How the Credit Union will use and share your information
This credit union will process your data in accordance with your rights under the Data Protection Act 1998.
Your information may be processed by this credit union in any form and on any database used by us for the following purposes:
- To consider any applications made by you;
- To help us to make credit decisions about you and anyone to whom you are linked financially or other members of your household;
- To deal with your account(s) or run any other financial services we provide to you;
- To undertake statistical analysis, financial risk assessment, money laundering checks (which may include telephoning you), compliance and regulatory reporting, fraud prevention and debt tracing;
- To help us identify products and services which may be of interest to you (unless you have asked us not to).
Please indicate on the application form if you do not want to be contacted for marketing purposes.
You do agree that we can forward any newsletter, statement message, new terms and conditions or any information about changes to the way your account(s) operate.
We hold a category F Consumer Credit License, and will disclose information outside the credit union only:
- To our agent or subcontractors for operational reasons;
- To any persons, including but not limited to, insurers, who provide a service of benefits to you or for us in connection with your account(s);
- To licensed credit reference agencies in accordance with the Data Protection Act and the terms of the Consumer Credit Act;
- To fraud prevention and other agencies to help prevent crime or where we suspect fraud;
- If compelled to do so by law;
- For the purpose of compliance and regulatory reporting, and to confirm your identity for money laundering purposes, which may include checking the electoral register.
Subject Access Rights
If you write to us and pay a fee of £10 you have a right of access to your information held by us. You have a right of access to information held by credit reference agencies on payment of a fee to them. If you ask, we will tell you the name and address of the credit reference agencies we may use.
The Co-operative Family Credit Union Ltd, trading as The Co-operative Credit Union, is authorised and regulated by the Financial Services Authority.
Firm reference No 213649. Registered No 558c.
Loans – Points to Note
- All loans are subject to approval and availability of funds.
- For loans being repaid via payroll deduction, if you leave your employment you MUST inform us prior to your final pay, otherwise any such outstanding pay may be taken towards your outstanding loan.
- All loans can be cancelled within 14 days of taking the loan, provided that all transferred money is returned to the credit union.
- Your personal details will only be used in accordance with the Data Protection Act 1998.
- They will only be shared with licensed credit reference agencies and for debt recovery purposes, should this be necessary.
Credit Reference and Fraud Prevention Agencies
We may make searches about you at credit reference agencies who will supply us with credit information as well as information from the Electoral Register. The agencies will record details of any search whether or not this application proceeds. We may use credit scoring methods to assist the application and to verify your identity. Credit searches and other information which is provided to us and/or the credit reference agencies about you and anyone with whom you are linked financially or other members of your household may also be used for debt tracing and the prevention of money laundering as well as the management of your account. In addition, we may ask you to provide physical forms of identification and/or we may telephone you to confirm your identity.
To prevent or detect fraud or to assist in verifying your identity, we may make searches of group records and at fraud prevention agencies who will supply us with information. We may also pass information to financial and other organisations involved in fraud prevention to protect ourselves and our customers from theft and fraud. If you give us false or inaccurate information, details will be passed to fraud prevention agencies. We may use this information if financial or motor, household, credit, life or any other insurance decisions are made about you or others at your address(es). This information may also be used for tracing and claims assessments and verifying identity.
Information held about you by the credit referencing agencies may already be linked to records relating to anyone with whom you have had a financial relationship such as a joint account.