You will not be required to share your banking password or log in details with either us or Lending Metrics. Once you have given your consent to proceed with Open Banking you will be directed to your own bank or building society’s login page where you will enter in your own login details directly.
Lending Metrics shall, subject to their own terms and conditions and privacy policy, and, if your bank or building society is registered to provide access under the Open Banking Directory, obtain your Transaction Information and submit this back to us for the Permitted Purpose. By way of example, the Transaction Information that we shall receive from Lending Metrics is likely to include information relating to your income, outgoings and credit worthiness.
Lending Metrics will be entitled to re-access your Transaction Information for up to 90 days from the date of your original search result in order to refresh the search results, obtain a snapshot of your data or gather additional data.
Lending Metrics will hold the Shared Personal Data and the Transaction Information they receive and retain according to their own terms and conditions and privacy policy, available on the Portal and its website, which you will be required to read and consent to once directed their via our website.
Save as set out above or elsewhere in this Privacy Policy, we are not responsible for your direct data transmissions with Lending Metrics or with your own bank or building society
As Lending Metrics is also a credit reference agency they may also share and keep a record of your Shared Personal Data and Transaction Information.
The Transaction Information we receive about you will only be used for the Permitted Purpose. We do not sell or share Transaction Information with any third party.
Save as set out above the information contained in the rest of this Privacy Policy deals with how we collate, use, transfer, store, delete and other terms applicable to your personal data including Shared Personal Data and Transaction Information.
You will be given the choice during your application for a Finance Package as to whether you wish to proceed using Open Banking or whether you wish to obtain the relevant Transaction Information yourself and provide it to us.
Where your bank or building society have already permitted access to your Transaction Information you shall need to contact them directly in order to withdraw your consent under their particular Open Banking terms and conditions.
Your individual data protection and privacy rights set out in the section, ‘YOUR LEGAL RIGHTS’, below continue to apply for the personal data we process via Open Banking.
Lending Metrics has a legal duty to explain the purposes and legal basis for processing your personal data, as does your bank or building society. We are not responsible for the privacy policies or practices of these third party recipients of your personal data.
AUTOMATED DECISION-MAKING
When assessing your suitability for a Finance Package, we may use automated decision-making facilities. For this purpose, we use a software called ‘Automated Decision Platform’ ( ADP) licenced to us by Lending Metrics. We may submit your personal data to the ADP and Lending Metrics may process it on our behalf in accordance with our instructions. Such data may include Identity Data, Contact Data, Identification Data, Financial Data, Credit Check Data, Transaction Information obtained via Open Banking, and any other information or documents you have submitted as part of your Finance Package application. We do not make a decision solely by automated means without any human involvement in the decision-making process. We personally evaluate the decision-making undertaken by the ADP and make the final decision as to whether a Finance Package is bad credit personal loans suitable for you.
