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:
Why do we ask for your banking details and how does this help me?
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.
What happens to my internet banking details after input them on your website?
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.
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.