Colenko Ltd operates the www.colenko.com website, which provides the SERVICE. This page is used to inform website visitors regarding our policies with the collection, use, and disclosure of Personal Information if anyone decided to use our Service, the www.colenko.com website.
We will always process any personal data about you in compliance with the European General Data Protection Regulation (“GDPR”).
Information Collection and Use
For a better experience while using our Service, we may require you to provide us with certain personally identifiable information, including but not limited to your name, phone number, and postal address. The information that we collect will be used to contact or identify you.
We will process (collect, store and use) the information you provide in a manner compliant with the GDPR. We will endeavour to keep your information accurate and up to date, and not keep it for longer than is necessary.
We want to inform you that whenever you visit our Service, we collect information that your browser sends to us that is called Log Data. This Log Data may include information such as your computer’s Internet Protocol (“IP”) address, browser version, pages of our Service that you visit, the time and date of your visit, the time spent on those pages, and other statistics.
Cookies are files with small amount of data that is commonly used an anonymous unique identifier. These are sent to your browser from the website that you visit and are stored on your computer’s hard drive.
Our website uses these “cookies” to collection information and to improve our Service. You have the option to either accept or refuse these cookies, and know when a cookie is being sent to your computer. If you choose to refuse our cookies, you may not be able to use some portions of our Service.
We may employ third-party companies and individuals due to the following reasons:
To facilitate our Service;
To provide the Service on our behalf;
To perform Service-related services; or
To assist us in analysing how our Service is used.
We want to inform our Service users that these third parties have access to your Personal Information. The reason is to perform the tasks assigned to them on our behalf. However, they are obligated not to disclose or use the information for any other purpose.
Credit and Fraud Prevention Agencies
In order to process your application we will supply your personal information to credit reference agencies (CRAs) and they will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.
We will also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates.
What credit reference and fraud prevention agencies do
When credit reference agencies receive a search from us they will:
- Place a credit search “footprint” on your company credit file whether or not your application proceeds. If the search was for a credit application the record of that search (but not the name of the organisation that carried it out) may be seen by other organisations when your business applies for credit in the future;
- Place an enquiry search on the personal credit files of any director/owner or partner that have been searched. Place an associate enquiry search on your personal financial partner’s credit file, if that is checked, if they are a director. These enquiry searches will not be seen by other organisations if any director/owner or partner applies for credit in the future;
- Link together the previous and subsequent names advised by you, of anyone that is a party to the account;
- Place an enquiry or identification search on the record of any shareholder who is a beneficial owner and who we have checked;
- Create a record of the name and address of your business and its proprietors if there is not one already.
Credit reference agencies supply the following information to us
- Information about your business or company, such as previous applications for credit and the conduct of the accounts and also similar personal credit information in your name and of your business partners;
- Public information such as County Court Judgments (CCJs) and bankruptcies;
- Electoral register information on you and your business partners;
- Fraud prevention information; and
- Confirmation or otherwise that the usual residential addresses supplied by directors match those on the restricted register held at Companies House (or for those directors’ addresses registered under section 243 of the Companies Act, that the usual residential addresses supplied by directors match those on the credit reference agency’s proprietary business directory).
What credit reference agencies do with your data
Credit reference agencies will keep records of outstanding debt on file for six years after they are closed, whether settled by you or defaulted.
Your information will not be used by credit reference agencies to create a blacklist or to make a decision.
The information which we and other organisations provide to the credit reference agencies and fraud prevention agencies about you, your business partners and details about your business may be supplied by credit reference agencies and fraud prevention agencies to other organisations and used by them to:
- Prevent crime, fraud and money laundering by, for example checking details provided on applications for credit and credit related or other facilities;
- Check the operation of credit and credit-related accounts;
- Verify your identity if you or your business partner(s) applies for other facilities;
- Make decisions on credit and credit related services about you and/or your business partner, or your business;
- Manage your personal, your business partner’s and/or business credit or credit related account(s);
- Trace your whereabouts and recover debts that you owe;
- Conduct other checks to prevent or detect fraud; and
- Undertake statistical analysis and system testing.
Organisations may access and use from other countries the information recorded by fraud prevention agencies.
Credit Reference Agency contact details
You can contact the CRAs currently operating in the UK; the information they hold may not be the same so it is worth contacting them all.
- CALLCREDIT, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414
- EQUIFAX PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to www.myequifax.co.uk.
- EXPERIAN, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to www.experian.co.uk.
The identities of the CRAs, and the ways in which they use and share personal information, are explained in more detail in the Credit Reference Agency Information Notice (CRAIN) which can be access via any of the following links:
What is Open Banking?
Open Banking is the secure way of providing access to your bank or building society account to providers who are registered for this purpose.
Registered providers and participating banks and building societies are listed under the Open Banking Directory.
Open Banking was set up by the UK Government to encourage more competition and innovation in the financial services sector.
As a forward thinking lender, we support the use of Open Banking as it allows us to process loan applications efficiently, securely and in our consumer’s best interests.
By permitting access to your bank or building society account information we are able to make a better lending decision as we shall be able to verify your income, outgoings and other matters in order to assess what loan terms would be suitable for you based upon what you can reasonably afford to repay.
Further information about Open Banking is available from www.openbanking.org.uk
How will my personal data be shared and used for the purposes of Open Banking?
By proceeding with your loan application you expressly consent to us sharing your personal, contact and loan application details (“the Shared Personal Data”) with our registered Open Banking partner, Perfect Data Solutions Limited (“PDS”) who are also a credit reference agency. During your loan application we shall safely and securely direct you to PDS’s secure portal (“the Portal”) for the purposes of granting PDS access to your bank or building society account information (“Transaction Information”). As soon as your Transaction Information is received it shall be reported back to us in the form of a completed search in order that we may continue to process your loan application (“the Permitted Purpose”).
Further information about PDS including their registered provider and regulatory status is available from www.lendingmetrics.com.
Is Open Banking secure?
PDS are registered under the Open Banking Directory as an account information service provider and are also regulated by the Financial Conduct Authority as a payment services firm under number 802599. Any data you submit via the Portal will be encrypted and its usage tracked as part of set Open Banking data security standards.
We are responsible for the secure transmission of any Shared Personal Data to PDS, for safely directing you to the Portal and for the safe receipt and usage of your Transaction Information.
You will not be required to share your banking password or log in details with either us or PDS. Once you have given your explicit consent to share your bank account information on the Portal you will be directed to your own bank or building society’s login page where you will enter in your own login details directly.
How will my Shared Personal Data and Transaction Information be used?
PDS shall be entitled to re-access your Transaction Information for up to 90 days from the date of your original search result in order to refresh the search results, obtain a snapshot of your data or gather additional data.
As PDS are also a credit reference agency they may also share and keep a record of your Shared Personal Data and Transaction Information.
Will you use my Transaction Information data for any other purpose?
The Transaction Information we receive about you will only be used for the Permitted Purpose. We do not sell or share Transaction Information with any third party.
Do I have to provide you with my consent to proceed?
By registering your details with PDS and by using the their website you consent for PDS to contact your bank or building society (“Account Provider”) and to retrieve, collate and profile your Transaction Information and provide this to us in the form of a search.
Where your bank or building society have already permitted access to your Transaction Information you shall need to contact them directly in order to withdraw your consent under their particular Open Banking terms and conditions.
Under Open Banking as your personal data is shared by your bank or building society and accessed by PDS you may also be able to exercise your individual data protection and privacy rights against either of them pursuant to their own terms and conditions and privacy policies.
We value your trust in providing us your Personal Information, thus we are striving to use commercially acceptable means of protecting it. But remember that no method of transmission over the internet, or method of electronic storage is 100% secure and reliable, and we cannot guarantee its absolute security.
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