Creditcorp does not keep your data indefinitely. Retention periods are set by a combination of legal obligation, regulatory expectation, and legitimate business need. This article explains the broad framework.
During an active facility
All data collected at application and during the life of a Business Loan, Flex facility, or Slice arrangement is retained for as long as the facility remains open. This includes transaction records, credit assessments, correspondence, and signed agreements.
After a facility closes
- Contractual and financial records are typically retained for six years from the date the facility closes, in line with the Limitation Act 1980 and standard UK accounting practice.
- Anti-money-laundering (AML) and Know Your Business (KYB) records are retained for five years from the end of the business relationship, as required under the Money Laundering Regulations.
- Unsuccessful applications are kept for a shorter period, generally sufficient to handle any queries or disputes relating to the decision.
After retention periods expire
Once the applicable retention period has passed, data is securely deleted or anonymised so it can no longer be linked to your company or its directors. We do not archive data beyond what is legally or operationally necessary.
If you have a question about the specific retention period for your account or a particular category of data, you can submit a request to our data team and we will respond within the statutory timeframe.
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: How to request a copy of your business data, How to ask Creditcorp to delete your business data.