Credit Reference Checks
In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). Where you take a loan from us we may also make periodic searches at CRAs to manage your account with us.
To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
We will use this information to:
We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.
When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.
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 should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will 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.
The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail in the Credit Reference Agency Information Notice ‘CRAIN’ which is also accessible from each of the three CRAs – any of these three links will take you to the same CRAIN document:
Please ask us if you require details of the CRAs or any other agencies from whom we obtain, and to whom we pass information about you. You have a right to receive this. Further information regarding our use of your personal information is contained within our Privacy Notice and may be seen at http://www.finsec.co.uk/conditions_and_use_of_information.html