Retail Money Market Ltd trading as RateSetter (‘RateSetter’, ‘we’ or ‘us’) a ‘data controller’ and gathers and uses certain information about you. This information is also used by RateSetter’s group companies, so in this notice, references to RateSetter include its group companies. When we use your personal information, we are regulated under the General Data Protection Regulation which applies across the European Union (including the United Kingdom) and we are responsible as the ‘controller’ of your personal information under those laws.
We will collect personal information about you when you use our services. We will also collect information about the way in which you use our website. The ways in which we may use your personal information are described below.
For certain purposes, we may share your personal information with members of our group, our partners, service providers and regulatory or governmental bodies.
We will collect the information below in different ways depending on how you choose to make contact with us.
Direct - where you have come directly to use RateSetter services through our website or customer services:
Third Party - where a broker has introduced you to the services of RateSetter or a third party is acting on your behalf and we have authority for them to act:
If you wish to use our full range of services and products, we will collect some or all of the following information:
We will also on occasion obtain information from other sources, to enable us to offer you our products and services and to be able to operate our platform. This will, on occasion, include personal information and will be obtained from:
You can opt out to the creation of a user profile, Hotjar’s storing of data about your usage of our site and Hotjar’s use of tracking cookies on other websites by following this opt-out link.
The General Data Protection Regulation states that we are only allowed to use personal information if we have a genuine reason to do so. This includes providing it to third parties outside of the RateSetter group.
RateSetter will only use your personal information for one of the following reasons:
A legitimate interest is when we have a business or commercial reason to use your information. We will only use this reason when we think it is in your best interest so that you can have the best possible experience with RateSetter.
Below is a list of all the ways in which we can use your personal information and the reason we rely on to do so.
We carry out credit and identity checks when you apply for a product or service, for you or your business. We use CRAs to help us with this.
If you use our products or services, from time to time we may also search information that the CRAs have about you, to help us manage those accounts.
To do this, we will supply your personal information to CRAs and FPAs and they will give us information about you in return. This will include information about your financial situation and financial history. CRAs and FPAs will give us publicly available information about you (including information from the electoral register) and privately held information which will include your credit history, your current financial situation, financial history information and fraud prevention information.
When we use your information, and share it with CRAs and FPAs, we do so as a necessary step to assess whether or not we can enter into a contract with you. Where your loan application is approved and you choose to enter into a loan through RateSetter, it will continue to be necessary for us to carry out these checks from time to time to perform the contract we have with you.
We will use the information that we receive from CRAs and FPAs to:
When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders and other similar companies or organisations. When FPAs receive a search from us they will keep a log of the searches that we have carried out but this will not be shared with any CRAs.
If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you have made them aware how their personal information will be used by us, before you complete the application. In addition, you should both also be aware that CRAs will also link your records together and these links will remain on both of your files until an approved request is received by the CRAs confirming that the financial relationship no longer exists.
We will continue to exchange information about you with CRAs and FPAs while you have a relationship with us. We will also inform the CRAs once you have finished repaying a loan with us. If you borrow money through the RateSetter platform and do not make all your repayments in full and on time this information will be shared with CRAs who will record that information as part of your credit history. It is possible that the CRAs will then share this information with other organisations who have a relationship with them.
If you give us false or inaccurate information or if we suspect or identify fraud we will record this and will also pass this information to FPAs and other organisations involved in crime and fraud prevention, including law enforcement agencies.
We and other organisations may access and use this information in order to prevent fraud, money laundering or other criminal activity. If we, or a FPA, determine that you pose a fraud or money laundering risk, we may refuse to provide our products and services you have requested, or we may stop providing existing services to you.
Fraud prevention agencies can hold your personal data for different periods of time, and if you are considered to pose a fraud or money laundering risk, your data can be held for up to six years and may result in other companies or organisations refusing to provide services, financing or employment to you.
If you have any questions about this, please contact us at [email protected]
The links below will provide you with further information on:
We sometimes use systems to make automated decisions using the personal information we have obtained from you and other sources about you or your business. Automating decisions allows us to make consistent, efficient and quick decisions regarding the products and services we offer. These automated decisions can affect the products and services we may offer you now or in the future, or the price that we charge you for them.
Below are details of the automated decisions we make which are necessary for entering into, or performance of a contract:
We will only send your data outside of the European Economic Area ('EEA') to:
If we do transfer information to our agents or advisers outside of the EEA, we will make sure that it is protected in the same way as if it was being used within the EEA. We will use one of the following safeguards:
Currently we use a company called Zendesk Inc who have staff based outside the EEA, and stores your data in the US. Zendesk Inc and RateSetter have Model Contract Clauses in place to safeguard the transfer of personal data. Zendesk Inc are also certified under the EU-US Privacy Shield framework. When you send an email to RateSetter, you agree to your data being stored and processed in this way.
Fraud Prevention Agencies may also transfer your personal information outside of the EEA, when this occurs they impose contractual obligations on the companies or organisations that receive your information so that they protect your personal information to the standard required in the EEA. They may also require the companies or organisations who receive that personal information to subscribe to 'international frameworks' intended to enable secure sharing of personal information.
RateSetter takes the security of your information very seriously. We work hard to protect ourselves and your information from unauthorised access. We also protect against unauthorised disclosure, alteration or destruction of information we hold. In particular:
It is also important that you ensure that your information is kept secure when you are online. When using our member's portal, we would advise you to:
We will need to keep your personal information for as long as you are a customer of RateSetter, or one of our group companies.
After your relationship with RateSetter ends, we may keep your data for up to 7 years for the following scenarios:
To respond to any queries or complaints
To show that we have acted and treated you fairly
To maintain records according to rules and regulations that apply to us
In some circumstances, we will keep your data for longer than 7 years if we cannot delete it for regulatory or legal reasons. If it is required to extend our retention period, we will continue to ensure that your privacy is protected and we will only use it for the specified reasons.
You may have some or all of the following rights dependent upon how and why your information was collected and how we are using your information:
There may be regulatory or legal reasons why we cannot satisfy your requests, but we will advise you of this when a request is made.
For further information on each of these rights, including the circumstances in which they apply, see the guidance from the UK Information Commissioner’s Office (ICO).
At RateSetter we respect our visitors, customers and friends and therefore we will never pass your details on to third parties for marketing purposes without your explicit consent. Where you are an existing customer or have previously requested the use of our products or services, we may use your personal information to tell you about relevant products and offers. You can opt out at any time by clicking unsubscribe on any email communications we send to you, alternatively by emailing us, writing to us or by changing your contact preferences within the members area. Please click here for contact details.
If you choose to unsubscribe, we will still provide you with statements, legal notices and other important information such as changes to your existing products and services to meet our legal and contractual obligations to you.
We will use personal information that has been provided from you and obtained from third parties we work with, to provide you with marketing information about other products and services we feel you may be interested in, based on your previous interactions with RateSetter. We may ask you to confirm or update your preferences if you take out any new products or services with us in the future.
Cookies are text files placed on your computer to collect standard internet log information and visitor behaviour information. Cookies allow us to distinguish you from other users of the website, helping us to provide you with a good experience when you browse our website and also allowing us to improve our website.
See our Cookies policy, for further information on Cookies and how we use them.
If you are dissatisfied with any response you receive from us, you may refer your complaint to the ICO. Find out more on their website.
Call Us - 020 3142 6226
Write to Us - RateSetter, 6th Floor 55 Bishopsgate, London, England, EC2N 3AS
Please be sure to mark all correspondence for the attention of the Data Protection Officer so that we can get back to you as soon as possible.