Merchant Money Ltd (We/Us)
Northants NN10 8BW
- “Business” refers to the business entity that is entering into this agreement with Merchant Money Ltd
We recognise how important it is to protect and manage the information you share with us. We use computer safeguards such as firewalls and data encryption, we enforce physical access controls to our buildings and files, and we only authorise access to those employees who require it to fulfil their job responsibilities. When you share data with us through the website, that information is protected by secure socket layer (SSL) encryption.
How we collect your information
We collect information about you in a number of ways. We capture information at the application stage on-line and during any telephone calls and when you provide documentary information while the Business has a loan facility. You agree for us to collect information from outside sources such as credit reference agencies (CRAs) and other customer data providers.
We may use the telephone, email, SMS or letter to contact you to complete and fulfil your loan application(s). All telephone calls will be recorded for training and/or monitoring purposes. If you agree for us to contact you subsequently with periodic marketing offers by indicating on your application, we will also use these contact channels for that purpose.
Information we hold
We will hold and use the following details about you and the Business:
- your name(s), address(es), phone numbers, email address, date of birth(s) and banking and financial details;
- information we receive when making a decision about you, the organisation, your loan or application (including information collected from the CRA’s).
- details of the loans you have and have had with us and all transactions;
- details of when you contact us and when we contact you;
- any phone number(s) that you call us from and use them to contact you.
- any other information which we reasonably need to operate your account, make decisions about you or fulfil our regulatory obligations.We will hold your information on our systems as follows:
- If you have taken out a loan – 6 Years
- If you have had a loan declined – 3 Years
- If you have opted to accept marketing materials, we will hold your contact details (email address, telephone number, name and address) for up to 3 years from the time you last interacted with us. You may opt out of this at any time by contacting us at firstname.lastname@example.org
- If you commence an application with us but this application is not completed, we will retain your data for no more than 30 days in order for us to proceed with your application should you return to it within the 30 day time period
Your data may also be used for other purposes for which you give your permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
How we use your information
We are the data controller and may use data that identifies the Business or its director(s), partner(s), member(s) or guarantor(s) (“your personal data”) to: assess any application for credit; manage your loan(s); perform statistical analysis; develop and improve our products; update your records; assess on-going lending risks; identify, prevent, detect or tackle fraud, money laundering and other crime; carry out regulatory checks; keep you informed about your loan; carry out market research and related purposes.
When you provide your information to us, you are consenting to sharing it with our agents and other third parties as further described herein:
- Where we are unable to provide you with credit we may disclose your personal information to third parties who may be in a position to arrange credit for you. Such third parties may contact you with products and services which they think may interest you or help you access credit. If Merchant Money transfers your information to third parties we will ensure that such transfer is carried out securely and in accordance with applicable privacy law. If you wish to opt out of this option, please email “opt out” to email@example.com
- With any firm, organisation or person we use to help us operate our lending business, to collect payments and recover debts or to provide a service on our behalf
- With any firm, organisation or person in conjunction with whom we provide products and services
- With any payment system we may use
- certain authorities in order to detect and prevent terrorism (including to authorities outside the UK)
- With any person to whom we sell or transfer (or enter into negotiations to sell or transfer) our business or any of our rights or obligations under any agreement we may have with you. If the transfer or sale goes ahead, the transferee or purchaser may use your personal information in the same way as us
- With regulatory and governmental authorities, ombudsmen, or other authorities, including tax authorities, including those overseas, where we are requested by them to do so
- With Credit Reference Agencies and Fraud Prevention Agencies or any similar organisation which provides a centralised application matching service that collects information from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud. We may also provide information to third parties to help them to make decisions about whether to lend to you, allow you extended payment terms or otherwise do business with you
- Credit Reference Agencies (CRAs) and Fraud Prevention Agencies (FPAs)
When you apply to us for a loan, we will check the following personal and business records about the director, partner, or member that signs this agreement on behalf of the organisation (the “main applicant”):
- our own records;
- records of CRAs;
- records of FPAs.
We check the records of CRA databases which relate to the main applicant’s personal and business activities.
We will make checks such as assessing the application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage our relationship with you.
The agencies will link your records to those of your financial associate(s), including any previous names. These links will remain on your files until you or they tell the agency that you are no longer financially linked and the agency accepts this.
When CRAs receive a search from us they will place a search on the credit file of the applicant(s) that may be seen by other lenders. This footprint differs from a consumer lending search and is less likely to impact the main applicant’s ability to obtain personal finance in the future. However, large numbers of credit applications within a short time period may impact the main applicant’s ability to obtain business finance in the future (as a director or a linked individual).The CRAs supply to us both public (including the electoral register) and shared credit and fraud prevention information. If you are a director, we may also seek confirmation, from credit reference agencies, that the residential address that you provide is the same as that shown on the restricted register of director’s usual addresses at Companies House.
When you borrow from us or guarantee a loan, we will give details of your loan(s)/account(s) and how you manage it/them to CRAs. If you borrow, or guarantee a loan, and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPA’s to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted. We will report such activities against the Business.
The Credit Reference Agencies that we use are Callcredit Limited (registration number 03961870) with registered office at One Park Lane, Leeds, West Yorkshire, LS3 1EP. You may call them on 0845 366 0071 or visit their website at www.callcredit.co.uk. We may also use Experian Ltd, who can be contacted via their Consumer Help Service, PO Box 8000, Nottingham NG80 7WF. You may contact them on 0844 4818000 or visit their website at www.experian.co.uk.
If you give us false or inaccurate information and we have reasonable grounds to suspect fraud or we identify fraud we may record this and will also pass this information to fraud prevention agencies and it may also be passed onto other organisations involved in crime and fraud prevention. We and other organisations may also access and use such information to prevent fraud and money laundering, for example, when (i) checking details on applications for credit and credit related or other facilities; (ii) managing credit and credit related accounts or facilities; (iii) recovering debt; (iv) checking details on proposals and claims for all types of insurance and (v) checking details of job applicants and employees. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
Access to your information
Under the Data Protection Act 1998, you have a right to access certain personal records we hold about you. This is called a “Subject Access Request”, which you can make by email to firstname.lastname@example.org or by writing to us at the address above. A fee may be payable, but we will not charge you until we have told you how much the fee is and what it is for, and you have told us you still want to proceed.
We want to make sure that your data is accurate and up-to-date. You may ask us to correct or remove any data that you think is inaccurate.
To apply for loan facilities with us you must be a minimum 18 years of age.