Privacy Policy
Last Updated: August 2024
At float, we prioritize your privacy and are committed to protecting your personal and financial information. This Privacy Policy outlines how we collect, use, share, and protect your data when you use our services. Please read this document carefully to understand how float handles your sensitive information.
1. Information We Collect
We collect various types of information to provide and improve our services. This includes:
Personal Information: Identifiable information such as name, email address, phone number, Social Security number, and other details provided when signing up or using our services.
Transaction Data: Information regarding financial transactions, including payments, deposits, transfers, and other account activities that may be provided by credit unions, banks, or other financial institutions.
Non-Traditional Payment Data: float also collects information related to non-traditional payment histories, such as rent, utilities, and telecommunications bills, to help improve credit reporting for members.
2. How We Use Your Information
We use the information we collect to:
Provide and maintain our services, ensuring seamless operation with credit unions and other partners.
Enhance the accuracy of credit reports by reporting transaction and payment data to major credit bureaus.
Improve our platform based on customer needs and preferences.
Communicate with users about account, updates, security notifications, and other related matters.
Comply with legal requirements, such as regulatory reporting and preventing fraud.
3. How We Share Information
We take privacy seriously and will only share information under the following circumstances:
With Credit Unions and Financial Institutions: To facilitate transactions and services within the float platform, including reporting data to credit bureaus.
With Third-Party Service Providers: We may work with third-party providers who support the float platform in areas such as data processing, customer support, and analytics. These partners are contractually required to protect your information and use it only for the specific purposes outlined in our agreements.
With Credit Bureaus: float reports transaction data, including traditional and non-traditional payment histories, to help improve credit scoring and reporting for users.
For Legal and Compliance Purposes: We may disclose information if required by law or necessary to protect float’s legal interests, prevent fraud, or comply with a regulatory request.
4. Data Security
We use industry-leading security measures to protect your data. This includes encryption, secure access controls, and regular security audits. We are committed to safeguarding personal and transaction data from unauthorized access, disclosure, alteration, or destruction.
However, no method of transmission over the internet or electronic storage is 100% secure, and we cannot guarantee absolute security. Users are responsible for maintaining the confidentiality of their account information, including passwords.
5. Data Retention
We retain your data only for as long as necessary to provide our services or as required by law. Transaction and payment data may be retained to comply with regulatory obligations and improve credit reporting.
6. Changes to This Policy
We may update this Privacy Policy from time to time. If we make material changes, we will notify you by email or through our platform before they take effect. Your continued use of Float’s services after any changes signifies your acceptance of the updated policy.
7. Contact Us
If you have any questions or concerns about this Privacy Policy or how your information is handled, please contact us at: partner@withfloat.io