Know Your Customer: Why it is vital to any finance business

know-your-customer

Any finance company knows that ensuring the correct financial agreement is in place for a customer is paramount to the success of their business.

The focus placed on this by Creditplus is something which has assisted in them becoming and retaining the title of the UK’s leading online car finance provider. And alongside this is the company’s additional focal point on assessing each customer before they are provided with the finance they need for the car they want.

Knowing our customers

The process of assessing customers - known throughout the financial industry as Know Your Customer or KYC - is a mandatory practice in identifying and verifying customers. Used primarily by banks worldwide, it is also a procedure which any reputable company - such as Creditplus - use to assess the eligibility and integrity of potential customers.

Our Ethical Lending approach

The analysis of a customer’s financial history is undertaken initially by Creditplus in the form of a ‘soft’ credit search. As a company dedicated to ensuring that customers get the best finance deal for their circumstances and budget, the ‘snapshot’ taken of a customer’s credit file allows Creditplus to investigate all the relevant details they need to ascertain a customer’s creditworthiness, but without making an imprint on the file. Once the required information is captured, the customer’s loan application is compared with more than 90 different lending options. It’s only when the most suitable finance option has been found that Creditplus then seek approval from the customer that they are happy to proceed with the full application and the resulting full credit search.

Our company value of Integrity

Creditplus commit to never conducting a full credit search until the customer agrees to it being carried out. While it is clearly important in terms of KYC to know everything we possibly can about our customers at the point of their initial application, we also stand by our own high levels of integrity. We provide a service to our customers which is constructed of three key elements: honesty, fairness and transparency, and it’s these factors that mean we always do the very best by each of our customers, from receiving their application right the way through their finance agreement term.

What the Managing Director says

As the original founder of Creditplus, Shaun Armstrong has this to say about KYC and the solid integrity of the business: “Consumers quite rightly expect and demand loan services that identify their needs, offer the correct lender or lenders who will actually underwrite them with transparency and not just be presented with a table of loan results. They then also need a simple and fast document solution that allows them to download and complete their loan agreement. Creditplus in the car loans industry is now working towards helping customers finalise their loans and pay the dealer or provider within one or two hours.”

Got a question for us?

If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.