Bits Subscription and Bits Store Card Terms & Conditions

1. What these terms are

1.1 These terms constitute the legal agreement between you and Fea Card Limited (“Bits/we/us”), which you accept by signing up to the Bits app. Please read these carefully to understand their contents, as they establish the legal rights and obligations between you and us.

1.2 These terms cover our subscription service, the Bits Store, and our rent reporting service. Additional services may be incorporated into these terms in the future – we will notify you if and when we add these.

1.3 Certain other services we offer have their own, separate sets of terms and conditions. We will let you know when you sign up for a service if that is the case.

1.4 The first part of these terms apply to all services covered by these terms (i.e. to the subscription service, the Bits Store, and the rent reporting service), but there are some terms which are specific to each of those different services, and those are set out at the end of this document.

1.5 English law applies to this agreement, and whilst we hope you will always be happy with the service we provide, any disputes you may have with us would be settled by English courts. Each section of these terms operates separately – if any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

1.6 We may transfer our rights and obligations under this agreement to another organisation. We will always try to tell you in writing before this happens and we will ensure that the transfer will not affect your rights under the contract. You may not transfer your rights or your obligations under this agreement to another person.

2. How to contact us

2.1 If you have any questions about these terms or concerns about your account, your question might be covered in the FAQ section on our website.

2.2 If you want to ask us directly, or if you have any complaints, please contact us at hello@getbits.app.

3. How we contact you

3.1 If we have to contact you, we will do so either by writing to you at the email address you provided us with, or calling or texting you on the phone number you gave us. By giving us your email address and/or phone number, you are happy for us to contact you by these methods. You are responsible for keeping your contact details up-to-date.

3.2 As part of this agreement, we may call you directly or through third-party service providers to: (a) explain the services you’ve signed up for, such as how to use your Bits Store Card or manage your subscription, (b) remind you of repayment obligations if payments are overdue or we deem them likely to become overdue, and (c) where we deem it necessary for the provision of the services in this agreement. These calls help us deliver and manage your account effectively.

3.3 We may need to contact you from time to time in circumstances where it is important to know when you have received our notice. This will be when we send the email to the up-to-date email address you have given us or when we speak to you.

3.4 By agreeing to these Terms and Conditions, you agree that we may send all communications — including statutory notices under the Consumer Credit Act 1974 (for example, default notices) — to your registered email address. This consent counts as written consent under the Consumer Credit (Electronic Communications) Order 2004. You can withdraw consent at any time by emailing hello@getbits.app; if you do, we’ll send any statutory notices by post instead.

4. Signing up to Bits

4.1 In order to sign up to Bits, you need to be at least 18 years old, and live in the United Kingdom.

4.2 Before you sign up, we strongly recommend that you check to make sure that you can afford this service for at least three years.

4.3 We may reject your application to sign up if you have:

• 4.3.1 unpaid bills;
• 4.3.2 recent court judgments against you;
• 4.3.3 been subject to individual voluntary agreements, debt management plans, or other equivalent arrangements within the past six months; or
• 4.3.4 are currently subject to bankruptcy, debt relief, or other equivalent arrangements.

4.4 We may also reject your application if we otherwise determine that you are not in a position to regularly pay your Bits subscription fee.

4.5 We also reserve the right to reject your application if we have other concerns regarding your application, which aren’t about your ability to pay. These can include (but are not limited to) where:

• 4.5.1 we have reason to suspect that the application contains stolen personal data or is otherwise fraudulent;
• 4.5.2 we have reason to believe you are a high-risk individual, such as a politically exposed person; or
• 4.5.3 you have previously abused our staff over emails or phone calls.

4.6 In order to sign up to Bits, you will need to provide us with some personal information, such as your name, contact details (including your phone number, email, and address), date of birth, and payment details. However, in some instances we may need to ask for additional information about you or for you to send us copy documents proving your identity and/or your address, such as a passport or a recent utility bill respectively.

4.7 As part of the signup process, you may be asked to make certain choices, such as your repayment date for the core service (please see paragraph 20 below).

5. Summary of your key legal rights

5.1 This is a summary of your key legal rights. These are subject to certain exceptions. For detailed information please visit the Citizens Advice website or call them at 03454 04 05 06.

5.2 The Consumer Rights Act 2015 says digital content (such as an app) must be as described, fit for purpose and of satisfactory quality.

5.3 If your digital content is faulty, you’re entitled to a repair or a replacement.

5.4 If the fault can’t be fixed, or if it hasn’t been fixed within a reasonable time and without significant inconvenience, you can get some or all of your money back.

5.5 If you can show the fault has damaged your device and we haven’t used reasonable care and skill, you may be entitled to a repair or compensation.

6. Credit Reference Agency Information Notice (CRAIN)

6.1 In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies (CRAs): Experian, Equifax, and/or TransUnion. To do this, we will supply your personal information to CRAs and they will give us information about you.

6.2 Information we give CRAs will include information from your credit application and about your financial situation and financial history. CRAs will supply us with both public information and information on your shared credit, financial situation and financial history, as well as fraud prevention information.

6.3 We will use this information to:

• 6.3.1 assess your creditworthiness and whether you can afford to take the product;
• 6.3.2 check that the data you provided to us is correct;
• 6.3.3 prevent criminal activity, fraud and money laundering;
• 6.3.4 manage your account(s);
• 6.3.5 trace and recover any debts;
• 6.3.6 ensure any offers provided to you are appropriate to your circumstances; and
• 6.3.7 verify your address.

6.4 We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow from Bits and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.

6.5 When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.

6.6 The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail on the CRAIN section of each of their websites:

• 6.6.1 Experian – www.experian.co.uk/crain
• 6.6.2 Equifax – www.equifax.co.uk/crain
• 6.6.3 TransUnion – https://www.transunion.co.uk/crain

7. Data protection

7.1 As you can see in paragraph 4, you will need to provide us with some personal information. We will only use your personal information in accordance with our Privacy Policy, which you can access here.

7.2 Please refer to our Privacy Policy for details about how we will use your personal information, the legal basis for using it, who we may share it with, how we keep it safe and what your rights are in relation to your personal information.

7.3 Please note that it is your responsibility to let us know if any of your details change (this includes your address or payment details). We need this information to make sure that your reporting is accurate and we can contact you as needed. We will not be responsible in the event that you provide us with information that is inaccurate.

8. Changes to this agreement

8.1 We may make changes to these terms and conditions at any time, but only where:

• 8.1.1 we reasonably consider that it makes the terms easier to understand or fairer to you;
• 8.1.2 this reflects reasonable changes to the way we run our business because of a change in market conditions, in technology, or in the systems we use;
• 8.1.3 we introduce a new service to which these terms and conditions will apply;
• 8.1.4 this reflects (or anticipates changes in) legal or regulatory requirements that apply to us, including fraud prevention requirements;
• 8.1.5 this helps maintain or improve our systems and/or services (including ensuring that we have prudent and appropriate checks in place);
• 8.1.6 this reflects costs that we incur;
• 8.1.7 this reflects our credit assessment of you;
• 8.1.8 this would rectify a mistake; or
• 8.1.9 you request a change that we agree to.

8.2 Any change that we make will be reasonably proportionate to the effect the change has on us.

8.3 Because this contract has no fixed end date, we may from time to time need to make changes for other reasons not set out here.

8.4 We will give you reasonable notice about any changes we make to these terms via email (unless the changes are to your advantage, we are introducing a new service or we need to make changes to continue to comply with legal or regulatory requirements, in which case we may give you less notice). The email we send you will let you know when the changes will start to apply to you. During that period, you can close your account with us without incurring any new charges. To close your account, please contact us at hello@getbits.app.

9. Periodic statement

9.1 Using the Bits app, you will be able to see:

• 9.1.1 how much of your credit limit you still have available;
• 9.1.2 how much you have spent using your Bits Store Card each credit period; and
• 9.1.3 when your next payment is due.
• 9.1.4 This will update after every transaction.

10. Charges

10.1 The credit information service is a subscription service and you will be obliged to pay a recurring fee to utilise that service. This is more fully explained in paragraph 20. There are no other charges applicable to the service.

10.2 There are no charges or interest rates applicable to credit on your Bits Store Card. The only payments you will need to make would be repayments of any amounts you owe for using our services.

11. Making payments to Bits

11.1 When signing up to Bits, you will need to register at least one debit card or prepaid card (in either case, which is registered in your own name) onto the app. By giving us these details, you authorise us to use all registered cards to take payments in accordance with these terms.

11.2 Updating your card information (e.g., changing the card you use for payments) does not automatically remove the information from Stripe, our payment processing partner. This means that we might use previously registered cards for payments if an attempt on your current card fails. To remove a card from our system entirely, contact our customer support team.

11.3 On the date that any payment is due (see paragraphs 20 onwards for how the various services work), we will take payment from a debit card or prepaid card that has been registered with us (following payment authority you provide to us in paragraph 11.1 above) to pay any amounts you owe us. If that payment cannot go through and you do not repay amounts owed within the length of one credit period of that repayment being due, you will be in breach of this agreement. Moreover, if a payment is not made once it is due, you would immediately lose access to the Bits Store until that payment is made.

11.4 The payment authority you provide to us in paragraph 11.1 applies to all payments due under this agreement. This includes repayments that arise out of this agreement, but are not made prior to the termination of the agreement. If you seek to terminate this payment authority, our agreement may also be terminated.

11.5 You are responsible for keeping your payment information up-to-date.

12. Keeping your account safe

12.1 You must always keep your account details safe, and make sure no-one else can use them without your permission.

12.2 Please memorise your password and other security information and do not share these with anyone other than Bits. Never write them down or otherwise record them without first disguising the information.

13. How you can close your account

13.1 You can close your account with us by giving us notice. This is done by sending us an email (to hello@getbits.app) from the email address you used to register, asking us to close your account. We will close your account as soon as possible after you have given us notice, but you must repay any money already owed to us as previously scheduled. We may, at our discretion, continue to follow up on any outstanding repayments for up to six years, even after your account has been closed.

13.2 Please remember that deleting the app will not close your account. To close your account, you must give us notice as described above.

14. Cancellations: if you change your mind

14.1 When you open a new account with us, you have a legal right to change your mind within 14 days from the day on which we issue the payment receipt (this is known as the cooling-off period). If you exercise your right to change your mind and not continue with Bits during the cooling-off period, you will receive a refund for the subscription fee (if paid during that period).

14.2 We will make any refunds due to you as soon as reasonably practicable to the same card you used to make the payments, but no later than 14 days from the date on which you cancelled the contract. To exercise your right to cancel during the cooling-off period, you can email us at hello@getbits.app.

15. Not regulated credit

15.1 The services provided by Bits under this agreement, including any credit provided to you, are not subject to the oversight or supervision by the Financial Conduct Authority or any other financial regulator. Bits does not need to be regulated in order to provide such services. This means that you also cannot apply to the Financial Ombudsman Service if you experience any issues with the services described in these terms (unless otherwise specified in “Other Services” appendices to these terms).

16. When we can close your account

16.1 If you miss a payment to us your account will be limited, preventing you from making any new purchases until the payment has been completed. If that payment has still not been made within the length of one credit period of it being due, your account will be closed and Bits will not provide any further services to you.

16.2 If we consider that there has been a change in your financial circumstances such that you may have difficulty meeting your commitments to us, we will either limit or close your account, depending on the permanence of this change.

16.3 Your account may also be closed under the following circumstances:

• 16.3.1 we think there may be unauthorised or fraudulent use of your account;
• 16.3.2 we reasonably suspect that you have given us false or misleading information;
• 16.3.3 we reasonably suspect that your account is being used for an illegal purpose;
• 16.3.4 you are making repayments to Bits using a card not in your own name;
• 16.3.5 you have abused our staff over the phone, or through email or instant messaging services;
• 16.3.6 we are required to do so by any law, regulation, or sanction;
• 16.3.7 we reasonably suspect that you are not meeting your obligations under these terms, or were not entitled to open your account; or
• 16.3.8 you unduly raise a dispute via your bank account about a payment which has been properly made to us under the terms of this agreement.

16.4 We may also discontinue Bits services at any time, either due to decisions taken by us (such as decisions based on our risk appetite, your past behaviour or other relevant circumstances) or by relevant authorities.

16.5 Where possible, we will provide you with reasonable advance notice over email. If this is not possible, we will notify you as soon as we can after the event.

16.6 If you have made a repayment to us for using the function described in paragraph 20 which we have not reported to the relevant CRA at the point in time at which your account is closed, we will refund that latest payment. If we have already reported your repayment to the relevant CRA, you will not be entitled to compensation.

17. Our liability for loss or damage you may suffer

17.1 If we fail to comply with the terms of this agreement, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill, but we are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable either if it is obvious that it will happen, or if at the time the contract was made, both you and Bits knew it might happen.

17.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors, and liability for fraud or fraudulent misrepresentation.

17.3 If defective digital content which we have supplied damages a device or digital content belonging to you and this is caused by our failure to use reasonable care and skill we will either repair the damage or pay you compensation. However, we will not be liable for damage which you could have avoided by following our advice to apply an update offered to you free of charge or for damage which was caused by you failing to correctly follow installation instructions or to have in place the minimum system requirements advised by us.

17.4 We only supply Bits for domestic and private use. If you use the products for any commercial, business or re-sale purpose, we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

17.5 We cannot predict or provide any guarantee around how lenders will respond to you for current or future credit applications. We will not be responsible for any losses arising out of any such applications, whether we have met the terms of our agreement or we have breached it.

17.6 We are only responsible for reporting your activity on Bits to CRAs, and we are not responsible for how the CRAs may use this, including whether (for example) any such reporting will result in an increase in your credit score. We are also not responsible for any decrease in your credit score. We are not liable towards you in the event that any CRA removes Bits from its user files or fails to update their file.

18. Your liability to Bits

18.1 You are responsible for the payment of any debt that arises on your account.

19. If we don’t take action on any issue

19.1 If we waive any of our rights under this agreement, it does not mean that we will waive that right again in the future. This means that sometimes, we may use our discretion to decide whether or not to take action against you under the rights we have in these terms, and just because we may decide not to take any action on a particular occasion, it does not stop us from taking action against you in the future.

20. The Bits subscription service

20.1 What the service is

20.1.1 We are providing a service to you. Our product allows you to make regular payments to us through our Bits Store Card and we provide information about your repayments to certain CRAs, such as TransUnion, Equifax, or Experian (the full list of CRAs we send this information to is available on request at any time).

20.1.2 With our subscription service, you get access to features such as:

• a ‘credit score simulator’;
• the ‘Bits School of Credit’ (a collection of videos explaining credit management);
• a rent reporting service;
• a phone-call support service; and
• other new services that we may launch from time to time.

20.1.3 We charge a subscription fee for the service. Your subscription shall be automatically renewed until such time as you cancel the subscription (see paragraph 14 above) or your account is closed (see paragraphs 13 and 16 above).

20.1.4 The CRAs who receive this information will use the information in accordance with their policies and processes and we cannot guarantee that the information we report will increase your credit score nor can we influence the CRAs in any way.

20.2 How the service works

20.2.1 We offer different subscription plans for this service as set out in the Plans section of the app. You can select the value of your service when you first sign up on the app. We may from time to time be able to offer additional benefits to some of our subscription tiers, beyond what is described in this agreement.

20.2.2 When you sign up to our service, you are provided with a virtual card, the Bits Store Card, with a line of credit attached to it.

20.2.3 The line of credit available to you on the Bits Store Card is referred to elsewhere as your credit limit. The length of your credit period matches the plan you signed up for. You can check the plan you are on (and therefore the length of your credit period) in the app.

20.2.4 Prior to the date set for repayments, the amount due under your payment plan will be due and payable and we will charge this amount to your Bits Store Card. This means that we will provide you credit to pay us the subscription fee. You will need to repay the amount on the repayment day – don’t worry, you do not need to do anything, as we will use the debit/prepaid card(s) that we have on file (see paragraph 11 above on making payments to Bits).

20.2.5 At regular intervals (cadence will depend on the plan you signed up for), you have to make repayments of your subscription fee. The date on which you have to make repayments is set when you first signed up to the service. You can change this date in the app at any point by giving us sufficient notice, but this change won’t take effect until any outstanding repayment has been cleared. Sufficient notice here means a time period equal to your credit period.

20.2.6 A credit limit is set on your Bits Store Card proportional to your subscription tier. You can see your remaining credit limit for the current credit period in the Bits app as part of your periodic statement (see paragraph 9 above).

20.2.7 There are no charges or interest on the credit that we provide to you in order to pay the subscription amount. You only need to pay the subscription amount for the provision of our service to you.

20.2.8 We report your repayment history to the relevant CRAs every month. It may take some time before CRAs record this on your credit file – it could take up to 8 weeks from the time of payment.

20.3 Can I increase/decrease my subscription payment amount?

20.3.1 You are able to either increase or decrease your subscription payment amount, or cancel your subscription payments, as described below. When you increase or decrease the amount you pay, your credit limit will be increased or decreased accordingly at the same time.

Downgrades

20.3.2 You can let us know that you want to downgrade to a lower payment amount using the Bits app. We will reduce your payment amount as soon as reasonably possible after you have given us notice, but the amount you pay (and your credit limit) will not be reduced until the date that the next payment is due to be taken from your Bits Store Card.

Upgrades

20.3.3 You can let us know that you want to upgrade to a higher payment amount using the Bits app. We will increase your payment plan as soon as reasonably possible after you have given us notice, but the amount you pay (and your credit limit) will not be increased until the date that the next subscription payment is due to be taken from your Bits Store Card.

20.3.4 We will report your upgraded plan to CRAs once you make your first repayment under that plan, but it can take up to 12 weeks for CRAs to reflect this upgrade on their credit files.

20.3.5 Before you submit your application to upgrade, we encourage you to tap the “I’m not sure what I can afford” link at the bottom of the signup page. There, you can tell us your monthly income and your monthly outgoings so we can check that this level of payment is right for you.

Cancellations

20.3.6 Please see paragraph 13 above on how to close your account.

Other Services

We may provide other services than the Bits credit information service outlined in paragraph 20. These services will be set out in Appendix 1.

Appendix 1: Other Services

A: The Bits Store

1. The store

1.1 The in-app Bits Store is available only to Bits customers with a Bits Store Card (see paragraph 20 in the main body of the terms and conditions above). The selection of goods and services on the Bits Store will vary from time to time.

1.2 Before making a purchase, you must ensure that you have sufficient available funds on your Bits Store Card credit facility. Details of your credit limit are shown on your online account (see paragraph 9 in the main body of the terms and conditions above). Your available funds on the Bits Store may not equal your credit limit since they take account of any purchases in the Bits Store, any unpaid amounts due to us, and your subscription fee.

1.3 Bits is the seller of the goods and services, however, it may need to pass certain information to its supplier to fulfil your order such as your name, address, and contact details. Before you complete the checkout process on the Bits app, we will provide you with links to our supplier’s privacy policy.

1.4 Purchases are subject to Bits’ security procedures. When you place an order we will text you a verification code to your nominated mobile phone number. This verification code must be provided before the checkout process can be completed.

1.5 We will process your order within two business days, and you will receive an email from us confirming when that’s done.

1.6 When you buy goods or services from the Bits Store, you may either pay the full purchase price and shipping fee (where applicable) at the time of purchase, or you may choose to defer your payment.

1.7 If you choose to defer your payment, you may be required to make an up-front payment for shipping (if applicable) and/or up to 70% of the value of the purchase. This upfront payment will be charged to a debit/prepaid card associated with your Bits Store Card. The remainder of the purchase price is due in full on the same date you repay the subscription fee for the Bits service, and will be automatically deducted from a debit/prepaid card associated with your Bits Store Card. Where there are insufficient funds available on the debit/prepaid card(s) that we have on file to clear a payment when it becomes due, we will notify you and give you a reasonable period to remedy the breach and make payment in full. If you fail to make payment then, we will notify the relevant CRA of the late payment in accordance with their reporting policies and this could affect your credit rating and ability to obtain credit.

1.8 There are no charges or interest payable in respect of the credit we extend to you, however we may charge our reasonable costs in the event that we need to take steps to trace you or recover any unpaid amounts due under this agreement.

1.9 You should note that the credit facility is not a regulated credit agreement and therefore you do not have the benefit of the protection and remedies available under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974 if this were a regulated credit agreement. This does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to the credit agreement where it determines that the relationship between us is unfair to you.

1.10 If you downgrade or cancel your subscription payments (see paragraph 20.3 in the main body of the terms and conditions above), any amounts due for purchases on the Bits store must be repaid as scheduled. Outstanding payments may be attempted for up to six years, even if your account has been closed.

2. Gift cards sold on the store

2.1 Included on the Bits Store are gift cards for a selection of retailers. These gift cards are supplied to customers from Bits itself, and the selection on the store may vary depending on availability.

2.2 Each gift card sold on the Bits Store is subject to terms and conditions set by the issuing retailer. We are not responsible for your use of the gift card or for any action taken by the issuing retailer unless any loss was caused by our action. These terms can be found on the product page visible before purchase.

2.3 We send a notification email to your registered email address as soon as you purchase a gift card. Within 2 business days after the purchase, your gift card will be sent to you via email.

2.4 If 3 business days after the purchase you have still not received your gift card, please contact us at hello@getbits.app so we can resolve the issue. Please remember that you are responsible for keeping your contact details up-to-date (see paragraph 3 in the main body of the terms and conditions above on how we contact you).

2.5 If you tried to use a gift card at a retailer and it did not go through, please contact the retailer itself in the first instance. Should the issue not be resolved, we can then contact the retailer to confirm whether the code had been used before it was sent to you – if it was, we will send you a replacement.

3. Liability / refunds and cancellations

3.1 If you want to cancel or request a refund for an order you placed on the Bits Store, you can contact us at hello@getbits.app. You have a legal right to change your mind about making a purchase within 14 days of placing your order, and you can cancel your order (and return the goods if already delivered) and receive a refund. Please note that when you buy digital content from the Bits Store which is not delivered on a tangible medium (e.g. streamable, redeemable, or downloadable content), you acknowledge and consent that your right to cancel the order would be lost once you receive the digital content. Some items on the Bits Store, particularly gift cards, services or digital goods, may be subject to terms and conditions set by a third party; where this is the case, we will provide you with links to these before you complete the checkout process on the Bits app.

3.2 Products we supply may vary slightly from their pictures. Otherwise, we are under a legal duty to supply products that are as described, fit for purpose, and of satisfactory quality. For more detailed information about your consumer rights, please visit the Citizens Advice website or call them at 03454 04 05 06.

3.3 When you purchase physical goods, these will be your responsibility from the time the product is delivered to the address you gave us. However, if we fail to comply with these terms, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill (but we are not responsible for any loss or damage that is not foreseeable). We are also not liable for business losses, as we supply products for domestic and private use.

3.4 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors, liability for fraud or fraudulent misrepresentation, or liability for breaching your consumer rights.

B: Rent Reporting Service

1. What is the Service?

1.1 The service is a rent reporting service, whereby we collect information regarding your rental payments and report such payments to certain CRAs. Currently, this only includes Equifax, but we will try to add other CRAs where possible and the full list of CRAs we send this information to is available on request at any time.

1.2 From a legal perspective, this service is known as an account information service.

1.3 There is no fee for this service.

1.4 The CRAs who receive this information will use the information in accordance with their policies and processes and we cannot guarantee that the information we report will increase your credit score nor can we influence the CRAs in any way.

1.5 We can only report monthly rental payments so if you pay your rent quarterly or annually, for example, your rental payments will not be reported. We also can only report rental payments for an individual account; if you make rental payments from a joint account, we will not be able to report those payments.

2. How does the Service work?

2.1 We provide this service to you with the assistance of Plaid Financial Ltd. (to make it easier, we shall just call them Plaid). We cannot access your bank account details. Instead, Plaid will obtain your bank account transaction history from your bank and will pass that information to us.

2.2 If you want to receive this service, you will need to opt in to the service through the Bits App. By doing so, you agree to the provision of the rent reporting service by us.

2.3 You will also need to sign up with Plaid and agree to their terms and conditions. You can do this through the Bits App, through the “Connecting to your bank” menu. Plaid will need certain information from you in order to provide their service to you and, in particular, you will need specifically to consent to Plaid retrieving your bank account’s transaction history and providing it to Bits to identify your rent payments. If you do not provide the information that they require, or provide that consent, we will not be able to provide the rent reporting service to you.

2.4 Once you have completed all the sign-on procedures of Bits and Plaid, we will start providing the service to you.

2.5 In some cases, it may not be obvious to us from your transaction history which of your transactions are rental payments. If that happens, we will contact you and ask you to please confirm that the transactions we have identified are indeed rental payments.

2.6 Some CRAs have a minimum rental payment history requirement, which means that they will only accept rental payment information if you have been making rental payments for a number of consecutive months. For example, Experian generally requires 6 months’ worth of consecutive rental payment information. Once you have signed up, we will look for your rental payments from your bank account transaction history within the last 12 months and will report the details of up to the last 6 monthly rental payments to each of the CRAs.

2.7 After the initial report, at least each month, Plaid will retrieve your bank account’s transaction history to identify your rent payments and will report it to us. We will display the information in the Bits App. We will also report the most recent rental payments information to those CRAs. It may take some time before CRAs record this on your credit file – it could take up to 8 weeks from the time of us letting them know.

2.8 To continue providing this service, we will need you to confirm at least every 90 days that we still have your consent to do so. We will start reminding you of this 60 days after you last confirmed your consent. If you do not provide your consent, we will have to stop providing the rent reporting service to you.

2.9 You may also withdraw your consent at any time and may request that Bits no longer provide this service. You will need to let us know through the Bits App. As soon as you withdraw your consent, we will stop providing this service and will make no further reports to the CRAs.

3. Important Information on the Service

3.1 For this service, Bits provides you with regulated account information services as an agent of Plaid, an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference Number: 804718). For this service only, you can apply to the Financial Ombudsman Service if you experience any issues.

3.2 The terms and conditions that you sign up to with Plaid will give you all the information on the services that Plaid will provide.

3.3 By signing up to the services offered by Plaid, and providing your express consent to Plaid, you are consenting to Bits being able to use, access, store, and/or pass on information relevant to this service. In particular, that means that you agree for Bits to use your transaction data to notify you about upcoming payments and you agree that we may pass your rent payment information to the CRAs. We will never ask you for, or hold, any personal security information which is required to use the account information service, and it will only be through Plaid that such information will be required from time to time.

3.4 We hope that the rent reporting service will provide you with the benefits you need. However, if you have a complaint about the service, please follow the complaints process set out by Plaid in their terms with you. If you contact us to complain about the rent reporting service, we will pass your complaint on to Plaid who would be responsible for handling it.