Finance Legal Disclosure

Our Finance Legal Disclosure

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 purpose it will be put.

MV Commercial Limited (MV) are committed, at all times, to respect and protect your privacy. So, unless you choose otherwise, you can contact us, by any means, or visit our website, without identifying yourself or divulging personal information.

MV Commercial Ltd is registered under the Data Protection Act 1998 and this Privacy Policy, if you do decide to provide us with personal information, in any format, sets out your rights and our practices as to how your information is collected, used and protected.

MV Commercial Ltd also holds a Consumer Credit Licence (503036) issued by the Office of Fair Trading in compliance with the Consumer Credit Act 1974.

In processing your application for credit MV will make or cause to be made, credit searches. These may be carried out by ourselves or any of our supporting finance companies, in order to assess your application, by checking the details you supply against those held on any credit reference agencies, in particular, but not limited to, Experian, Equifax Europe, and other associated companies.

Credit reference agencies may hold information linking you to another person, for example your spouse, business partner, or co-director and for the purpose of the application you will be treated as financially linked and so your application will be assessed with reference to all linked records.

In giving your consent to credit searches, and having confirmed that you are financially linked with other individuals, you are declaring that you are entitled to disclose information about the individuals. As a result you authorise MV and any lender or finance partner involved in the application to search and record information at credit reference agencies about such linked individuals referred to by you.

Your consent for searches to be carried out

In order to consider your application we will require your consent to carry out credit agency searches on you and those that you are financially connected to.

Your consent to a credit search will be in accordance with this privacy policy and such consent can be as a result of:-

Your signing an explicit declaration as part of the credit application.

Your verbal consent where the service is provided over the telephone, our full verbal "Privacy Policy Consent To Search" is as follows:

IN CONSIDERING YOUR APPLICATION WE REQUIRE YOUR CONSENT TO CARRY OUT CREDIT AGENCY SEARCHES ON YOU AND THOSE YOU ARE FINANCIALLY CONNECTED TO.

THE SEARCH WE, OR ANY OF OUR SUPPORTING FINANCE COMPANIES, DO TO ASSESS THIS APPLICATION, INVOLVES CHECKING THE DETAILS YOU SUPPLY AGAINST THOSE HELD WITH ANY CREDIT REFERENCE AGENCIES, IN PARTICULAR, BUT NOT LIMITED TO, EXPERIAN, EQUIFAX EUROPE AND OTHER ASSOCIATED COMPANIES.

THIS INCLUDES INFORMATION FROM THE ELECTORAL REGISTER AND FRAUD PREVENTION AGENCIES.

A RECORD IS KEPT OF THESE SEARCHES.

THIS INFORMATION MAY BE USED IN ASSISTING THE CREDIT DECISION, FOR DEBT TRACING, FRAUD PREVENTION, THE PREVENTION OF MONEY LAUNDERING, AND THE MANAGEMENT OF YOUR ACCOUNT.

IF YOU GIVE US FALSE OR INACCURATE INFORMATION AND WE SUSPECT FRAUD, WE WILL RECORD THIS AND SHARE THIS INFORMATION WITH OTHER ORGANISATIONS.

MV COMMERCIAL LTD ARE REGISTERED UNDER THE DATA PROCTECTION ACT 1998 AND ALL PERSONAL INFORMATION IS HELD IN ACCORDANCE WITH THEIR STANDARD CODE OF PRACTICE.

HOWEVER YOU DO HAVE THE RIGHT TO OBTAIN A COPY OF THE PERSONAL INFORMATION WE HOLD ON PAYMENT OF A FEE.

Sometimes your consent may be implied through your actions. In particular, where future repeat finance applications are made through MV, where a new consent is required for any additional credit searches to be carried out, and such new consent, in addition to any previous verbal or written consent, may be implied through your conduct with us. In particular through the provision of additional financial information in the form of accounts, bank statements, other related business information plus the provision of information, verbal or otherwise, in respect of a specific asset and supplier, to be considered for finance.

MV may also use your information:

  • To offer you other products, both now and in the future, which we may make available.
  • To forward your details on to lenders who may be willing to provide finance to you.
  • To permit access to your information by regulatory bodies to ensure that MV is processing information correctly and complying with regulatory requirements.

MV may keep your information for several years. You can ask for your information not to be used to offer you other products. Other lenders to whom the information is passed during the processing of your application may use it in the same way. All processors of information have a duty to retain the data in an accurate, up to date and secure manner.

Your rights to the information we hold on you:

Under the Data Protection Act you have the right to request a copy of what information we hold about you.

This can be done, at anytime, in writing and we in turn may charge a small fee (maximum £10.00) for the provision of such information.

Credit Reference Agencies

Further information and a copy of your credit file can be obtained from:

Experian Limited Equifax plc
Consumer Help Service
PO Box 8000
Nottingham
NG1 5GX
Tel: 0870 241 6212
www.experian.co.uk
Credit File Advice Centre
PO Box 1140
Bradford BD1 5US
Tel: 0870 010 0583
www.equifax.co.uk

Use of your information by our supporting Finance Companies

Finance companies and finance partners to whom your application is passed will generally make wider use of the information than MV. If you receive any lender documents, they should include a statement telling you what they will do with your information, or telling you where to look to find out what use they will make of it. The statement should usually appear near the signature box, or clearly placed on the front page or should clearly draw your attention to where the information is.

All finance companies will check the information supplied 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 this record may be disclosed to other organisations when subsequent searches on the applicant are carried out. Finance companies will use the information obtained in the credit reference searches to help them assess the application.

The finance company may check your details with the credit reference agency or other agencies in order to satisfy itself that all details on the application are true, and that the application has really been made by you. If they suspect the information to be false or inaccurate they may report it to a fraud prevention agency.

All finance companies keep information about their customers and will record the conduct of any finance agreement throughout its duration, including how punctually the payments are made, along with other information, with one or more credit reference agencies. This enables them, and others, to make decisions about credit and credit related services for you and those you are financially connected.

Information may also be provided to other agencies to trace debts, recover debt, prevent fraud and to check your identity to prevent money laundering. Information, which is discovered by the finance company to be different from that given by you or MV, is likely to be noted.

Information may also be used for statistical analysis and may be done by them or a third party. If a third party is used they are obliged to ensure that your data is properly secure. Many finance companies may also need to give information about you and your account to their bankers, other providers, insurers and re-insurers of funding for their lending or any other product they have offered you.

If the finance company intends to use your information for any other purposes not included above, it will explain this in its documents.

Also you are able to obtain a copy of what information any of the finance companies may hold about you and you can request a copy, at anytime. They must also tell you where the information was obtained. They may also charge you a small fee.

Contacting MV Commercial Ltd

If you have any questions about our Privacy Policy please contact us at:

Muir Road
Houstoun Industrial Estate
Livingston
EH54 5DR
Tel: 01506 440 042
Fax: 01506 443 080
Email[email protected]

Office Opening Hours: Monday - Friday 9.00am - 17.30pm