Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

True Affordability and Security

StepStone Credit True Affordability

StepStone Credit adopt a “True Affordability” test to every credit facility.

To assess affordability some companies take the standard ONS (office for national statistics) number on expenditure and some rely on customer filling in their details. In our experience, customers may not always know exactly what their income and expenditure is. At StepStone Credit we help our clients by working it out for you by assessing your bank account to ensure the facility is right for you which is why we adopt a True Affordability test. This requires you to enter your internet banking details. However we know our clients have questions around entering their details but the main point here is we are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account – nothing more. Here are some FAQ’s that our clients have raised regarding the StepStone Credit True Affordability test:

headingicon

Why do we ask for your banking details and how does this help me?

By inputting your details we are able to view up to 90 days of bank account history. This helps us make our lending decision, assessing whether and if so what amount of credit is affordable and sustainable for you.  As a responsible lender, we also work with credit reference agencies to review your creditworthiness. As part of that process it is important for us to verify your incomings and outgoings. Ultimately, this will help us ensure that you do not fall in difficulties in making the repayments due under a loan or incurring further costs and charges. We are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account – nothing more. Your bank details are encrypted in transit and stored securely by our credit reference agency and its services providers. We do not have the ability to change any of your banking details, set up standing orders/direct debits or to manage your account in any other way. All data is securely handled in accordance with data protection laws and our privacy policy.

headingicon

Who sees my internet banking log-in details?

No person can access your internet banking details. When you enter your banking credentials on our website they are securely transmitted. The encrypted details are then passed by our credit reference agency, Perfect Data Solutions Limited and associated service providers. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan. 

headingicon

What happens to my internet banking details after input them on your website?

As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers. Our credit reference agency partner, Perfect Data Solutions Limited and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled in accordance with data protection laws and our privacy policy

headingicon

What happens to the bank statements you obtain?

They will be used to make lending decisions about you and stored by us as long as necessary to assist us in managing your account or underwriting loan to you.  It will be stored by Perfect Data Solutions Limited, which is a credit reference agency, as part of your credit record.  This means that anyone who accesses your credit record in future will be provided with a credit score which is based on all the information held about you including your banking history.

headingicon

What will my bank say about me inputting my log-in details into your website?  

We would recommend that you review the Terms and Conditions of your internet banking provider. Before you decide to submit your banking credentials, we would stress that security is of paramount importance, we would especially mention that:  
Your data is encrypted in transit using 256-bit SSL encryption; 
We do not have any functionality over your bank account; and 
We only have access to a read only service. 

Have a question?

Stepstone Credit is a trading name for Hymarc Ltd and is registered at:
Pacific House, 1 Easter Island Place, Eastbourne, BN23 6FA Authorised and regulated by the Financial Conduct Authority No 683980

Hymarc Limited is a registered Data Controller under the terms of the Data Protection Act 1998 with a registration number of ZA 098144

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk