Before we lend to your company, we are required by law to verify who we are dealing with and that the bank account receiving funds belongs to your company. This article explains those checks, why they are required, and how long they typically take.
Director identity check (AML)
The UK Money Laundering Regulations require us to verify the identity of the individuals who control or represent a company before entering a credit agreement. For most applications this means verifying the director who is submitting the application. The check is carried out electronically, using the name, date of birth, and address you provide. We match this against data held by identity verification agencies.
This is an anti-money-laundering (AML) check, not a consumer credit search. It does not appear on your personal credit file and does not affect your personal credit score.
In most cases the electronic check completes in seconds. Occasionally — for example, if you have recently moved address or have a common name — the automated match fails and we may ask you to provide a copy of a photo ID document (passport or driving licence) to complete the check manually.
Company verification
We verify your company via Companies House, using the company number you provide. We check that the company is active, that the filing history is consistent with an operating business, and that the director applying is listed as a current officer. We also check for any charges, administration, or dissolution proceedings registered against the company.
Bank account verification
We verify that the sort code and account number you give us match your company's name. We do this using account name matching services (Confirmation of Payee, or equivalent). A mismatch — for example, if the account is in a director's personal name rather than the company name — will delay or prevent the transfer of funds. Loans must be paid to an account in the company's name. If your company's business account has an unusual name format, contact our team before applying so we can advise.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How Credicorp makes a lending decision, What bank statements or documents do you need for a Credicorp application?.