can lenders cache credit searches?

rogerblack

For example, I applied a couple of years ago, for some entry level cards, and at that time was turned down due to an unresolved debt.
This has subsequently become statute barred, and fallen off my credit report.
Are the lenders that looked at my credit report permitted to hold that credit report, and refer to it?

(To answer the question before someone raises it, I had intended to pay the money back at the time it was borrowed. Due to illness, this did not happen)

RichL74

No they dont because circumstances constantly change.

However if you had for example a credit facility with Barclaycard and defaulted on it, I would refrain from applying to them again just in case they themselves keep their own information.

Barclaycard used for example only, I'm not saying they do or dont keep their own information.

YorkshireBoy

rogerblack wrote: »

Are the lenders that looked at my credit report permitted to hold that credit report, and refer to it?

I would imagine doing so would be a breach of the 5th principle of the DPA?...

Personal data processed for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes.

http://www.ico.gov.uk/for_organisations/data_protection/the_guide/the_principles.aspx

...ie, the "purpose" of the search 2 years ago was for an application then...not now.

jonesMUFCforever

I agree with Yorkshireboy but how would you prove it?

chanz4

amex do thats for sure

Plxply

chanz4 wrote: »

amex do thats for sure

Are you sure you're not referring to them using internal data? As in you defaulted with Amex themselves in the past and it has since fallen off your credit report. I know financial companies themselves can hold that information indefinitely (or they seem to).

Anthorn

I think it's a popular misconception that lenders get a credit report in the same way as we do ourselves. They don't, they use an app which is provided by the CRAs. While they may print it especially if a decision goes to underwriters they would be silly to base new credit decisions on old reports.

pvt

They may be unlikely to keep the "credit report", which as others have said is likely to be via online access and not in the form you see it, HOWEVER, it would be perfectly acceptable for them to record the reason they rejected your previous application.

So when you apply to Barclaycard (for example only) they might check for previous applications to them and find the one you made 3 years ago has "rejected - reason CCJ's on CRA" recorded as the reason for rejection. Whether and how they act on that information is anyone's guess, except theirs.

rogerblack

I guess in principle, a SAR for all data the lender holds on you would reveal if this is the case.

sharpy2010

rogerblack wrote: »

I guess in principle, a SAR for all data the lender holds on you would reveal if this is the case.

However, do they REALLY send you all the information that they hold on you, like they should?

How would you know if they missed some out?!

pvt

sharpy2010 wrote: »

However, do they REALLY send you all the information that they hold on you, like they should?

How would you know if they missed some out?!

I wouldn't imagine them deliberately withholding anything. Large banks are generally pretty risk averse and wouldn't knowingly conceal information. And even if they did, there would be some employee with a grudge who would shop them to the ICO.