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Credit Ready and your bank

Questions are often raised about the use of data-scraping tools like Credit Ready. This guide explains what data-scraping is, why it can be confusing, and what you should know when using CashDeck Credit Ready.

Danielle Forrest avatar
Written by Danielle Forrest
Updated over a week ago

What Is Data-Scraping?

Data-scraping is a process that allows a user’s banking information—such as statements and transactions—to be extracted from their online banking platform. This information can then be securely analysed by a broker as part of a loan application.

Many well-known companies, including CashDeck, SocietyOne, Tic:Tik Home Loans, ZipMoney, AMP, MYOB, and Xero, use scraping technology every day to help clients complete tasks more efficiently. In fact, in 2017 Westpac and NAB Ventures invested in Basiq, a data-scraping business.

Why Is There Confusion?

Although scraping technology has been in use for more than 20 years, confusion arises because:

  1. Users must enter internet banking credentials into a third-party product.

  2. Most banks advise against sharing credentials with anyone, as stated in their terms and conditions.

Banks and financial institutions will never actively recommend that customers share login details. This strict position is designed to:

  • Protect the importance of online banking security.

  • Encourage customers to treat credentials with respect.

  • Ensure users carefully judge whether a third-party service is legitimate, useful, and safe.

Important Considerations for Using Credit Ready

At CashDeck, we take security and privacy extremely seriously. Here are some key points:

  • Temporary use of credentials – Unlike budgeting or wealth-management tools, Credit Ready only stores credentials briefly for statement retrieval. Credentials are encrypted at all times except for the few seconds needed to log in.

  • Two-factor authentication – Even if credentials were somehow accessed, most banks require additional verification (e.g. an SMS PIN). Fraud would require both your login details and your mobile phone.

  • No known cases of refusal – To our knowledge, no bank has ever refused to support a customer who used a service of this type.

  • Future of Open Banking – Like many fintechs, we welcome Open Banking standards (already in place in the UK and Europe) that remove the need for scraping altogether.

Tips for Extra Peace of Mind

  • Wait 30 minutes before logging back in – Logging in too soon can interrupt the connection and require you to restart.

  • Change your password after use – If you’re concerned, you can update your banking password once your retrieval is complete.

  • Reach out anytime – If you’d like more information, our team is always happy to help.

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