Banks to share your account details

Ceres_2

Banks to share the account details of millions of bank customers with the credit reference agencies without those customers getting a chance to have their say. Checkout the link

http://www.checkmyfile.com/content.asp?display=article&aid=1

If you disagree, use the petition link below - the government looks at these - show them what you think about this idea

http://petitions.pm.gov.uk/bankdatasharing/

Big Brother seems to be saying that we are all unable to look after our own finances ourselves, so he will get others to help us so we don't have to worry!

What do you think?

:eek:

changkra

It's about time banks did share this information. It will help to stop some people from getting into debt and possibly facing bankruptcy.

Browntoa

I'm all for it as well, hopefully the clue that you have a large overdraft and a few maxed out credit cards will stop them lending you more money

Inactive

Same here, credit is far too easy to get in this country.

ManAtHome

In this instance "Big Brother" may have the right idea. It's a reaction to lots of adverse publicity about "irresponsible lending" and also I suspect banks looking to limit bad debts.

It's unlikely to affect a majority of customers - not going to stops banks lending up the absolute limit is it, just the relatively small number going hopelessly over...

moonrakerz

Inactive wrote: »

Same here, credit is far too easy to get in this country.

Who is responsible for that ?

Inactive

moonrakerz wrote: »

Who is responsible for that ?

You tell me, I was simply stating facts.

changkra

moonrakerz wrote: »

Who is responsible for that ?

It is actually joint responsibility. Many a time the banks will advise you to take out 'this' loan to sort out your debt but it doesn't always work that way as the customer will spend it or take higher than they can really afford, sometimes they will not admit to as many debts as they really have or will go and get another credit card or pay the one they already have off with the loan and not cancel it. Read the debt free board this how many on there were drowning in debt and had to contact national debt line or CCCS, plus they also take full and joint responsibility.

moonrakerz

changkra wrote: »

It is actually joint responsibility.

I don't want to sound like 'a grumpy old man', but - money is literally thrown at you from every direction. I have to say the prime responsibility lies with the lenders.

Just watch daytime television for a couple of hours (if you can stand it !), most of the adverts are offering money, the vast majority 'implying' that if you shift your debt to that company you will pay less - WRONG - you will pay more and end up more in debt. How can they get away with saying "pay off all your debts and have enough left over for a new car" ?
The object is to is get you hooked, then they can bleed you for years to come !

The main problem is with money (DEBT !) being so easy to get, many people do not have any idea of financial 'responsibility' any more. They actually advertise for IVAs and Bankruptcy on TV now, 'borrow lots and don't pay any of it back' - ye gods !

It is compounded by a Government that seems to agree that being in debt is the way to go. Look at the PFI schemes, lots of new schools, hospitals etc, etc. Nothing down and £50m a year !, BUT, at the end of the term (unlike buying a sofa from DFS) you own nothing !
I won't be around when the chickens from this one come home to roost - but my kids will.

Alfie_E

Browntoa wrote: »

I'm all for it as well, hopefully the clue that you have a large overdraft and a few maxed out credit cards will stop them lending you more money

We are inching towards ever more information on ourselves being available to ever more people who claim they need to know. The DTI consultation paper reassures us that the non-consensual sharing would be restricted to the things already being shared by consent. Things such as the Credit Balance Indicator.

Credit Balance Indicator – …This field is not currently populated for current accounts with a credit balance (as opposed to those in overdraft) as these accounts are not shared at all. However, this field may be populated in the future if lenders decide to share current account balance data as a way of measuring the consumer’s ability to repay.

With ideas like that, what we currently think of as a credit check could fast become a wealth check.

CFC

Alfie_E wrote: »

We are inching towards ever more information on ourselves being available to ever more people who claim they need to know. The DTI consultation paper reassures us that the non-consensual sharing would be restricted to the things already being shared by consent. Things such as the Credit Balance Indicator.

Credit Balance Indicator – …This field is not currently populated for current accounts with a credit balance (as opposed to those in overdraft) as these accounts are not shared at all. However, this field may be populated in the future if lenders decide to share current account balance data as a way of measuring the consumer’s ability to repay.

With ideas like that, what we currently think of as a credit check could fast become a wealth check.

And don't you think that this is rather concerning given that the government is using experian et al for considering whether to dish out passports? And that this information will be made available to the government? And that the new moves on passports are just the first step towards ID cards?

Perhaps you feel happy to consider that the government will know every single detail of your financial life? I don't.