Business Loan Terms & Conditions
- When you apply to us to open an account, we will check the following records about you and others (see 2 below):
a) Our Own
b) Those at credit reference agencies (CRAs). When CRAs receive a search from us they will place a search footprint on your cred it file that may be seen by other lenders. They supply us both public (including the electoral register) and shared credit and fraud prevention information.
c) Those at fraud prevention agencies (FPAs)We will make checks such as; assessing this applica tion for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your account with us.
- If you are making a joint application or tell us that you have a spouse or financial associate, we will link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
- Information on applications will be sent to CRAs and will be recorded by them. Where you borrow with us, we will give details of your accounts and how you manage it/them to CRAs. If you borrow and do not repay in full and on times, CRAs will record the outstanding debt. This information may be supplied to other organizations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts th at you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.
- If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs a nd other organisations involved in crime and fraud prevention.
- If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts.
- We and other organizations may access and use from other count ries the information recorded by fraud prevention Agencies.
- Your data may also be used for other purposes for which you give specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Date Protection Act 1988.
How to find out more
This is a condensed version and if you would like to read the full details of how your data may be used please contact us. You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. They will charge you a small statutory fee. Contact details are:
- Call Credit: Consumer Services Team, PO Box 491, Leeds, LS3 1WZ, or call 0870 060 1414
- Equifax PLC: Credit File Advice Centre, PO Box 3001, Bradford BD1 5US or call 0870 010 0583
- Experian: Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818 00