In order to provide you with invoice finance, we will make use of Credit reference agencies and Fraud Prevention Agencies.
i. What is a credit reference agency?
Credit reference agencies (CRAs) collect and maintain information on consumers' and businesses' credit behaviour, on behalf of organisations in the UK.
ii. What is a fraud prevention agency?
Fraud Prevention Agencies (FPAs) collect, maintain and share, information on known and suspected fraudulent activity. Some CRAs also act as FPAs.
iii. Why do we use them?
If you apply for invoice financing to Satago, we will check our own records but we will also contact CRAs to get information on your company's credit behaviour with other organisations. This will help us make the best possible assessment of your company's overall situation before we make a decision.
iv. Where do we get the information?
1. Publicly available information:
- The Electoral Register from Local Authorities
- County Court Judgments from Registry Trust
- Bankruptcy (and other similar orders) from the Insolvency Service
2. Credit information comes from information on applications to banks, building societies, credit card companies and also from the conduct of those accounts.
3. Company information and information about directors and shareholders comes from Companies House, other publicly available directories and proprietary directories at CRAs.
4. Information about proprietors of non limited businesses from publicly available directories and proprietary directories at CRAs.
v. How will I know if my information is to be sent to a CRA or FPA?
You will be told when you apply for invoice financing.
vi. Why is my data used in this way?
We and other organisations want to make the best possible decisions we can, in order to make sure that your business will be able to repay us. Some organisations may also use the information to check your identity. In this way we can ensure that we all take responsible decisions. At the same time, we also want to take decisions quickly and easily and, by using up to date information, provided electronically, we are able to make the most reliable and fair decisions possible.
vii. Who controls what these agencies are allowed to do with my data?
All organisations that collect and process personal data are regulated by the Data Protection Act 1998, overseen by the Information Commissioner's Office. All credit reference agencies are in regular dialogue with the Commissioner. Use of the Electoral Register is controlled under the Representation of the People Act 2000 and the Supplementary Regulations to the Representation of the People Act 2002. Use of data from Companies House, about directors, is controlled under the Companies Act 2006 and The Companies (Disclosure of Address) Regulations 2009.
viii. Can just anyone look at data held at credit reference agencies?
No, access to information is strictly controlled and only those companies that are entitled to do so, may see it. Usually that will only be with your agreement or (very occasionally) if there is a legal requirement it could be done without requiring your consent.
ix. What does Satago check when I apply for invoice financing?
When you apply to us for invoice financing, we may:
1. Check our own records for information on:
a. Your business accounts;
b. Shareholders who are beneficial owners of 10% or more of your business;
2. Search at credit reference agencies for information on:
a. your business;
b. your business accounts;
c. identity information on beneficial owners of your business;
d. If you are a director, we will seek confirmation, from credit reference agencies, that the residential address that you provide is the same as that shown on the restricted register of directors’ usual addresses at Companies House.
e. Search at fraud prevention agencies for information on your business, beneficial owners and your address(es).
x. What we do with the information you supply as part of your application?
1. Information that is supplied to us will be sent to the credit reference agencies;
2. If you give us false or inaccurate information and we suspect or identify fraud, we will record this and may also pass this information to fraud prevention agencies and other organisations involved in crime and fraud prevention;
3. Record information at credit reference agencies about your application, your business, you and the ultimate beneficial owners of your business;
4. If you provide information about shareholders, we will record this information at credit reference agencies.
You must be sure that you have the agreement of your shareholders to disclose information about them. If any of the information that you provide to us changes (for example if you change contact details) then you must notify us promptly by email to firstname.lastname@example.org.
xi. What we do with the information we obtain as part of the application?
- Assess this application for credit and/or;
- Check details on applications for credit and credit related or other facilities;
- Verify your identity and the identity of other directors and shareholders;
- Undertake checks for the prevention and detection of crime or fraud and/or money laundering;
- We may use scoring methods to assess your application and to verify your identity.
xii. What we do when we agree to finance some of your invoices?
- We will give details of the transaction, including names and parties to the account, and how you manage it to credit reference agencies;
- If you sell us one or many invoices and do not repay us as per the terms of our agreement for invoice financing, we will tell credit reference agencies;
- We may make periodic searches of our own group records and credit reference agencies to manage your account with us, including whether to continue or extend invoice financing;
- We may also check at fraud prevention agencies to prevent or detect fraud.
- If you have obtained Advances from us and do not make payments that you owe us, we will trace your whereabouts and recover payment.
xiii. What do credit reference agencies do when they receive a search from us?
- The agencies place a credit search “footprint” on your company credit file whether or not this application for invoice finance proceeds. The record of that search (but not the name of the organisation that carried it out) may be seen by other organisations when your business applies for credit in the future;
- Place an enquiry or identification search on the record of any shareholder who is a beneficial owner and who we have checked;
- Create a record of the name and address of your business and its proprietors if there is not one already.
xiv. What will credit agency supply to us?
- Information about your business or company such as previous applications for credit and the conduct of the accounts;
- Public information such as County Court Judgments (CCJs) and bankruptcies;
- Electoral Register information on you and your business partners;
- Fraud prevention information;
- Confirmation or otherwise that the usual residential addresses, supplied by directors, match those on the restricted register held at Companies House (or for those directors’ addresses registered under section 243 of the Companies Act, that the usual residential addresses supplied by directors, match those on the credit reference agency’s proprietary business directory
xv. What will credit reference agencies do with the information we supply to them?
- Credit reference agencies will record the details that are supplied on your business and business account including previous and subsequent names of parties to the account and how you manage it/them.
- If your business enters into an invoice finance agreement with Satago and does not repay in full and on time, credit reference agencies will record the outstanding liability.
- Records shared with credit reference agencies remain on file for 6 years after they are closed whether settled by you or defaulted;
- Information on shareholders who are beneficial owners will be used and supplied to others only: (a) for the purpose of the performance of identity checks; (b) with their specific consent
xvi. How your data will NOT be used by credit reference agencies?
- It will not be used to create a blacklist;
- It will not be used by the credit reference agency to make a decision.
xvii. How will my data be used by credit reference agencies?
The information which we and other organisations provide to the credit reference agencies about you, your business partners and details about your business may be supplied by credit reference agencies to other organisations and used by them to:
- Prevent crime, fraud and money laundering by, for example checking details provided on applications for credit and credit related or other facilities;
- Check the operation of credit and credit-related accounts;
- Verify your identity if you or your business partner(s) applies for other facilities;
- Make decisions on credit and credit related services about your business;
- Manage your business credit or credit related account(s);
- Trace your whereabouts and recover debts that you owe.
- Undertake statistical analysis and system testing.
xviii. How can my data be used by fraud prevention agencies?
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 by clicking the following link: Full notice.
The information which we provide to the fraud prevention agencies about you, your business partners and your business may be supplied by fraud prevention agencies to other organisations and used by them and us to prevent crime, fraud and money laundering by, for example:
- Checking details provided on applications for credit and credit related or other facilities;
- Managing credit and credit related accounts or facilities;
- Cross checking details provided on proposals and claims for all types of insurance;
- Checking details on applications for jobs or when checked as part of employment, including all types of insurance proposals and claims;
- Verify your identity if you or your business partner(s) applies for other facilities
- Trace your whereabouts and recover debts that you owe;
- Conduct other checks to prevent or detect fraud;
- Organisations may access and use from other countries the information
- Undertake statistical analysis and system testing;
- Your data may also be used for other purposes for which you give your specific recorded by fraud prevention agencies; permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.
xix. How do I get more information?
You can contact the CRAs currently operating in the UK. The information they hold may not be the same so it is worth contacting them all:
- CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414
- Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to www.myequifax.com
- Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to
For the avoidance of doubt, the limitations set out in the “Our Liabilities and Responsibilities” section of our General User Terms and Conditions apply in respect of our collection and use of your information, as set out above, in connection with the Finance application process.
Please also note that we will not be required by virtue of any agreement between us to delete, surrender or dispose of any information that we believe, in our reasonable judgement, is or may be required to retain for legal or compliance purposes, including to protect or enforce our rights under any agreement with you (or any other claim or defence we may have in relation to you) or to protect the rights of third parties. We may also at our entire discretion delete without notice to you all information that we hold relating to your application for invoice finance if your subscription to our service expires or is cancelled.