Underwriting

Question 1

How will the ALD credit check affect my credit score?

ald · Accepted Answer

For individuals, sole traders and small partnerships (three partners or less) there are two types of credit checks that can be used by lenders when determining whether they can offer credit based on your financial circumstances:

- Soft credit check – this is an initial look at whether an application may be successful and does not impact your credit score. This type of search is not visible to other lenders
- Hard credit check – this provides a complete search of your credit file and is recorded on your credit report to indicate that you applied for credit

At ALD, we perform an initial assessment using a soft credit check, and only apply a record of a hard credit check if you choose to proceed with the application.

Question 2

My application has been declined, what can I do?

ald · Accepted Answer

At ALD we assess both you as a customer but also our own products and their suitability to determine if they will work best for you. For example, we consider how affordable the payments are for you without causing financial stress, and use credit scoring to understand your position for repayments.

**Right to Appeal**

**Individuals, sole traders and small partnerships (three partners or less)**

If our automated credit scoring system declines your application, you have the right to appeal. This will ensure it is referred to an underwriter for further manual review. The underwriter will then assess whether they believe the decision was based on accurate information, review any further documentation provided in support of the appeal, and determine whether the decision was appropriate. It is worth noting that although an appeal ensures the decision is reviewed, this does not guarantee that it will be changed.

If your credit application is declined, you will be notified of the decision in writing, along with the appropriate contact details to use should you wish to appeal the decision. If you would like to appeal, you will need to do so within 30 days of receiving this letter. You can also lodge an appeal through the dealer or broker that submitted your application. We recommend that if you appeal you provide further supporting information that was not included or utilised to make the decision on your original application.

**Additional Support**

There are a range of reasons that could result in us declining an application, including information on your credit file, your application not meeting our affordability criteria or your application not
 meeting other elements of our lending criteria. We’ll provide you with written notification of the decision, including the reason for the decision.

We’ve included some information to help you access further support below.

**MoneyHelper**

MoneyHelper brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise. This means you can find both money and pensions’ guidance quickly, making it easier to find the right help. You can find details of how to contact them here [link to Free and impartial help with money, backed by the government | MoneyHelper] (``MHEXT).

**Debt Support**

If you have any concerns about debt, it can be helpful to seek independent advice.

**Experian Ltd – Credit Reference Agency**

We use credit reference agency data held by Experian Ltd to help assess whether we will accept applications for finance. You have a right to obtain a copy of your personal credit reference file from Experian Ltd. Before deciding whether you wish to appeal the decision not to accept your application you may wish to review the information held on their records by applying for a copy of your credit report.

You can apply for your statutory Experian credit report:

1. Online - Via their website by [clicking here](targetSelf:www.experian.co.uk)
2. [ ](targetSelf:www.experian.co.uk)Via Post - An application form is available from [Experian](targetSelf:www.experian.co.uk). Please complete all sections fully, print and send to the address below:

Customer Support Centre
 Experian Ltd
 PO Box 8000
 Nottingham
 NG80 7WF

If you need any assistance with your credit report e.g. incorrect information relating to yourself, please refer to Experian Ltd FAQs on their website or contact them directly on 0800 013 8888.

**Companies, limited liability partnerships and large partnerships (four or more partners)**

If your application is declined, you do not have the right to appeal. However, in some circumstances you may be able to arrange for an underwriter to complete a manual review of your application.

You will need to provide new appeal information that was not included or utilised to make the decision on your original application. You can contact us, your dealership or the partner who introduced you, who will be able to advise if this is possible.

Question 3

My application has been referred, what does this mean?

ald · Accepted Answer

A referred application simply means it has been referred for a manual review by one of our underwriters. This means that one of our underwriters will look at your application and financial history to make a decision on your application, rather than a decision being reached by our automated process. In certain circumstances we may not be able to make a decision without a manual review.

Our underwriters may request more information to fully understand or validate information we have. This could include, for example, bank statements, tax returns, financial statements, proof of identification or proof of address. The requirements will vary on a case-by-case basis, and we will contact you to request any additional information we require.

As a responsible lender, this ensures that we make an appropriate assessment to reach the most suitable outcome.

Question 4

What is a Credit Check?

ald · Accepted Answer

A credit check looks at the financial history of an individual, sole trader or small partnership (three partners or less), which is a record of their payment history with banks and credit providers. The check is used to determine how reliable that person is at borrowing and repaying money.

We use the information from a credit check to decide whether we can offer credit based on your financial circumstances.

The credit reference agency we use is Experian, you can find out more about them [on their website.](targetSelf:https://www.experian.co.uk/)

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