How Small Business Mortgages (SBM) uses your personal information When we refer to SBM, we mean Small Business Mortgages. Information we hold SBM holds the following details about you:
Confidentiality Sometimes you may wish to make an informal request to see part of your information because you want to check specific details on your account(s). We will be happy to discuss these requests with you but, as you will appreciate, there is a need for us to protect your confidentiality. One of the ways we protect your confidentiality is to check that anyone asking for personal information has the right to receive it. Sometimes we may ask you to prove your identity or provide a written authority before making information available. Central customer database Your details are held on a central customer database and are used to help update and improve our records. Use of your details: Checking identity We are required by law to check the identity of our new customers. This makes it more difficult for criminals to use the financial system and to use false names and addresses, or the identities of innocent people. Checking identity is an important way of fighting money laundering and other criminal activities. To meet this requirement we will access databases held by a credit reference agency in order to validate your name and address. This involves checking the details you provide against those held on a number of databases to confirm your identity. If we are unable to validate your name and address details electronically, we may ask you to provide certain documents to confirm your name and address. In addition to this, as part of our ongoing requirement to verify the identity of existing customers, you may be asked to provide certain documents to confirm your name and/or address even though you may not be applying for new products or services. Managing your accounts SBM uses your personal information to open, maintain and manage your accounts and to deal with enquiries you may make or authorise. We collect this information from you directly, from a third party authorised to act on your behalf, or from other organisations such as credit reference agencies. When we ask you for information we will explain to you why we need it and how we plan to use it. Marketing When you purchase a new product with us, you will have the opportunity to tell us if you do not wish to receive marketing information. From time to time we may invite you to review that decision, but you can write or call us at any time to ask for your name to be removed from our mailing list. If you provide us with information about accounts you hold with other financial providers, we will record these details. We will only do this with your agreement. This information will be used to help us improve our products, services and marketing communications. System testing We are continually looking to improve our systems to provide a more efficient service. As part of this process, it may be necessary to use information provided by our members for the purpose of system testing. We will ensure that any testing is carried out in a secure and controlled environment. Sharing your details: Within SBM Information about you and your account(s) will be shared within SBM to make lending decisions, trace debtors, collect debts, and assist in verifying your identity, for business analysis and to prevent or detect fraud and money laundering. We may record telephone calls for security and training purposes. With other organisations SBM will only disclose your personal information to other people or organisations if we have obtained your consent to do so or in exceptional circumstances where we are required or permitted to do so by law. SBM does not share or give any information to external companies for their own marketing purposes. Sometimes SBM uses external companies to carry out work on our behalf, but our contract with them will not allow them to use your information for anything else. Occasionally SBM may provide products or services in conjunction with another company. When this happens, we will inform you of the identity of the other organisation and how your information will be used by us and by them. Risk Assessment: Credit checking and fraud prevention: When you apply for a new account or facility, we may use the information you give us to assess any business risk by taking a credit reference on you, or underwriting your application. Underwriting Underwriting is an automated technique, which base decisions on the information you have provided directly to us, any information we may hold about you and any information we may obtain from credit reference agencies or other organisations. Where we use information from other organisations, we will tell you who they are. This process also helps us to determine the facilities that we are able to offer you, so it is very important that the information you give us is accurate. If your application is declined, this will not be disclosed to the credit reference agency. When considering your application for a mortgage or loan, we search credit reference agency files and the voters roll to verify the identity of all applicants in order to protect you and SBM. The agencies we use will add to your record details of our search which will include any previous and subsequent names and your application, whether or not your application proceeds. These details will be seen by other organisations that make searches. Please be aware that multiple credit searches may affect your ability to obtain credit elsewhere. If you are making a joint application a 'financial association' will be created between yourself and the other applicant(s) at the credit reference agencies. This association and any others that either of you may have will be considered in all future applications by ourselves and other lenders. Credit reference agencies We will record details of your agreement with us, the payments you make under it and any default or failure to keep to its terms at the credit reference agencies. These records will be shared with other organisations and used by us and them to:
The Credit Reference Agencies may use your information for statistical analysis. Prevention of financial crime We will check your details with fraud prevention agencies and if you give us false or inaccurate information and we suspect fraud, we will record this. These records will be shared with other organisations and used by us and them to:
The fraud prevention agencies may use your records for statistical analysis. Access to your details: Correction of details You have the right to have any inaccurate information corrected. Details of where to apply are listed below. How to request your details Under the UK Data Protection Act 1998, you have the right to see and receive a copy of any personal information we may hold on you. Details of how to apply for a copy of the information SBM holds on you may be obtained by writing to: The Data Protection Officer, Small Business Mortgages, Regency House, 10-12 Lansdowne Road, Bournemouth, BH1 1SD. We charge a fee of £10.00 for this service which must be received before we release the details. Cheque or postal orders should be made out to Small Business Mortgages Ltd and your Account Reference Number and name should be written on the back of the cheque. Similarly, you have the right to see any personal data held by the credit reference or fraud prevention agencies. If you would like to apply for a copy their addresses are listed below. Further Information: Credit reference agencies and external databases Experian Ltd |