Privacy Policy

What is a credit reference agency?
 

Credit reference agencies (CRAs) collect and maintain information on consumers' and businesses' credit behaviour, on behalf of organisations in the UK.

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What is a fraud prevention agency?
 

Fraud Prevention Agencies (FPAs) collect, maintain and share, information on known and suspected fraudulent activity. Some CRAs also act as FPAs.

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Why do you use them when I have applied to your organisation?
 

Although you have applied to us [Formax Credit (UK) Limited] and we will check our own records, we will also contact CRAs to get information on your credit behaviour with other organisations. This will help us make the best possible assessment of your overall situation before we make a decision.
 

Where do they get the information?

publicly available information: -

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- The Electoral Register from Local Authorities.

- County Court Judgments from Registry Trust.

- Bankruptcy (and other similar orders) from the Insolvency Service.

- Fraud information may also come from fraud prevention agencies.

- Credit information comes from information on applications to banks, building societies, credit card companies etc and also from the conduct of those accounts.

- Company information and information about directors and shareholders comes from Companies House, other publicly available directories and proprietary directories at CRAs

- Information about proprietors of non limited businesses from publicly available directories and proprietary directories at CRAs
 

How will I know if my information is to be sent to a CRA or FPA?
 

You will be told when you apply for an account if your application data is to be supplied. The next section of this leaflet will tell you how, when and why we will search at CRAs and FPAs and what we will do with the information we obtain from them. We will also tell you if we plan to send payment history information on you or your business, if you have one, to CRAs. You can ask at any time the name of CRAs and FPAs.

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Why is my data used in this way?

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We and other organisations want to make the best possible decisions we can, in order to make sure that you, or your business, will be able to repay us. Some organisations may also use the information to check your identity. In this way we can ensure that we all make responsible decisions. At the same time we also want to make decisions quickly and easily and, by using up to date information, provided electronically, we are able to make the most reliable and fair decisions possible.

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Who controls what such agencies are allowed to do with my data?

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All organisations that collect and process personal data are regulated by the Data Protection Act 1998, overseen by the Information Commissioner’s Office. All credit reference agencies are in regular dialogue with the Commissioner. Use of the Electoral Register is controlled under the Representation of the People Act 2000 and the Supplementary Regulations to the Representation of the People Act 2002. Use of data from Companies House, about directors, is controlled under the Companies Act 2006 and The Companies (Disclosure of Address) Regulations 2009

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Can just anyone look at my data held at credit reference agencies?

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No, access to your information is very strictly controlled and only those that are entitled to do so, may see it. Usually that will only be with your agreement or (very occasionally) if there is a legal requirement.

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What Formax Credit does

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• When you apply to us to open a business account, this organisation may: -

  • Check our own records for information on: -

    • Your and your business partners’[ If you are not authorised to give agreement on behalf of your business partners’ for such checks to be carried out they will also need to give their agreement to proceed.] (if you have one/any) personal accounts

    • Your business accounts.

    • Shareholders who are beneficial owners of 25% or more of the business

  • Search at credit reference agencies for information on: -

    • Public data on your and your business partners’ personal credit behaviour

    • Information on the conduct of your and your business partners’ personal credit accounts if you are proprietors of a small business[ A small business is defined as an organisation which might be sole trader, partnership or a limited company that has three or less partners or directors.];

    • your business

    • your business accounts;

    • identity information on beneficial owners of the business

    • If you have one, we may also check your personal financial partner’s[ A financial partner or associate will be someone with whom you have a personal relationship that creates a joint financial unit in a similar way to a married couple. You will have been living at the same address at the time. It is not intended to include temporary arrangements such as students or rented flat sharers or business relationships.] personal accounts too, so you must be sure to tell them that this may happen. We will send a notification to them to this effect.

    • If you are a director, we will seek confirmation, from credit reference agencies, that the residential address that you provide is the same as that shown on the restricted register of directors’ usual addresses at Companies House.

  • Search at fraud prevention agencies for information on your business, you, your personal financial partner, your business partners, beneficial owners and your address(es).

• What we do with the information you supply to us as part of the application: -

  • Information that is supplied to us will be sent to the credit reference agencies.

  • 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 fraud prevention agencies and other organisations involved in crime and fraud prevention.

  • Your data may also be used by us, to offer your business other products but only if permitted.

  • Record information at credit reference agencies about your application, your business, you and your businesses partners.

  • If you provide information about shareholders we will record this information at credit reference agencies So you must be sure that you have the agreement of your business partners and shareholders to disclose information about them.

• With the information that we obtain we will: -

  • Assess this application for credit and/or;

  • Check details on applications for credit and credit related or other facilities;

  • Verify your identity and the identity of, other directors/ business partners and shareholders;

  • Undertake checks for the prevention and detection of crime or fraud and/or money laundering;

  • We may use scoring methods to assess this application and to verify your identity;

  • Manage your personal and/or business account (if you have one) with ourselves;

  • Undertake periodic statistical analysis or testing to ensure the accuracy of existing and future products and services;

  • Any or all of these processes may be automated.

• What we do when you have an account: -

  • Where you borrow or may borrow from us, we will give details of your business account), including names and parties to the account, and how you manage it to credit reference agencies.

  • If you borrow and do not repay in full and on time, we will tell credit reference agencies.

  • We may make periodic searches of our own group records and credit reference agencies to manage your account with us, including whether to continue or extend existing credit. We may also check at fraud prevention agencies to prevent or detect fraud.

  • If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover payment.

• When credit reference agencies receive a search from us they will:

  • Place a credit search "footprint" on your company credit file whether or not this application proceeds. If the search was for a credit application the record of that search (but not the name of the organisation that carried it out) may be seen by other organisations when your business applies for credit in the future.

  • Place an enquiry search on the personal credit files of any director/owner or partner that have been searched. Place an associate enquiry search on your personal financial partner’s credit file, if that is checked. These enquiry searches will not be seen by other organisations if any director/ owner or partner applies for credit in the future.

  • Link together the previous and subsequent names advised by you, of anyone that is a party to the account.

  • Place an enquiry or identification search on the record of any shareholder who is a beneficial owner and who we have checked.

  • Create a record of the name and address of your business and its proprietors if there is not one already.

  Supply to us: -

  • Information about your business or company such as previous applications for credit and the conduct of the accounts and also similar personal credit information in your name, (your personal partner’s name) and of your business partners.

  • Public information such as County Court Judgments (CCJs) and bankruptcies.

  • Electoral Register information on you and your business partners.

  • Fraud prevention information.

  • Confirmation or otherwise that the usual residential addresses supplied by directors match those on the restricted register4[ Wef from October 2009 2 registers will operate at Companies House; a public register available to all and a restricted register available only to public sector organisations and credit reference agencies which may be accessed only for certain specified purposes] held at Companies House (or for those directors’ addresses registered under section 243 of the Companies Act, that the usual residential addresses supplied by directors match those on the credit reference agency’s proprietary business directory).

• When information is supplied by us, to them, on your account(s): -

  • Credit reference agencies will record the details that are supplied on your business and business account including previous and subsequent names of parties to the account and how you manage it/them.

  • If your business borrows and does not repay in full and on time, credit reference agencies will record the outstanding debt.

  • Records shared with credit reference agencies remain on file for 6 years after they are closed whether settled by you or defaulted.

  • Information on shareholders who are beneficial owners will be used and supplied to others only

    • for the purpose of the performance of identity checks

    • with their specific consent

• How your data will NOT be used by credit reference agencies: -

  • It will not be used to create a blacklist.

  • It will not be used by the credit reference agency to make a decision.

  How your data WILL be used by credit reference agencies:

  • The information which we and other organisations provide to the credit reference agencies about you, your business partners and details about your business (see 5e above) may be supplied by credit reference agencies to other organisations and used by them to

    • Prevent crime, fraud and money laundering by, for example checking details provided on applications for credit and credit related or other facilities

    • Check the operation of credit and credit-related accounts

    • Verify your identity if you or your business partner(s) applies for other facilities.

    • Make decisions on credit and credit related services about you and/or your business partner, or your business.

    • Manage your personal, your business partner’s and/or business credit or credit related account(s).

    • Trace your whereabouts and recover debts that you owe.

    • Undertake statistical analysis and system testing.

• How your data may be used by fraud prevention agencies:

  • The information which we provide to the fraud prevention agencies about you, your business partners and your business may be supplied by fraud prevention agencies to other organisations and used by them and us to:

    • prevent crime, fraud and money laundering by, for example: -

      • checking details provided on applications for credit and credit related or other facilities

      • Managing credit and credit related accounts or facilities

      • Cross checking details provided on proposals and claims for all types of insurance.

      • Checking details on applications for jobs or when checked as part of employment

  • Verify your identity if you or your business partner(s) applies for other facilities including all types of insurance proposals and claims.

  • Trace your whereabouts and recover debts that you owe.

  • Conduct other checks to prevent or detect fraud

  • Organisations may access and use from other countries the information recorded by fraud prevention agencies.

  • Undertake statistical analysis and system testing.

• Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.

• Your data may also be used to offer you other products, but only if permitted.
   

How to find out more
 

For information about your personal data you can contact the 3 agencies 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.

• CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414 (Personal credit data only)

• Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to www.myequifax.co.uk

• Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0870 241 6212 or log on to www.experian.co.uk
 

GENERAL
 

Formax Credit (UK) Ltd are committed to safeguarding the personal information of individuals in line with regulations and our business ethics. This privacy policy outlines the practices we follow in protecting personal information and applies to Formax Credit (UK) Ltd and to any person or business we partner with to deliver our services. This notice covers our requirement to provide you with information on how and why we use your personal data and of your rights under the legislation.

This policy (together with each of our Lender and Borrower Terms  and any other documents referred to on it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it.

By visiting our  Site at www.formaxcredit.co.uk (referred to as “our  Site”) you are accepting and consenting to the practices described in this policy.

For the purpose of the Data Protection Act 1998 (the Act), the data controller is Formax Credit (UK) Limited (Company No: 09044698) and our registered office at Tallis House, 2 Tallis Street, London, EC4Y 0AB.
 

DATA CONTROLLER
 

In establishing a relationship with you, whether as a borrower or lender, we will have gathered personal data about you and so we develop responsibilities as a “Data Controller”. Whilst consenting for us to process your data, you possess rights as the “data subject” and these rights are described below. Our responsibilities as a “Data Controller” remain even when we share personal data with partner organisations or individuals. The type of data that is considered personal and the reasons we gather and use these data is described below.
 

PERSONAL INFORMATION
 

We will use personal information about you to help open an account on our platform, conduct legal identify checks, anti-money laundering checks and enable the secure transmission of funds. We will not ask personal information which in the legislation is considered “sensitive”, such as racial, ethnic, political, genetic, health or sexual orientation.
 

LEGAL BASIS FOR PROCESSING PERSONAL INFORMATION
 

We are required to have a “lawful basis” in order to process your personal data. The bases and purposes we use your data are:

 

Purpose of processing

Lawful Basis

To prevent and detect fraud, money laundering and other financial crimes

To meet our legal and regulatory obligations

Providing quotations; arranging and administering contracts

To develop a contract

Arranging Finance

To develop a contract

Provision of information on our products and services

Following your explicit consent*

To notify you of changes in our service

To meet our legal and regulatory obligations

 

*Giving consent is can be reversed and you have a right to withdraw consent when you wish
 

MARKETING
 

We may contact you by email, text, telephone, mail or other agreed means to keep you up to date about our products and services following your consent to do so. This means you will need to “opt in” and we will not assume your consent and require you to “opt out.” You will also be able to change your mind at any time.
 

DISCLOSURE OF YOUR PERSONAL INFORMATION
 

As a necessary part of providing you with the services described above we may need to disclose your personal data to third parties. These may include: Government databases, credit agencies, our payment provider, Regulatory authorities, the Police and other law enforcement bodies.
 

Additionally Formax Credit (UK) Ltd is part of a group of companies called Formax Group. Our Group operates within a Group Privacy Policy and conducts checks to ensure it is being followed. For example, we receive IT support from within our Group and so personal data of our customers may be viewable by some IT staff based aboard. These staff however can only view and not change your personal data and we run checks to make sure this is the case.
 

DATA STORAGE, FRAUD PREVENTION AND DETECTION,
CREDIT SEARCH CONSENT, RETENTION PERIOD, COOKIES, and YOUR RIGHTS
 

Data Storage
 

All of the personal data we hold and process is kept on secure and encrypted servers in the UK.

Fraud prevention and detection

To prevent and detect fraud we may

• Share information about you with other organisations and public bodies including the Police.

• Check and/or file your details with fraud prevention agencies and databases.

• Undertake identity checks and additional fraud searches

You may at any time ask us for details of the Fraud Prevention Agencies and databases we use.

Credit Search Consent

If you are looking for a loan or are named in association with a business loan application we will undertake an assessment to make sure any loan provided is affordable. To do this we will use Credit Reference Agencies who will provide us with a credit report. This report contains personal data that describes your financial history and enables us to make a fair assessment of the suitability of a product for you. You should be aware that a search of your financial history, whether your application is approved or not, is itself routinely recorded as part of your financial history. You may at any time ask us for details of the Credit Reference Agencies we use and there is additional public information about these organisations here: https://ico.org.uk/for-the-public/credit/

 

Data storage
 

Retention Period

Your data will not be retained for longer than is necessary and will be managed in accordance with our data retention policy. In most cases the period will be for a maximum of 7 years following the expiry of an insurance contract unless we are required to retain the data for a longer period due to business, legal or regulatory requirements.

 

Cookies

A “cookie” is a small file that is download onto your device when you access our Site. It helps us distinguish you from other users of our Site and so provide you with a tailored good experience when you browse our Site. We also use cookies to help us improve our Site. For more information on the cookies we use, why and for what purposes see our Cookie Policy.

 

Your Rights 

You have the following rights regarding how we use your personal data

1. To be informed about how we collect and use your personal data – this Privacy Policy

2. To see a copy of the personal information we hold about you.

3. To have inaccurate information corrected or incomplete information completed

4. To have your personal data removed from our files if there is no reason for us to hold it

5. To restrict, in certain circumstance, how we use your personal data

6. To ask us to copy or transfer your personal data held on our files to a different data controller or be given this data for you to transfer

7. To object to your personal data being used for direct marketing or for other limited reasons in certain circumstance

8. To information about any automated decision making process we use, including how you can easily ask for us to intervene in the process should you want to challenge a decision
    

CONTACT
 

Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to us at admin@formaxcredit.co.uk.

 

If you have a complaint about how we use your personal information please contact us at the address below. For any more information on this Privacy Policy to exercise your rights as stated above, just email complaints@formaxcredit.co.uk or call or write to Data Protection, Formax Credit (UK) Ltd, Tallis House, 2 Tallis Street, London, EC4Y 0AB