In-application disclosures
If you are looking for any of the following disclosures, they live here as well as inside the application flow. Each one is the same wording you see when you apply — so you can read it without going through the application again.
- AI / automated decisioning (Article 22)
- Bank statement processing
- Open Banking processor
- Manual statement review
- Credit reference agencies
- AML and sanctions screening
- Marketing consent
- Cookies
- Vulnerable customer notice
- Right to withdraw
AI / automated decisioning (Article 22)
Automated decisioning — what we do and your rights
When you apply for a loan, part of the decisioning process is automated. An affordability and risk model produces a score and a recommended outcome (approve, decline, refer or request more information). The model uses the information you supply, the company's credit reference data, and where available the bank-statement signals from your nominated business account.
The model is tuned against the four Consumer Duty outcomes: products and services, price and value, consumer understanding, and consumer support. We measure its performance against each outcome every quarter.
Your rights under Article 22 of the UK GDPR. You have the right not to be subject to a decision based solely on automated processing where that decision produces legal effects or significantly affects you. In practice this means:
- A member of the lending team reviews every decline before it is communicated. A human is always the final signatory on a decline or approve decision.
- You can request a human re-review of any automated outcome by writing to Support from the customer portal. We respond within two business days.
- You can ask us to explain the main factors that drove the outcome. We will provide a plain-English breakdown without disclosing model internals that would compromise fraud controls.
- You can contest a decision and submit additional evidence. Contests go to a senior underwriter who did not participate in the original decision.
To exercise any of these rights, open the support tab in the portal and tick "This concerns an automated decision".
Bank statement processing
How we read your bank statements
When you upload a statement (PDF or CSV), or connect a bank account by Open Banking, we extract the following:
- Each transaction line — date, description, amount, balance after the transaction.
- A category for each transaction (salary, rent, utilities, subscriptions, other credit commitments, gambling, etc.).
- A balance trend across the statement period — average closing balance, lowest balance, count of days in overdraft.
- Affordability signals derived from the above — typical inflows, fixed outgoings, and a calculated disposable income figure.
How categories are inferred. Categorisation runs in three stages: a deterministic regex pass for known merchants (rent agencies, utility providers, well-known subscription services), a keyword pass for less common descriptions, and a manual review lane for anything the automated passes cannot classify with confidence. The third stage is also used for image-only PDFs where text cannot be reliably extracted — a staff member reads the statement and types the values into the system.
Statement records are retained for 84 months (approximately 7 years) after the loan is settled, in line with the Drawn Loan Records retention class set under our GDPR retention policy. After this period they are automatically purged.
Your right to challenge a categorisation. If you believe a transaction has been miscategorised — for example, a payment counted as gambling that is in fact a transfer between your own accounts — you can ask us to recategorise it. Open the support tab in the portal, tick "This concerns my bank statement classification", and a staff member will review the relevant lines within two business days. The affordability calculation will be re-run if the change affects the outcome.
Open Banking processor
Open Banking — processor and your consent
When you choose to connect a bank account by Open Banking we route the connection through an FCA-authorised Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP). Credicorp never sees your online banking credentials — you authenticate directly with your bank.
All connections follow the standards published by the Open Banking Implementation Entity (OBIE) under the FCA's Payment Services Regulations 2017. The AISP/PISP provider is regulated by the FCA in its own right and is subject to the same data-protection regime as Credicorp.
What we read. Read-only access to the transaction history on the account you connect, for up to 12 months back. We do not initiate payments from your account without your separate, per-payment authorisation (the PISP "Pay by bank" flow at settlement).
Consent expiry. Under FCA rules, an Open Banking access consent expires automatically every 90 days. You will be asked to re-authorise before the 90 days elapse if we still need access. If you do not re-authorise, the connection lapses and we stop receiving data.
Your right to revoke. You can revoke an Open Banking connection at any time, with immediate effect, from the "Connections" panel in your customer portal or from your bank's own app. Revocation does not affect any existing loan agreement — the loan continues on the terms you have signed.
Manual statement review
When a bank statement goes to manual review
Most statements parse automatically within a few seconds. A small proportion fall back to manual review — usually because the PDF is an image scan rather than text, the bank uses an unusual layout, or some lines are illegible. In that case the application enters our "manual review" queue.
What happens in manual review. A trained staff member opens the statement, types the headline figures into the affordability worksheet, and where the document is too low quality to read confidently, asks you for a clearer copy. Staff are required to follow the same categorisation rules as the automated passes; the manual review entry is recorded on the application audit trail.
When you will hear from us. Manual review is completed within one business day in normal queue depth. When it is done you will receive an email titled "We have finished reviewing your bank statement" (template: statement_manual_review_complete) which confirms the outcome and the next step. If we cannot reach an outcome from the document supplied we will tell you what we need and you can resubmit without restarting the application.
Manual review never disadvantages an applicant: the affordability assessment is the same whether the statement was parsed automatically or by a person.
Credit reference agencies
Credit reference agencies — who we check and what we pull
We work with the major UK credit reference agencies (Experian, Equifax and TransUnion). The specific agencies we contact for any given application depend on the search profile required.
What we pull. A standard search returns the company's commercial credit score, any County Court Judgments or insolvency markers, mortgage and secured-loan markers held against the trading address, electoral roll presence for the registered directors, and any prior search footprints in the last 12 months.
Soft vs hard search.
- Eligibility checks and the on-site calculator perform a soft search. A soft search is visible to you and to the lender but not to other lenders, and it does not affect any credit score.
- A full application performs a hard search at the point the application is submitted (after you have explicitly agreed). A hard search leaves a footprint visible to other lenders for 12 months. Multiple hard searches in a short period can be interpreted as financial stress and lower a score.
You have a statutory right to a copy of the credit file held about you by each agency, and to ask the agency to correct anything inaccurate. The links above take you to each agency's subject-access channel.
AML and sanctions screening
AML, sanctions and PEP screening
Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, we are required to screen every borrowing company and every director who can bind it against three lists:
- Global sanctions lists (UK OFSI, US OFAC, EU consolidated list, UN).
- Politically Exposed Person (PEP) databases — current and recent holders of significant public office and their close family and associates.
- Adverse media — reputable press references to financial crime, fraud or sanctions evasion linked to the named subject.
How often. Every subject is screened at application. Active customers are re-screened at least every 12 months and again whenever a sanctions or PEP list changes materially, so a change in status during the life of the loan is caught.
Provider. Screening is performed via an FCA-recognised AML data provider operating under a written data-processing agreement with us.
A hit on any list does not automatically mean a decline. Suspected matches are reviewed by our Money Laundering Reporting Officer (MLRO) before any decision is taken. We are obliged by law not to "tip off" a subject under live investigation, but where no investigation applies you have the same Article 22 rights to a human review and explanation as for any other automated outcome.
Marketing consent
Cookies
Vulnerable customer notice
If you are in a vulnerable situation
Anyone can find themselves in a situation that makes borrowing harder to manage — a health diagnosis, a bereavement, a sudden change in income, a language or comprehension barrier. The FCA describes this as customer vulnerability and expects firms to take extra care.
How to tell us. You do not have to use any particular form of words. You can:
- Tick the "I would like extra care" box on the support form in your portal.
- Email support@credicorp.co.uk and say you would like to be marked as needing extra care.
- Tell any staff member by phone — they will record it for you.
- Have a family member, carer or appointed third party tell us on your behalf, provided you have authorised them.
What changes when we know.
- A "treat with care" banner appears on your record so every staff member who deals with you is briefed before they pick up the case.
- Payment freezes (30 or 60 days) and reduced-payment plans become available without the usual eligibility checks.
- Marketing messages stop. Service messages continue but are written in plainer language and at a slower cadence.
- You can ask for documents in large print, accessible PDF or by post instead of email. We do not charge for alternative formats.
- We will not pass your account to a third-party debt collector while the flag is active.
Our approach is grounded in the FCA's Finalised Guidance FG21/1 on the fair treatment of vulnerable customers, applied as the floor for how we behave with you. The flag is reviewed annually and at any point you ask. Telling us about a vulnerability does not affect the price of credit and is never reported to a credit reference agency.
Right to withdraw
Your right to withdraw — 14 days
You have 14 calendar days to withdraw without giving a reason, beginning the day after you sign your Business Loan Agreement. This applies whether you signed a single offer or, where we presented you with a choice of offers, the one you ultimately accepted.
How to withdraw. Write to us — from the portal, by email to withdraw@credicorp.co.uk, or by post to the registered office — quoting your loan reference. We acknowledge a withdrawal notice the same business day.
What happens to the money. If the principal has already been drawn, it must be repaid within 30 days of the notice of withdrawal. Interest is charged only for the days the funds were actually held; no establishment fee is retained, and any establishment fee already collected is refunded with the withdrawal acknowledgement.
Multi-offer scenario. Where we offered you a choice of two or more agreements (for example a 30-day single payment vs a 90-day instalment plan), the 14-day right runs from the date you signed the offer you actually accepted. Withdrawing from the accepted offer does not entitle you to take a different offer instead — if you change your mind about which structure suits you better, ask us before you sign.
No fee is charged for exercising the right to withdraw. Withdrawal does not require a reason and does not affect any future application.
This page lists the regulatorie documents Credicorp Limited pits oot. The English version o each yin is the legally bindin text.
Scots draft (LR-R10-sco-legal) — pending native-speaker AND solicitor review.
Every regulatory document Credicorp publishes lives here. Each one is available as a web page (for reading on screen) and as a PDF (for filing or sharing). Borrower-facing documents are shown at the top.