The Asset Exchange Ltd will collect data for the purposes of marketing and processing vehicle sales, for finance applications and the management of finance agreements, which may include asset recovery.
The Asset Exchange Ltd does not currently rely on automated decision making to grant finance. All decisions are made by a trained team of underwriters.
We may share data with selected third parties to fulfil the purposes above, this may include credit reference agencies (see below), introducers or agents who will act on our behalf, which may include group companies and where any of our obligations under a finance agreement are sold or assigned, or to help us enforce our rights under an agreement. We will also share data with Law Enforcement or other bodies where we are obliged to. If necessary, we may also share information with approved and vetted asset recovery or debt collection partners.
In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). Where you take finance from us we may also make periodic searches at CRAs to manage your account with us. To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information. We will use this information to:
- Assess your creditworthiness and whether you can afford to take the product;
- Verify the accuracy of the data you have provided to us;
- Prevent criminal activity, fraud and money laundering;
- Manage your account(s);
- Trace and recover debts; and
- Ensure any offers provided to you are appropriate to your circumstances.
We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs. When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders. If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at https://www.equifax.co.uk/crain.
If you consent to receive marketing material from us we may use data we hold on you for the purpose of targeting our advertising, to give end users a better and more appropriate advertising experience.
We use Google Analytics to improve our website and service. Data we receive from Google is anonymised and does not identify any individual person.
Our website utilises a live chat service. If you use this service certain information will be stored. This information is: Your email address (if provided), the website address that the chat started on, the entry page on our website that you arrived on, the referral page (if available) that brought you to us, your user environment: (browser, platform, user agent), languages set up in your browser, your user history on our site (visits and communications), and your chat history with us.
Information We May Collect
The information we collect and process about you may include:
- Information supplied by you to marketing agencies / third parties or through our own marketing material where you have provided consent to its receipt.
- Information provided by you in an online enquiry form or application form.
- Personal data for the purposes of ascertaining your identity, personal circumstances and financial history.
- Information obtained during the course of managing any finance agreement.
- In the course of managing a finance agreement where you disclose to us sensitive personal information. Where you disclose sensitive personal data, we will take extra steps to ensure such data is protected.
How we will use your information?
Your information will be used in the following manner:
- To provide you with details regarding the products and services we offer.
- To process, assess and decide on applications for finance with The Asset Exchange Ltd.
- To manage and perform our obligations under a contractual finance relationship with The Asset Exchange Ltd.
- To meet our regulatory obligations as required by Law.
- To inform and update credit bureaus of our contractual relationship.
- We will process your information fairly and in accordance with Data Protection legislation and will seek to ensure the information we hold is accurate and up to date, we may contact you for the purpose of ensuring we hold up to date relevant information.
We will obtain your consent to the processing of your data, though in most instances after you have applied to us we will have a contractual basis or legitimate interest to the processing of your data, as defined in the relevant data protection legislation.
We will seek your consent at the time of your making any enquiry about the products or services we offer, this consent will allow us to market our services to you and services complimentary to the products we offer from third parties. You do not have to give this consent, and where you do you may withdraw this consent at any time by contacting us and advising that you wish to withdraw your consent. Refusing consent for marketing purposes only will not prevent you from making an application for finance.
If you wish to obtain finance through us you will give your consent at the time of making an application, this consent will include permission to make such enquiries as are necessary to process a finance application including the use of credit bureaus such as Call Credit or Equifax and fraud detection bureaus and/or the use of Account Information Service Providers (AISPs) with whom you have consented to share your online bank transaction data. You may choose to refuse consent, but if you do we will not be able to process your application.
Where we have entered into a finance arrangement with you we will have a legitimate interest to share your data with credit bureaus and third parties for the purposes of managing an account including debt collection agencies where appropriate.
Please see ‘your rights’ (below) in respect of withdrawing consent.
Storage of your Personal Data
We will take appropriate steps to ensure the data we hold about you is kept safe and secure, we will use protected safe servers where data is kept in electronic format. We will only share data to fulfil the purposes for which your data was given.
We will not share, store or transfer your data outside of the European Economic Area ("EEA") unless the recipient is compliant with current EU data protection legislation.
We will only disclose your personal data where required by Law or for the purposes of financial crime detection and apprehension.
Retention of Data
We will retain the data we hold about you dependent on our ongoing relationship, if the data we hold is limited to marketing purposes where we have no ongoing relationship it will be held for less time than an individual whose data is held to manage a finance agreement.
At the expiry of our retention period your data will be securely disposed of, where that data is held physically we will arrange its lawful destruction. Where data is held in electronic format we will lawfully dispose of it in accordance with data destruction practices at that time relating to electronic data.
We will retain data for the following terms:
- If you have had an agreement with us we will hold the information relating to that agreement for 6 years after the agreement is finished.
- If you apply for finance but the application does not proceed we will hold that information for 1 year after your application.
- If you exercise your right to withdraw from an agreement within the first 14 days we will hold your information for 3 years from the date of withdrawal.
- Information held for marketing purposes only is consent based, we will hold this information until such time as you withdraw your consent.
You have the following rights in relation to the data we hold and process:
You have the right to inspect the data we hold about you by making a request direct to us. You should make your request to the Data Protection Officer. We will disclose the data we hold within 1 month of your request.
If the data we hold is out of date or incorrect you have the right to have those records rectified. Where you feel we hold out of date or incorrect information you should notify the Data Protection Officer. In some cases it may be necessary for you to provide proof the data is incorrect before we are able to amend it.
You have the right to request we provide the data we hold on you to a third party. The data would be provided electronically in a machine-readable format, such as .csv.
You have a right to request we erase the data we hold on you (the ‘right to be forgotten’), where we are not otherwise required to retain such data, and where such erasure would not conflict with our legitimate interests.
You may withdraw your consent to the processing of your data for marketing purposes at any time, any other request to withdraw consent will be dependent on our contractual relationship with you at that time. Such withdrawal may be absolute, or, if you prefer, for a limited time only.
Our basis / bases for processing data
- Marketing: Consent
- Sales Process: Contract
- Underwriting: Contract
- Performance of existing agreements: Contract
- Data from vehicle trackers: Contract
- Debt / asset recovery: Contract
- The data relating to completed agreements: Legitimate Interest (HMRC requirements)
In some instances, such as if we are required to provide data to a governmental or law enforcement body, then our basis will be a legal obligation.In the unlikely event that we need to release data in a ‘life or death’ situation, I.E. to prevent or minimise a threat to the life of a natural person, our basis will be vital interest.
You should be aware that:
- The right of erasure does not apply to processing on the basis of legal obligation.
- The right of portability only applies to processing on the bases of consent or contract.
- The right to object only applies to processing on the basis of legitimate interests.
If you dispute the processing of your data, or feel your data has not been processed in accordance with the relevant data protection legislation, you should first raise your concern through our customer services department. You may also lodge your complaint with the Information Commissioner‘s Office, by visiting their website at https://ico.org.uk/, telephoning 0303 123 1113, or writing to: Information Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF.