Should I share my credit history?

TophamHatt

My bank has written to ask my agreement for them to share my financial performance with a credit reference agency as part of an initiative to reduce credit fraud and identity theft.

I am obviously supportive of anything to improve security and reduce fraud, but was concerned to read in the small print:

"Yes, I agree that details about me and the conduct of my account can be passed to credit reference agencies. I understand that this will include failure to make agreed credits to my account (even if I remain within the agreed overdraft limit) and that this information may affect my ability to obtain credit"

Should I agree?

Robert_Sterling_3

Yes...

....... But stand by for someone else to say NO.

YorkshireBoy

TophamHatt wrote:

Should I agree?

I wouldn't - but just out of interest, which bank is it?

TophamHatt

. . . . Abbey

Bossyboots

This is the second thread on this subject involving abbey. When did you get your letter? I have been expecting one too but it hasn't arrived yet.

TophamHatt

oooops! I missed the other thread.

The letter is just dated "October 2005" and arrived early in November

Bossyboots

I wasn't having a go about it being a second thread, more an observation that it has only been raised in relation to abbey.

Can you remember how long ago you opened your account. It has been suggested that these letters relate to accounts that are about 10 years old or more and mine is definitely in the "more" bracket.

TophamHatt

The letter says that they are seeking agreement for accounts opened before 1998.

I opened the account in 1994

You raise a good point! I have other accounts pre-1998 with other banks. None of these have made a similar request.

I also notice that Abbey are offering to donate £1 for each permission they receive . . . "If every Abbey Customer returns their coupon on time [by 10th December] we'll raise £100,000 . . . " for a third world charity.

Bossyboots

My account is definitely pre- 1998 and I haven't heard anything. Do you have any other accounts with abbey? I have, some of them fairly recent (three years ago) so I wonder whether that makes a difference.

My OH has an account with HSBC that is pre-1998 and no other accounts and has not heard anything about this.

TophamHatt

I also have savings accounts from the days when Abbey was a building society.

My other bank accounts are with First Direct (part of HSBC?) and Clydesdale Bank Both of these are pre-1998

Magentasue

I've had same letter from Abbey and only Abbey.

Am in process of transferring to Alliance so will ignore it. They threaten that ignoring the letter could adversely affect your credit rating but I can't see why that should suddenly be true if it wasn't before.