Credit Search Information

Applying with Cocoon Vehicles

If you proceed to apply online for an application for a vehicle with us, you are providing us with consent to perform a credit search to form part of the application process.

The application form is not a “Vehicle Order Form” nor a “Finance Agreement”, it is a notice that your details have been received and passed to our underwriters and need to make you aware of what will happen next.

Contents of Article

Short Term Vehicles

To process your application for a credit line with Cocoon Vehicles Ltd. Our underwriters will perform credit and identity checks on you with one or more credit reference agencies (CR). Please be aware that we also reserve the right to carry out periodic searches at CRAs as part of managing your account and to prevent fraud.

In order to carry out credit and indetity checks, your personal information will be passed to CRAs and they will give Cocoon Vehicles information about your residential, financial situation and financial history. The CRAs will also supply both public (including electoral roll) and shared credit, financial situation and financial history information as well as information to prevent fraud.

The information is used for:

Cocoon Vehicles may continue to provide information to the CRAs during the relationship, we may also share your information with databases to prevent bad hirers, these include RiscONLINE, Hireguard and ProHire Risk.

The CRAs may be informed of settled accounts and if you pay your vehicle rentals and subscriptions on time. We will also share any outstanding Debt. This information may be shared to other organisations by the CRAs.

Please be aware that when a search is carried out with a CRA, a search “footprint” may be placed on your credit report. This can be either a soft search or hard search, depending on the CRA and the type of search carried out. It may be seen by other lenders using the same CRAs.

The personal information that Cocoon Vehicles hold, may be shared with fraud prevention agencies who will use it to prevent fraud and anti-money laundering and to verify your identity. Please be aware that should fraid be detected, you could be refused certain services, finance or employment, exisitng contracts may be terminated and your vehicle may be repossessed. For further details on how your information will be used, please see our Data Protection policy or CONTACT COCOON VEHICLES.

Long Term Car Leases and External Finance Companies

To process your order following the credit application, the finance company will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”). Please also be aware that the finance company may also make periodic searches at CRAs as part of managing your account.

To do this, your personal information will be passed to CRAs and they will give the finance company information about you. This will include information from your credit application and about your financial situation and financial history. The CRAs will also supply both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

The information is used 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.

The finance company will continue to exchange information about you with CRAs while you have a relationship with them. The CRAs will also be informed 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.

Please be aware that when CRAs receive a search from the finance company a search footprint will be placed on your credit file and this may be seen by other lenders.

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. Please be aware that if fraud is detected, you could be refused certain services, finance, or employment. For further details of how your information will be used by the finance company, please see our Data Protection Policy.

The following text is in addition to the short-term vehicles section above

Non-Status Information

Expat Customers

Our Expat service is for those customers who have previously lived in another country and moving to the UK to live, work or study. This service is also for those UK residents who have been abroad and are coming back to the UK to live or work.

Our underwriters may perform credit checks in the countries where you have resided, bank statements and proof of funds may also be required to show affordability and stability for our compliance.

If you are coming to work in the UK, employees may be contacted and contract of employments may be requested.

Non-Status Customers

When we carry out Non-Status checks, our underwriters may require more in-depth information to carry out affordability and stability checks.

For personal customers, bank statements, employment history and land registry checks may be carried out. We may also ask to see if a guarantor is available.

Should you have any adverse credit, we may require additional details on this along with payment plans to see if the vehicle is affordable to yourself.

New Start-up Companies

As a New Start-up business, our underwriters will perform a more in-depth look at the Directors of the company to help them carry out the relevant checks.

They may request information from the named Directors, this can include residential address details, personal bank statements and also ask questions relating to any other companies that may appear on our reports.

Checks may be carried out on the Directors personal circumstances and guarantees/bonds may be required.

Overseas Parent Companies

If you have applied in a UK company with an Overseas Parent Company, our underwriters may require additional information on the parent company and/or Directors.

Guarantees may be required.

Is the Credit Check Hard of Soft?

We know how important it is to customers to know what type of credit check we carry out to get your credit score. The information that is displayed to ourselves is the same but we have to comply with the licencing of our credit checking systems.

We currently use 2 credit reference agency’s:

  • Transunion (via Creditsafe)
  • Experian

The type of credit check that we carry out, will depend on the type of application that we perform and your current status in the UK, here is a bit more information:

Transunion

We carry out the following checks via Transunion:

Address Verification

This type of check validates the person against an address and we use this for regular updates for our CRM system, it is classed as a soft check and none of the data is shared to a thrid-party. We use the Open Register for this information.

Business Search

This type of credit check is for when we are looking at Sole Traders, Partnerships or Non-Ltd companies. It is a ‘hard’ credit check and we use the Electoral Register to validate the information. We check third-party data for help with the information required.

Checking Credit Application

This is the credit check we use as a default for all our personal (individual) customers. We perform a ‘hard’ credit check and use third-party data for validation and to provide us information about your current status.

Directors Search

If you have applied as a limited company (LTD) or a public company (PLC), we use the Directors search to validate the information provided to us. It is a ‘soft’ credit check and will not show up on your footprint to other providers. We use the Electoral Register to validate your status and third-party data to clarify your current status.

Quotation Search

We use this credit check for our long-term contract hire and leasing department. We take a look at your credit status to see if you will be eligible for a car or van lease, financing or hire purchase through one of our financing providers. It is not used for our short-term leasing or car subscriptions. The check is a ‘soft’ credit check and we use the Electoral Register and Third-Party data to check your current status.

Experian

We use Experian as a secondary system to allow us to get a more in-depth understanding of your credit score and history. All checks carried out on Experian are ‘hard’ credit checks and we use third-party data to understand your current status.

Do we report your credit history to third parties?

As you run your account, our system will produce a history of your payments and whether or not these were made on time, we have a provision in our contracts to share this data to third parties but in terms of credit checking, here are our current procedures:

Business Customers

For all of our Limited Company (LTD) and Public Company (PLC) customers, we share the payment data, history and time to pay data with Creditsafe via API and our Xero integration. A snapshot is taken from our systems every 1 to 3 months and is available to customers of creditsafe. We do not currently share our business customer data with Experian due to the high costs.

Personal Customers

We do not currently share any of our personal customers (including Sole Trader, Partnerships, etc) with any credit reference agencies which includes Transunion (Creditsafe) or Experian. We do however, share date of any ‘bad hirers’ with systems such as RiscONLINE, Hireguard and ProHire Risk to help other companies protect their business.

More Information

If you would like any further information on what we do with your data and the processes, please get in touch with the team on 01332 290173 or use the CONTACT FORM below.

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