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6.—(1) A designated credit reference agency must provide credit information that it holds about a small or medium sized business to a finance provider for the purposes specified in paragraph (3) if—
(a)the finance provider has requested that the credit reference agency provide the information;
(b)the business to which the information relates has agreed to the information being provided to the finance provider and the finance provider has confirmed such agreement to the credit reference agency;
(c)the finance provider has agreed to the standard terms on which the credit reference agency provides credit information relating to small and medium sized businesses, including the payment of any fees for the provision of such information;
(d)the finance provider has met any conditions which are required by those terms to be met before the information is provided;
(e)in the case of a finance provider which is not a designated bank, the finance provider has agreed with the credit reference agency that it will, by the end of a period of 12 months starting on the day on which the credit reference agency first provides credit information to the finance provider and at other such time as it agrees with the credit reference agency, provide to the credit reference agency all credit information—
(i)that it holds about each customer of the finance provider which is a small or medium sized business (but see paragraph (2)); and
(ii)which relates to the period starting on the day on which the credit reference agency first provides credit information to the finance provider;
(f)the finance provider has confirmed that, in respect of any service referred to in the Schedule which it offers to provide to small or medium sized business customers in the future, the standard terms provide for agreement by the customer that the finance provider may provide credit information to credit reference agencies.
(2) A finance provider is not required to provide information pursuant to an agreement under paragraph (1)(e) if—
(a)the customer to which the information relates has not agreed to the provision of such information; or
(b)the provision of such information would be unlawful.
(3) Any information provided under paragraph (1) is provided for the purpose of assisting a finance provider to decide whether to offer a business any kind of finance, lending or credit having in particular regard to—
(a)the ability of the business to repay any debts resulting from the provision of such finance, lending or credit;
(b)the ability of the finance provider to verify the identity of persons related to the business and to take steps to prevent fraud;
(c)the ability of the finance provider or another party to recover debts resulting from the provision of such finance, lending or credit; or
(d)the need for the finance provider to comply with its statutory or other legal obligations relating generally to the provision of finance, lending or credit.
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