Data Protection Act
V Loans will pass the data that you provide to it to third parties that they consider may be able to assist you to obtain a financial product. V Loans will contact you directly with the best financial product to suit your individual circumstances once credit reference searching and product sourcing has taken place.
If, during the course of its relationship with you, V Loans considers that you would benefit from certain financial products and services, it may make you aware of and recommend suitable financial products and services.
V Loans will search your record at credit reference agencies and that of your 'financial associate' if you have one, i.e. a person with whom you have, or have had, joint personal financial arrangements such as joint accounts or have made joint credit applications. It may be your spouse or partner (not a business partner). V Loans may also, in certain limited circumstances, check the record, including credit details, of other members of your family and, if you are a director or partner in a small business, V Loans may also check on your business.
If you tell it that you have a financial associate, V Loans will search, link and record information about you both at credit reference agencies. You must be sure you have your financial associate's agreement to disclose their information.
What the credit reference agencies will do:
Whether or not this application proceeds, the credit reference agency will place a record of V Loans' search on your credit file. This record (but not V Loans' name) will be seen by other organisations when you apply for credit in the future. A large number of applications within a short period of time could affect your ability to obtain credit.
Whether or not this application proceeds, the agencies will link your records and those of your financial associate(s), including any previous and subsequent names. These links will remain on your and their files until you or V Loans tells the agency you are no longer financially linked and the agency accepts this.
The agencies may supply V Loans with credit information, such as previous applications, the conduct of accounts in your and your financial associate's name, any business accounts you have, fraud prevention information and public information such as County Court Judgments, bankruptcies and the Electoral Register.
How V Loans and others use the agency information:
Some information held by the credit reference agencies will be disclosed to V Loans and other organisations to, for example:
* prevent fraud and money laundering, for example by
checking details on applications for credit and credit-related or other
facilities, proposals and claims for all types of insurance and job applications
and employee records;
* recover debts that you owe and trace your whereabouts;
* manage credit accounts and other facilities;
* verify your identity;
* make decisions on credit, insurance and other facilities, about you,
your financial associate(s), members of your household or your business;
and
* carry out statistical analysis to help with decisions about credit and
account management.
The information held by these agencies 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.
Please call V Loans on freephone 0845 618 0280 if you want details of those credit reference agencies from which V Loans obtain, and to which V Loans pass, information about you. You have a legal right to these details.
You have the right to receive a copy of the information V Loans holds about you if you apply to it in writing. A fee will be payable.
