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Do you conduct credit checks for a loan?

Coronavirus Business Interruption Loan Scheme (CBILS):

To complete our fraud, anti-money laundering and know your customer checks, and also to assess creditworthiness, if you have a CBILS application in progress, we will conduct a hard credit search on the shareholders and a hard credit search on the business.

They will appear on your personal and business credit reports.

Any hard credit search may have an impact on both your personal and your business’s credit score.

Please note, the CBILS scheme is no longer open to new applications.

Bounce Back Loan Scheme (BBLS):

To complete our fraud, anti-money laundering and know your customer checks, which are required under the Bounce Back Loan Scheme, if you have a BBLS application in progress, we will conduct a soft credit search on the shareholders and a hard credit search on the business. We are not using these searches to check creditworthiness or affordability.

They will appear on your personal and business credit reports.

We will work with the credit reference agency to remove the hard credit search from your business’s credit report within 2 weeks, so any impact on your business’s credit score will be temporary.

The soft credit search will have no impact on any shareholder’s personal credit score. 

Please note, the BBLS scheme is no longer open to new applications.

What is a soft check?

A soft check means that whilst the credit search will appear on your personal or business credit reports (as applicable), it is not visible to other lenders and it will not affect your credit score.

What is a hard credit check?

A hard check means that the credit search will appear on your personal or business credit reports (as applicable), will be visible to others lenders and may have an impact on both your personal and your business’s credit score.

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