Sometimes we use your personal information in automated processes to make decisions about you, such as credit scoring or for the prevention of fraud. We might also use automated processes to create a profile of you for these purposes. We do this to help ensure decisions are made accurately, fairly and efficiently and to offer you products and services tailored to you and to reduce the risk of fraud.
Further information on when we use automated processes and the logic, significance and consequences of these processes for you
We use automated decision making using your personal information to create a profile of you for credit scoring – a method which predicts your credit worthiness based on your financial profile.
To carry out credit scoring we use information you give to us, information we obtain from credit reference agencies, and details about how you have used other products and services you have with us or the Group (for example how you are making repayments on other credit products). In some cases we will also use external data sources for credit scoring. See below for a list of credit reference agencies we use. We analyse this information to identify a credit score based on how likely it is that debts will be re-paid.
We use credit scoring to make the following decisions about you:
- whether we enter into a contract to provide a product or service to you;
- whether to adjust products or services you have (such as an increasing or decreasing credit limits);
- to pre-approve future products or services for you;
- to authorise overdraft limits; to authorise payments from you; and
- in some cases where we need to recover a debt from you.
Profiling for marketing
We want to ensure that you get the most relevant information about our products and services at the right time. The most effective way for us to do this is to use automated processes to create a profile of you for marketing.
We use processes to analyse your personal information to decide what products and services to offer to you and to prioritise the marketing messages you receive by:
- assessing your eligibility for those products and services;
- assessing how likely they are to be useful for you; and
- deciding how likely you are to respond.