In simple terms the Data Protection Act requires companies and individuals who process and retain information about their customers to tell the customer how the information will be used and to what purposes it will be put. The Act does not restrict itself only to information kept on a computer; it is relevant to any ordered filing system. The information below describes how your data will be processed. If your information is to be processed differently the trader will tell you.
The GLOBAL FUNDING SOLUTION Group ("GLOBAL FUNDING SOLUTION") comprises the following entities:GLOBAL FUNDING SOLUTION, GLOBAL FUNDING SOLUTION Money Limited, GLOBAL FUNDING SOLUTION Money (ii) Limited This Privacy Statement is observed by all entities that form part of the GLOBAL FUNDING SOLUTION Group. GLOBAL FUNDING SOLUTION, holds and processes information relating to individuals ("personal data") in accordance with the Data Protection Act 1998 ("DPA98"). In doing so, GLOBAL FUNDING SOLUTION is committed to maintaining the privacy and protection of all personal data collected in pursuance of its broker and loan services. GLOBAL FUNDING SOLUTION is further committed to ensuring that its websites are absolutely secure in their collection and use of your personal information. All entities that comprise GLOBAL FUNDING SOLUTION are registered on the public register of data controllers maintained by the Information Commissioner.The general principles under the DPA98 that GLOBAL FUNDING SOLUTION will follow at all times are set out below.
GLOBAL FUNDING SOLUTION'S COLLECTION AND USE OF YOUR PERSONAL DATA
GLOBAL FUNDING SOLUTION collects and processes your personal data in order to provide you with a loan broker service, or in the case of GLOBAL FUNDING SOLUTION Money Limited or GLOBAL FUNDING SOLUTION Money (2) Limited to provide you with lending facilities. As a credit broker GLOBAL FUNDING SOLUTION will use your personal data provided on your completed application form to carry out the following functions: Process the application itself by reference to lender information. Provide your information to a credit reference agency for searches to be made. Pass your application in its entirety to an alternative broker when GLOBAL FUNDING SOLUTION cannot assist in brokering you a loan. We may also use your information (with your consent where applicable) to: Offer you other products or services which are available from or via GLOBAL FUNDING SOLUTION. Contact you in the future to offer you products or services that we feel may be of interest to you. Enable us to pass your details to another broker in the future with a view to them offering you products or services they feel may be of interest to you. Permit access to your information by any regulatory authority where required to by law and to ensure that we are complying with all regulatory requirements when processing your data.
We will keep your information for as long as you allow us to do so and we will contact you on a regular basis to check that you still consent to being contacted by us regarding our products and services. Lenders to whom the application is passed will make wider use of the information than a 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 shown below drawing your attention to where the information is. Both ourselves and almost all lending companies will check the information supplied on loan or mortgage applications 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 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.Nobody has a right to receive a loan.
Loans are always granted at the discretion of the lending company.
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 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.
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