How We Use Your Data for Credit & Fraud Checks

Credit searches and Credit reference agencies (CRAs)

A 'soft search' allows us to check your credit history. This includes things like whether you've taken out loans before and been able to repay them, and if you've got any existing loans.

Soft searches don't impact your credit score.

In order to process your application we will supply your personal information to credit reference agencies (CRAs) and they will give us information about you, such as details of your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account,  trace and recover debts and prevent criminal activity.  

We will also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates.  

If you decide to proceed with setting up your credit facility, we will also record a ‘hard search’ on your credit file. Unlike a soft search, a hard search is visible to other lenders and may affect your credit score. We do this so that other lenders can see the credit you’ve taken out, and is a normal part of responsible lending that helps prevent people from borrowing more than they can afford.

We use multiple CRAs. Their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal data, data retention periods and your data protection rights with the CRAs are explained in the Credit Reference Agency Information Notice (CRAIN), which are available by clicking on the below links:  ‍‍‍

• Experian Credit Agency Information Notice
• Equifax Credit Agency Information Notice
• TransUnion Credit Agency Information Notice

‍‍For further information on how Abound will use your data, please read our Privacy Notice.

Fraud Prevention Service (CIFAS)

The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money-laundering and to verify your identity.

If fraud is detected, you could be refused certain services, finance, or employment.

Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found in our Privacy Notice.