Pay4 will process (collect, store and use) the information you provide in a manner compatible with the EU’s General Data Protection Regulation.
Credit Reference Agencies
You understand that when we assess any credit application, including any future request for new or increased facilities, we will use the information (including information about the conduct of any existing facility) for credit assessment, which may include credit scoring.
We may make any enquiries relating to you and the business, that we consider necessary (for example, from another financial institutions) and search the files of credit reference agencies at your home and business address, who will keep a record of each search. The credit reference agencies will supply both public (including the electoral register) and shared credit and fraud prevention information. This could affect your ability to get credit elsewhere within a short period of time. 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. Details about any applications (whether or not they go ahead) will be recorded at the credit reference agency, including information on the business and its proprietors, and credit reference agencies may create a record of the name and address of your business and its proprietors if there is not one already. A financial link between joint applicants or between you and any named business partner or individual will be created at the credit reference agency. This will link your financial records (including records of any previous and subsequent names), where each will be taken into account in all future applications by either or both of you. If an association linking your financial records with those of any other person already exists at the credit reference agency, any applications will be assessed with reference to these associated records. This situation will continue until one of you successfully files a ‘disassociation’ at the credit reference agency. We will also pass details about you, the business and the conduct of your account (if this application is successful) to credit reference agencies. You understand that this will include any failure to make agreed payments, and that this information may affect your ability to get credit.
Pay4 are members of the Equifax credit data sharing arrangement. Each organisation that shares financial data with Equifax is also entitled to receive similar kinds of financial data contributed by other organisations. These organisations are typically banks, building societies, and other lenders, as well as other credit providers like utilities companies and mobile phone providers.
Verifying your identity and fraud checks
Before we can approve a facility for you, we and other organisations may search and use the records held by credit reference and fraud prevention agencies to prevent and investigate crime, fraud and money laundering, in order to prevent or detect fraud. We may make searches at credit reference agencies who will supply us with information, including information from the electoral register, for the purposes of:
- to check details on applications for credit facilities
- to verify your identity
- to manage credit and credit-related facilities
- to recover debt and trace your whereabouts
Scoring methods may be used to verify your identity. A record of this process will be kept that may be used to help other companies to verify your identity. If false or inaccurate information is provided and fraud identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
For further information on credit scoring, please refer to:
www.callcredit.co.uk/
We will endeavour to keep your information accurate and up to date, and not keep it for longer than is necessary. Pay4 is required to retain information in accordance with the law, such as information needed for audit purposes. How long certain kinds of personal data should be kept may also be governed by specific business-sector requirements and agreed practices.
Personal data may be held in addition to these periods depending on individual business needs. Details of our record retention schedule is available on request from our Data Protection Representative (detailed below).