When your company applies for a Credicorp Flex or Credicorp Slice facility, we use a range of data to decide whether to lend and on what terms. Because we lend to companies for business purposes, much of the assessment focuses on the business, but it also uses personal data about the people behind it.
What feeds into a decision
- Information from your application about the company and its trading.
- Identity and anti-money-laundering verification of directors and signatories.
- Information from credit reference agencies, as described separately.
- Fraud-prevention checks.
How the assessment works
We combine these inputs to understand affordability and risk for the business. The terms in any offer, including the rate and term shown to you, reflect that assessment. We do not invent numbers here; the figures that matter are the ones set out in your specific offer.
Automated processing
Some checks are automated to make the process quicker, but where a decision has a significant effect a person is involved. You can ask about the role of automation, request a human review, and contest a decision.
Outside the consumer regime
As an exempt business lender, we sit outside the FCA consumer credit regime, so the Financial Ombudsman Service and FSCS do not apply, but your data protection rights are unaffected.
See also: What personal data do you collect about directors?, How do I complain about how you handled my data?, Glossary: what is a data controller?.