What we do with your info
We take your need for privacy seriously, so we try our hardest to limit the amount of data we share and store to as little as possible.
We aim to keep everything as simple and as free flowing as we can here, and we wish to do this with all the legal jargon and privacy guidelines too.
We don’t wish to bog you down with monotonous spiel that doesn’t make sense or doesn’t resonate with customers; but we do have a duty to provide people with all the details that they need to know regarding how we deal with people’s personal information and data.
We often find that people don’t tend to read these bits of information because they are often put off by the wordiness of the piece, as well as the overuse of technical language.
What we do – summary
We are a credit broker. The main aim of our organisation is to pair borrowers (you) with lenders.
We gather information that you provide to us through an application form, and then electronically pass this through to the batch of lenders that we work closely with in a bid to find a lender that best suits your requirements.
That is the only reason we use a customer’s data – with a view to finding them a lender and a loan. We do not use personal data for anything other than the aforementioned.
Lenders will then scour through the online application that has been sent to them and make a decision based on the information they have. At this stage they will also more than likely conduct a few searches with the Credit Reference Agency and the Fraud Agency to ensure that all details match up to what is on the application form.
The above is a perfectly normal move for lenders to do, so you shouldn’t feel insulted if they run searches on your credit file – lenders have to protect their interests as well, by lending to genuine people.
Basically, all you need to know is that we will not use your data for any other purpose other than finding you a loan. Your data will not be used for marketing, for instance, unless you specifically select that you wish for your information to be used in this way. If you do, you can ‘opt in’ for this to become the case. By providing your personal information to us through our application form, you are giving us the go ahead to process this information in accordance with our privacy notice.
Legal basis and the purpose of processing data.
By law we have to provide a breakdown of the legal basis in which we process information; we also have to give a direct purpose for doing this.
Why we need your data
In terms of purpose: the data provided is being processed by us with a view to finding you (the customer) a loan.
The legal basis that we use for processing this data: processing information that has been provided is compulsory for us if we are to carry out the job of credit broker. The customer has asked us to find them a loan – that is the legal basis for us processing personal information.
Let us please stress again, that we do not use a customer’s data for anything other than the job of sourcing a loan.
Gathering and utilising data
We only collect data from the application form that you are required to fill in. We, as credit brokers, do not source information from any other avenue. We only collect information from the application form on our website.
This means that the only information that we need to have about you is basic. Things such as contact details, date of birth, income and current address will be all we need to process to get the ball rolling.
We utilise the data that you enter into our electronic form to get you the loan that you require. It takes us seconds to transmit this data across – once we have sent the information across to the pool of lenders, our system is wiped clean and there will be no data of yours on our system.
Our job of sourcing lenders will be complete, which is why we need not store any customer data after this process has been completed.
As already mentioned, when you liaise with lenders and accept a loan offer from a lender, you will then comply with the data policy of that particular lender. It will then be up to you to familiarise yourself with their data policy. It would be prudent to do this as they may use your data for marketing purposes – everyone differs when it comes to data, so it is always worthwhile taking note.
Who we share your data with
Again, it is our duty by law to tell you who we pass your information on to, and the reason that we do this.
As a credit brokering service it is pretty obvious who we will need to pass data on to.
The recipients of your data passed on from us are: authorised and regulated lenders/authorised and regulated credit brokers.
Please be aware that we only knowingly send information to brokers and lenders that operate in the UK and EEA. We do this so that we know your data is safe and is being used in the correct way. Organisations operating in the UK or EEA have to comply with all regulations and restrictions set out by the Data Protection Authority – this is the governing body that helps to protect the usage and sharing of people’s personal data.
Retention, GDPR and your general rights
When it comes to retention, we don’t really have anything to add – we do not retain or store any data on our customers. As soon as the application form is filled in, we safely transfer this onto the lenders and wipe the data that was provided to us off of our system with immediate effect.
The new GDPR system has provided people with far more access to the personal information that companies can store about them. People can question the information companies hold on them, and can consequently make certain demands about how that information is processed.
There are many rights that people can exercise if they so wish.
These include: the right to rectification and the right to access.
The former gives people the right to demand that data be amended if it is spotted to be inaccurate or incomplete. Should you have had an address change, for instance, and you spot that the data a company currently holds has shown the wrong address, you have the right to ask that this be amended with immediate effect.
From our point of view, this wouldn’t be necessary as we do not store any data – so there would be no information to rectify.
You, the customer, also have the right to access.
This basically means you have the right to see the status of any application where you have entered information. You have the ability to ask for confirmation that your information is being processed, for instance, and you also have the right to access all the information that has been collected about you. This right is aimed at opening doors and breaking down the boundaries between customers and companies, and allows customers to see just what information companies can have on them.
Other rights include:
- Rights to restrict the processing of dataRights to erasure
- Rights to data portability
- Rights to object
With regards restricting the processing of data – regulations state that you have the right to prevent or block any processing of information you have provided.
From our point of view, this wouldn’t be needed as we only store data for a couple of minutes’ maximum before our system is wiped clear of applicant’s data. This inevitably means we wouldn’t have anything to process anyway.
As you are well aware, we pass the data received onto third party lenders in a bid to find you a loan – if you wish for the processing of your data to be stopped, we can inform the third parties of this decision on your behalf.
The right to erasure basically means you have the right to ask that your personal information is wiped from the system. (We do this anyway, so there would be nothing to erase.)
Then there is the right to data portability. This basically allows customers to ask for the information that they have submitted to be sent back to them in a machine readable form that is compatible with most systems. A customer may wish to ask for this service so that they don’t have to keep inputting the same information into many different forms. This would make it easier for a customer to switch providers/lenders if they ever wished to – without the hassle of inputting the same information again.
Finally, the right to object is a right that can also be executed whenever a customer gives the go ahead.
Regulations state that you have the right to object to your information being processed for: marketing purposes, for research purposes and for our own interests. Customers to our organisation will not need to exercise this right, however, as we don’t do anything other than pass information on to third party lenders anyway. We don’t use information for marketing or any other reason.
We endeavour to make our customers as happy as possible, but we don’t just mean by finding them a loan and providing a straight forward service in which they can get the money that they so desperately need - we also want them to be happy because they are safe in the knowledge that we care about their personal information and only use it to find them a loan.
If any customer is unhappy with how we have dealt with data handling or personal information, however, they are well within their rights to lodge a complaint with the Information Commissioner’s Office.
The ICO is the supervisory authority for all things data and data protection. So, as a customer, you can contact them if you have any grievances with how your data has been handled.
Details as follows:
· Phone – 0303 123 1113
· Live Chat – Via https://ico.org.uk/concerns/
· Post – Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF
As a company we would also like to hear feedback about how we have done with regards data handling. If there is anything that you are unhappy with, we would always strive to put this right or come to some resolution or agreement. As already stated – customer satisfaction is all important to us. So, please, if there is anything that you want us to improve upon, do let us know.
In terms of legality, you do not have to provide us with any of your personal data if you do not wish to. Please be aware, however, that if you do decide to exercise this right, we will not be able to provide our service to you. The whole job of credit brokering involves gathering your personal data, and passing it on to prospective lenders with a view to finding you a loan.
You have the right to challenge a decision that has been made by automated processing. In this instance your rights would include; obtaining human intervention, obtaining an explanation of the decision and then challenging it, and expressing a point of view.
Finally, please be aware that our website is loaded with all the latest security features – meaning your information and data is guaranteed to be safe in our hands. When we transfer the application off to third party lenders, we ensure that all information is encrypted and is as safe as it possibly can be.