Pay4Later receives, holds and processes information relating to individuals ("personal data") in accordance with the Data Protection Act 1998. In doing so, Pay4Later is committed to maintaining the privacy and protection of all personal data collected in pursuance of its services and ensuring that our websites are absolutely secure in their collection and use of your personal information.
Please note that this Policy applies only to this site and not to the sites of organisations to which we provide links. We are not responsible for the privacy policies or practices of such other organisations and you should make your own enquiries in respect of them.
The general principles that Pay4Later will follow at all times are set out below.
Pay4Later collects and processes your personal data in order to provide you with an online consumer credit brokerage service. As a credit broker Pay4Later will use your personal data provided on your completed application form to carry out the following functions:
Information will be stored for only as long as is needed or required by statue and will be disposed of appropriately when required.
Lenders to whom the application is passed will make wider use of the information than a broker.
Almost all lending companies will check the information supplied on loan applications or mortgage enquiries with data held by credit reference agencies. The lender may search on more than one occasion. Every time a search is made it is recorded by the agency and disclosed to other organisations on any later searches.
Lenders will use the information obtained in the credit reference searches to help them assess the application and they may use the result of any search in a credit scoring system. A credit scoring system is a system by which points are given for various factors like your age, your job or even for information obtained from a credit reference agency, such as how you have repaid previous or existing credit. Lenders use different methods of scoring depending upon their interpretation of the importance of different factors and the level of risk they are willing to accept.
The lender may check your details with the credit reference agency or with other agencies (see 'other agencies' section) to satisfy itself that all the details on the application are true, and that the application has really been made by you. If it suspects information is false or inaccurate it may report it to a fraud prevention agency. Please ensure the information is true as lending companies will check with fraud prevention agencies and if you give false or inaccurate information, and the lender suspects fraud, it will record this.
Sometimes a lender may not wish to lend. This may be for a number of reasons. The lender may think you cannot afford to repay the loan.
A lender does not have to tell you exactly why you have been refused a loan but you can ask them for the name and address of any credit reference agency used and they will supply this information free of charge.
If you are refused credit because of a computerised credit scoring system you can ask the lender for an explanation of how their credit scoring works (this applies only if the decision has been made on the basis of a computerised system alone). The lender may charge a small fee for providing this information. You also have the right to require a personal, non automated review of the decision.
Nobody has a right to receive finance. Finance is always granted at the discretion of the lending company.
All lending companies keep information about their customers in their own records. This will include all the initial information given by you, and extra information about how your account has been run and any other dealings between you and the lender.
Lenders will record the conduct of any loan throughout its duration, including how punctually the payments are made and other information, with one or more of the credit reference agencies. This enables them, and others, to make decisions about credit and credit-related services for you and other members of your household including decisions on motor and household credit, life and other insurance proposals and insurance claims.
Information may also be provided to the 'other agencies' listed below. These will help lenders and other subscribers to those agencies to trace debtors, recover debt, prevent fraud and to check your identity to prevent money laundering. In particular, any difference between the information given by you or your broker and any later information discovered by the lender is likely to be noted.
Lenders may also use your information for statistical analysis about credit, insurance and fraud. This may be done by them or by third parties contracted to do the work for them. If they use a contractor, they are obliged to ensure that your data is properly secure. Many lenders will also need to give information about you and your account to their bankers, other providers, insurers and re-insurers of funding for their lending or any other product they have offered to you.
If your broker or lender intends to use your information for any purposes not included above, it will explain this in its documents. Brokers and lenders are under a legal duty to keep all the information they hold accurate and up to date. The agencies do not keep "blacklists" nor do they give any opinion about whether or not credit should be granted. They do have a duty to keep information up to date and accurate.
The main credit reference agencies are:
All lending companies use one or more of these agencies. Credit reference agencies keep a wide range of information. This includes information from the electoral roll (sometimes known as the voters roll) and records of most county court judgements and bankruptcies. They also retain information relating to previous and existing credit and a record of searches made against the file. The lenders share information through the agencies providing a history of how punctually payments are being made or have been made. Loan information is usually held on file for 6 years. Details of the voters roll may be held for much longer. Information about credit searches is kept for up to two years.
Reports from CIFAS relating to fraud and fraud avoidance are also available to its members (most lenders) - these contain information indicating that fraud, or attempted fraud, has been notified by a lender. The information might not directly relate to you, it might relate to someone who has tried to impersonate you. Data available to members of CIFAS, may also be used to help make decisions on motor, household, credit, life and other insurance proposals for you and members of your household.
The Council of Mortgage Lenders, Repossession Register is available to its members through the main credit reference agencies. If you have had a property repossessed or have given it up voluntarily this will show on the register.
A file may also show a "gone away" marker indicating that a member of the "Gone Away Information Network" has reported that they cannot trace a customer who is in arrears with payments. Alternatively, the marker may indicate a new address which the "gone away" has been traced to.
Files in this register contain detailed information on applications made and loans given. It is aimed at tracing fraudsters who use different combinations of information to obtain credit dishonestly. It checks and counter checks information given on application forms.
If your broker or lender uses any of the above agencies they will be able to confirm their contact addresses. CIFAS information is intended to warn lenders and act as a protection for innocent customers.
If you wish to see the information contained on a credit reference agency file you can do so by writing to the relevant agency. The agency must respond within 7 working days. There is a small fee of £2 required. If your credit reference file contains information about other people with whom you have no financial connection or if it contains information which is incorrect you can ask for the entry to be corrected, removed, or have a note put on the file explaining why you think the information is wrong. The agency will not remove correct information.
The Information Commissioner provides a useful leaflet which explains how to request changes to your credit reference file. The easy to read leaflet includes examples of letters and details of various actions you may take to amend a file. You can obtain a copy of the free leaflet by writing to:
Information is also available at http://ico.gov.uk/
Should you wish to obtain a copy of the personal data we hold on you please write to the Compliance Department, Pay4Later Limited, Exchequer Court, 33 St Mary Axe, London, EC3A 8AG, enclosing payment of £10 for our administration costs. As soon as we are satisfied as to your identity we will send you, within 40 days, a copy of all the data we hold concerning you. Please contact us at the same address if you have any reason to believe the data we hold on you is inaccurate.
Like many websites, when you visit our website we issue a 'cookie' or unique code that allows us to identify your computer. We use the cookie to record where applicable, the website that referred you to our site and to note the different areas of our website recently accessed through your computer - it is only used in relation to our website and not in relation to any other websites you may visit. We may use the information collected in this way to tell you about services or products which might be of interest to you when you make further visits to this website.
Pay4Later shall collect and process all personal data in respect of its data subjects in line with the following data protection principles:
Pay4Later shall implement technical and organisational measures to protect personal data against accidental or unlawful destruction, or accidental loss or alteration, and unauthorised disclosure or access (in particular where the process involves transmission of personal data over a network) and against all other unlawful forms of processing.
Pay4Later shall ensure a level of security appropriate to the risk represented by the process and nature of their personal data to be protected, having all due regard to the state of the art and costs measures.
Databases which contain sensitive personal data shall be protected by fire walls and access passwords.