If you connect your business bank account via Open Banking during an application, Creditcorp receives a read-only feed of your transaction history. We use this to make faster, more accurate credit decisions without requiring you to export and upload months of statements manually.
What we use it for
- Verifying that the account belongs to the applying company
- Analysing income patterns, average balances, and outgoing commitments
- Identifying existing loan or finance repayments that affect affordability
- Supporting ongoing facility reviews for Flex customers
What we do not use it for
- We do not sell or license your transaction data to third parties for marketing purposes
- We do not use Open Banking access to make payments from your account — it is strictly read-only
- We do not retain live access after the purpose for which you granted consent has been fulfilled
How long we retain the data
Transaction data retrieved via Open Banking is treated in the same way as any other financial record we hold: retained for the duration of your facility and for a period afterwards in line with our standard data-retention schedule. You can request details of the specific retention period applicable to your account by contacting our data team.
You may withdraw Open Banking consent at any time through your bank's app or our portal. Withdrawing consent does not automatically close your facility, but it may affect our ability to offer automatic limit reviews.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What data Creditcorp collects from your business, How long Creditcorp keeps your business data.