Thirdfort does not perform a hard credit check on any client
As part of Experian's 'Authenticate' service that powers our Electronic Address Match and our PEP and Sanctions searches, we carry out a 'soft search', which has no effect on a client's credit score.
Performing searches on a credit file
Thirdfort uses Experian's 'Authenticate' product which is one of their standard KYC/AML offerings. This product performs an address search on the client's credit file, it does not perform any kind of credit check or view the client's credit information.
We check the address and personal data associated with a client's credit application history. Inconsistencies in addresses or personal information used to apply for credit could be a sign of fraud, and if found, would be indicated on the report under the 'Further Information' section of the Address Match.
Every time a search like this is performed on a credit file there is a record made. A list of all searches performed on a credit file is visible to the customer if they pay to download their credit report directly from Experian. Thirdfort would be listed as one of the entities that have done a search. In most cases, the list would include other businesses that have done the same search as part of their KYC processes. Searches do not impact the client's credit score in any way.
Performing affordability checks and credit checks
Credit searches as described above are different to affordability checks and credit checks. An affordability check is a light-touch assessment of credit and is done by a broker or lender when assessing a client's mortgage affordability or providing a decision in principle for a mortgage. A full credit check is typically carried out by a broker or lender when a client makes a mortgage application.
When performed, these checks look at the client's credit data within their credit file and leave a 'footprint' on that file. Thirdfort never run affordability checks or credit checks.
Informing clients about searches
Thirdfort informs app users that it will perform a search via Experian for KYC/AML purposes when they first sign up to use the app. This is done via our Privacy Policy which is clearly presented to the client in the initial app onboarding.
A professional user may also want to inform their clients via their T&Cs or otherwise that these searches will be performed by Thirdfort on their behalf.
If a professional user performs checks on clients without the Thirdfort app (via the Thirdfort Lite Screening product) they should inform their client that this search will be performed via Thirdfort. They can do this by referring the client to the Thirdfort Privacy Policy.
Need more help?
Please view our Supporting your clients topic to find the answers to any queries from your client.
These articles should answer most of your questions. However, if you have any further queries please click the live chat button in the bottom right of your screen to talk to a member of the client support team.
Furthermore, should your client have any queries about the process, our dedicated customer support hub will provide the answer to many of your client's questions. From here they can also chat directly with one of our consumer support team who can provide real-time help and assistance.