1st Debt Consolidation Loans
Privacy Policy

Privacy Policy - this should be read in conjunction with our Terms of Use

By accessing our site or using the functionality and options offered within the site, you agree to the terms of use and our privacy policy, as outlined below. IF YOU DO NOT AGREE to these terms of use or our privacy policy, please do not access or use the site.

We reserve the right to change from time to time and at our sole discretion our terms and conditions for the use of the site and our privacy policy.  It is important you read the following information, this explains how your data will be used.

Disclosure & Use Of Your Information

Credit Brokers

If you have applied to a credit broker they will use the information you have provided to:

• Process the application you have made;

• Make, or cause a search to be made, at a credit reference agency (see the note further on) - this search will be shown in any other searches which are made in connection with applications made by yourself and other members of your household. The disclosure of multiple searches may adversely affect your credit profile and may make credit harder for you to obtain.

We have relationships with finance brokers who have built up an enviable range of contacts with many banks, building societies and financial institutions. We can help you find the most competitive secured loan

The broker may also use the information:

• To offer you other products which they make available;

• To pass your details on to a lender or lenders they feel may be willing to lend you money;

• To pass on your details to another broker, if your broker is not able to arrange finance for you;

• To write to you in the future with a view to offering you products they feel may be of interest to you;

• To pass your details to another broker in the future with a view to them offering you products they feel may be of interest to you;

• To permit access to your information by the FISA or other regulatory bodies to ensure that the broker is processing information correctly and complying with regulatory requirements.
   

The broker may keep the information for several years. You can ask for the information not to be used to offer you other products.

Any other broker or lender to whom the information is passed during processing your application may use it in the same way. Every company or person who processes or keeps data has a duty to keep that information up to date and accurate.

Lending Companies

Use of information when application is being processed.

Lenders to whom the application is passed will make wider use of the information than the broker. If you have received any lender documents, they should include a statement telling you what they will do with the information, or telling you where to look to find out what use they will make of it. This statement will usually be near any signature box, or clearly placed on the front page. If the information is not by the signature box there may be an 'information padlock' sign (like the one above) drawing your attention to where the information is.

Almost all lending companies will check the information supplied on loan or mortgage applications with data held by credit reference agencies. 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 search 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.

You should be told if a lender is going to use a credit scoring system.

The lender may check your details with the credit reference agency or with other agencies (see below - other agencies)  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 you give 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.

NOTE - OTHER AGENCIES SEARCHED

As well as the credit reference agencies, there are agencies dealing specially with the checking of application details to identify possible fraud. This is a protection for honest applicants, although it can sometimes cause delays. Details of these other agencies, and a brief outline of their purpose, are given further on in this text.

Nobody has a right to receive a loan. Loans are always granted at the discretion of the lending company.

What if my loan application is not accepted?

Sometimes a lender may not wish to lend. This may be for a number of reasons.

The lender may think you cannot afford the loan. If it is a secured loan, your property may not be of sufficient value.

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. 

Use of information once a loan has been made

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 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 mentioned further on. 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 by 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.

Credit Reference Agencies

The two main credit reference agencies are:

Equifax PLC
PO Box 1140
Bradford
BD1 5US

Experian Limited
PO Box 8000
Nottingham, NG1 5GX

All the FISA lending companies use one or both of these agencies.

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.

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.

Other Agencies

CIFAS

Reports from CIFAS relating to fraud and fraud avoidance are also available to its members (most lenders) - these contain information indication 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.

CML Repossession Register

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.

GAIN

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.

HUNTER

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 used any of the above agencies they will be able to confirm their contact addresses.

All Agencies, Brokers and Lenders

You are able to see what information any of the above hold about you. You can ask them for a copy at anytime. They must also tell you where the information was obtained. You will need to write and they may charge a small fee (£10 maximum). The firm will have to reply within 40 days from receipt of their fee.

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 Data Protection 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 copy of the free leaflet by writing to:
No Credit Leaflet, PO Box 99, Nelson, BB9 8GS.
Information is also available at http://www.informationcommissioner.gov.uk

Collection of personal information

When using our site, you will be asked to provide personal information in relation to your enquiries about a specific financial or non-financial product or service. It is on a completely voluntary basis that your are disclosing your personal information.

Use of personal information

When you submit personal information on this site, you understand and agree to be solicited by mail, telephone, email or mobile messaging regarding the products about which you have enquired or regarding any other financial or non-financial services or products that we, to the best of our knowledge, believe to be relevant.

In addition to dealing with your enquiry, your personal information will be used by ourselves and associated companies to keep you informed by mail, telephone, email or mobile messaging about financial or non-financial services and products which we believe to be relevant to you.

Removal of your personal information

Your personal information is recorded and processed on a fully voluntary basis. If you no longer want us to keep you informed about services and products that we and associates are offering you can request your personal information to be removed from our system: please email us at enquiries @ 1st-debt-consolidation-loans.co.uk with your full name, address, email and telephone number. We will accordingly remove your personal information from our system.

If you have any query regarding privacy please email us at: enquiries @ 1st-debt-consolidation-loans.co.uk
 

Loans are secured on your home.  Think carefully before securing other debts against your home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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