Terms of Service

Introduction

These are the terms of supply for services available on our website ("Website") and on our mobile applications ("Applications"). The Website and Applications (together referred to as the "Site") are operated by or on behalf of Fairscore Ltd (Updraft, we, us and our). We are a limited company, registered in England. Our registered company number is 10868865 and our registered office is at 20-22 Wenlock Road, London, N1 7GU.

Your use of any of the services offered on the Site (the "Services") is subject to these terms and by signing up for or using any Service you agree to be bound by them. You should print a copy of these terms for future reference. Use of your personal information submitted to us as part of the provision of the Services is governed by our Privacy notice and Cookies Policy.

These terms were last updated May 2020

Registering with us

To use any of the Services, you must first register to set up an account with us by completing the account registration form available on the Site. You only need to register once. To register, you must be at least 18 years of age and be a resident of the UK.

Please note that additional eligibility criteria may apply to a particular Service, where indicated on the Site. It is your responsibility to ensure you satisfy all of the minimum eligibility criteria set out above before choosing to register with us. By doing so, you confirm to us that you do meet all of the minimum eligibility criteria.

To register, you must provide us with accurate, complete and up-to-date contact information, including email address and mobile telephone number. You are responsible for the information you provide to us. You must promptly update your Updraft account in the event of any changes to information you have provided.

Registration is subject to approval by us in all cases, and we reserve the right, in our sole and absolute discretion, to decline any application for registration, without giving a reason. If we approve your registration, you will receive a notification from us. We may be required by law to carry out checks (including checks with credit reference agencies) for the purposes of confirming your identity.

Username and password

Upon registration for an account with us, you will be asked to create a username and personalised security credentials to access your account. You must take all reasonable precautions to keep your username and personalised security credentials confidential and secure at all times and use it only to access and use your Updraft account and not for any other purpose. For example, you should not write down your personalised security credentials and you must take care that nobody sees (or overhears) you when using them. You are the only authorised user of your account and, accordingly, you must not disclose your username or personalised security credentials to anyone else. You are responsible for all activities that occur using your username and personalised security credentials and you must contact us immediately if you discover or suspect any unauthorised use of your Updraft account or error in the operation of your username and/or personalised security credentials (see Contact us and complaints). If you discover or suspect any unauthorised use of a payment or financial account linked to your Updraft account, you should immediately notify the provider of that account. We may, from time to time, with or without prior notice, temporarily suspend the operation of any Service if we believe there has been unauthorised access to your Updraft account or we suspect it is being used to gain unauthorised access to any payment or financial account linked to the Services.

Our services

The Services are described more fully on the Site. We will provide the Services with reasonable care and skill.
Our  services include the following :

  • We may summarise the information you provide to us when you subscribe to the credit information service and the account information service, change how these are presented to you or add other information alongside it to provide you with personalised insights and recommendations. We offer alerts to help you better understand the cost of unsecured debt and and nudge you to reduce your reliance on overdrafts, credit cards and other forms of unsecured borrowings. You should make sure your contact details are up to date and that you are ok with another person seeing alerts if you share your email account or device with someone. You’ll need to log into your account on the mobile app to see the full details of any alert we send you.
  • we might offer you an Updraft loan if it meets your needs. This will be subject to our creditworthiness and affordability assessment we are required to do as a responsible lender.
  • As part of the Updraft loan application we might offer you the Updraft ‘soft search’ service, if you do not become a Updraft loan customer straightaway, we will keep and may use the information you’ve submitted to review your credit file in future.  We will use it to carry out regular ‘soft searches’ over the next 12 months which won’t affect your credit score and we may then contact you (by mobile app or email, and/or SMS) about the Updraft loan, similar products and services offered by us. Please note that an Updraft ‘soft search’ will result in an additional ‘hard search’ on your credit file if you decide to take the Updraft loan product.
  • For loan repayments we will also offer a Direct Debit service through our partner Modulr Finance and London & Zurich Ltd. Your payments will be covered under the Direct Debit Guarantee.
  • Account Information Service: We partner with TrueLayer and act as their agent for the provision of account information services. For additional details on the service, please see the section on Account Information Services. You will be accessing TrueLayer's services through Updraft. By connecting your bank account you are permitting TrueLayer to access account information from your bank account and share it with Updraft. We use data on your bank account to offer personal financial management services. These include timely alerts, nudges, budgets and spending plan.
  • Credit Information Service: We provide you with credit reports and scores from TransUnion, along with credit monitoring and credit factors, which tell you about changes to your credit report and the key things that are affecting your credit score. For additional details on the service, please see the section on Credit Information Service.

We are authorised by the UK Financial Conduct Authority (Firm Reference Number: 810923 ). Any additional terms related to these services will be shown to you in our applications before you enrol.

Account Information Services

We partner with TrueLayer and act as their agent for the provision of account information services.
In using TrueLayer’s Account Information Services  you agree that TrueLayer may process, aggregate or analyse information from one or more Linked Account in order to provide you with the following Services:
• Providing information regarding your transactions and financial position acros all Linked Accounts.
• Responding to messages you have submitted through your Updraft account concerning the account information services
By agreeing to these Terms of Service, you also agree to TrueLayer's end user terms which are available here; https://truelayer.com/enduser_tos/. The Terms of Service set out the terms on which you agree to Truelayer accessing information on your payment accounts . Truelayer is subject to UK and EU data protection laws and is required to treat your data in accordance with those laws. You can find  Truelayer’s Privacy Policy here.

Truelayer is authorised by the Financial Conduct Authority in the UK under the Payment Services Regulations 2017 to provide account information services and payment initiation services (Firm Reference Number: 793171 ).

Credit Information Service

When you register with us for this service, you’re authorising us to ask credit reference agency Transunion for your credit data and authorising Transunion to provide this information to us. This includes information like your credit score, credit report and data related to them, such as credit providers, county court judgements ('CCJs') and reasons for changes to your score or report.

When we check whether TransUnion is able to provide you with a credit report and when we retrieve your credit report and credit score from TransUnion, we are making a subject access request under Article 15 of the GDPR to TransUnion, on your behalf.

To do this, we share some of your personal details with the credit reference agency Transunion, such as your name, date of birth and address. There’s more information on this in our Privacy Policy

You will need to successfully pass an authentication process before we can show you your credit report and credit score. The authentication process is designed and operated by TransUnion, not by Updraft.

You may not successfully pass authentication by Transunion if they are unable to match your personal information to the credit reports or if they do not hold enough information on you to generate a credit report.

We also will continue to provide regular updates to your credit information and you can see updates within the app. We may summarise the credit information, change how it’s presented to you or add other information alongside it e.g. from the Account Information that you have shared with us.

TransUnion may also provide us with credit information when there are changes to your credit score or credit report. We will continue to rely on your authorisation for the credit information until you withdraw this permission. You can cancel the credit information service from within the mobile application or through the in-app chat.

When we make requests from TransUnion for your credit information, this may leave one or more 'soft searches' on your credit file. Soft searches are visible to you, us, and TransUnion, but they’re not visible to lenders or organisations carrying out a hard search when deciding whether to offer you credit, and they don’t affect your credit score.

It is important to us that the information we provide to you from TransUnion is as accurate as possible and that they use reasonable efforts, and act in accordance with regulatory requirements, to make sure it’s accurate. However, we can not guarantee that it’s completely accurate all the time. Also, as you will see, some of this information comes from other businesses and sources, such as the electoral register. Neither TransUnion, nor any other third parties used to provide the Services have any control over the content of such information and aren’t responsible if it turns out to be inaccurate. However, if you notice a mistake on your credit report or think that something might not be accurate, you need to raise a dispute with TransUnion as they provide us with your credit data. You can create a dispute within the relevant section in our app at any time.

The credit information provided to you is provided for your education, guidance and information only and cannot be used for commercial use or on behalf of any third party. A good credit score does not mean that a lender, credit card company or other provider of financial services products will accept your application, and they have their own acceptance criteria. Also, a credit score does not take into consideration affordability issues which are also considered by financial services/credit providers;

TransUnion is TransUnion International UK Limited, a credit reference agency authorised and regulated by the FCA under number 737740. Their registered office is at One Park Lane, Leeds, West Yorkshire, LS3 1EP.

Communications between us

When we refer in these terms, to "in writing", this will include e-mail and instant messaging.
You may contact us:

  • through the mobile app in-app chat functionality.
  • emailing us at support@updraft.com
  • calling us on 01133207310
  • writing to us at “Fairscore Ltd”, 5 Merchant Square, London, UK W2 1AY

Complaints

If you have a complaint about our Service you've received, please contact us at:

  • Email us at complaints@updraft.com;
  • Write to us at “Fairscore Ltd”, 5 Merchant Square, London, UK W2 1AY
  • Call us on 0133207310

For complaints related to the provision of account information services, you can contact TrueLayer directly by emailing:  agents@truelayer.zendesk.com.

Should you wish to raise a complaint in relation to the service with your ASPSP or your Provider, please refer to the complaints policy of your ASPSP and/ or Provider.
If we're unable to resolve your complaint, you may have a right to refer your complaint to the Financial Ombudsman Service by:
• Writing to them at The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
• Calling them on 0800 023 4567
• Emailing them at complaint.info@financialombudsman.org.uk
The FOS website is financial-ombudsman.org.uk

Alternatively, you may log your complaint to the Financial Ombudsman Service through the European Commission's online dispute resolution platform at http://ec.europa.eu/consumers/odr.
If you do not take up your complaint with us first, you will not be entitled to refer it to the Financial Ombudsman Service.

Lost or stolen mobile device

If your mobile device is lost or stolen or if you suspect someone has gained unauthorised access to your username or password, you must contact us immediately at support@updraft.com.

In order to take any action, you will need to provide certain account information used to setup the account so we can verify your identity.

Canceling your account

You can cancel the Service at anytime via our site or through the mobile app via the in-app chat.
We can cancel our provision of the Service to you if:

  • Your use of the Service has been inactive for an extended period of time; or
  • You commit a serious breach of these Terms.

If you have cancelled any of your Personal Accounts or transferred a Personal Account to another bank, you must inform us as soon as reasonably possible via our mobile application

Other important terms

  • We can transfer our rights and obligations under a Contract to another organisation, but this will not affect your rights or our obligations under these Terms. We will always notify you if this happens.
  • This Contract is between you and us. No other person will have any rights to enforce any of its terms.
  • Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.
  • If we fail to insist that you perform any of your obligations under these Terms, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations. If we do waive a default by you, we will only do so in writing, and that will not mean that we will automatically waive any later default by you.
  • These Terms are governed by English law. This means any dispute or claim arising out of or in connection with these Terms will be governed by English law. You and we both agree to that the courts of England and Wales will have non-exclusive jurisdiction.
  • All content and materials, including but not limited to images, text, visual interfaces, information, data, and computer code, provided by us, TransUnion or third parties through our Services and all related intellectual property rights are the property of Fairscore Ltd., TransUnion and/or those third-parties.