Information, we cannot guarantee its absolute security.
If you have any questions about security on our Website, you can email us at firstname.lastname@example.org.
Copyright 2014, Open Capital Exchange Inc., All Rights Reserved.