Thousands back campaign to keep our banking details private

deary65

Thousands of bank customers have backed a campaign launched by checkmyfile.com to get the government to scrap its plan to allow the 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.
http://www.checkmyfile.com/content.asp?display=article&aid=1


Thirty three million bank customers are affected by the Government’s proposals. The privacy of their bank account details are currently protected by Data Protection and banking confidentiality laws, which state that a bank customer’s account details cannot be shared with others without their consent being sought first.

Barry Stamp adds: “For millions of people their bank account details are sacred and they would hate to think that other organisations had access to them without their consent.

Tootsie_Roll

This is a very, very misleading campaign.

I have always thought that this figure of thirty three million is questionable bearing in mind that we are only talking about older style accounts that didn't include a clause allowing data to be shared as all new accounts do anyway; so exactly how old are these accounts, how often are they used, how much money is in them and are we talking about thirty three million account holders (doubtful) or just accounts? Plus as Al Mac states banks will only be able to search your account details with your permission anyway so what's the problem ?

So banks are damned for lending irresponsibly and damned for wanting to get a complete financial picture before lending in the first place.

Madness.

masonic

Some banks already do this, though, don't they? A&L certainly reported how much of my overdraft I was using when I last checked my file. If you have a large overdraft that you aren't utilising, surely it would count in your favour if this was reported. Some people might not have any other evidence of responsible borrowing.

thesaint

They say 33 million current account holders.

To date there are this many signatories

Signatures: 7,134

Hardly significant.

masonic

thesaint wrote: »

Hardly significant.

In fairness, it's slightly more than the number of people petitioning Tony Blair to stand on his head and juggle ice-cream.

MABLE

I bank with LLoyds and also had accounts with Smile and Cahoot. Once I found Smile and Cahoot were reporting details of my accounts to the credit reference agencies I ditched them. I have heard Lloyds do the same thing but have no evidence on my credit files to support this.

masonic

MABLE wrote: »

I bank with LLoyds and also had accounts with Smile and Cahoot. Once I found Smile and Cahoot were reporting details of my accounts to the credit reference agencies I ditched them. I have heard Lloyds do the same thing but have no evidence on my credit files to support this.

I believe Lloyds do indeed report current account details to CRAs. I heard a rumour that they only report the negative balance if there is one, but not the overdraft limit.

Fedz

masonic wrote: »

Some banks already do this, though, don't they? A&L certainly reported how much of my overdraft I was using when I last checked my file. If you have a large overdraft that you aren't utilising, surely it would count in your favour if this was reported. Some people might not have any other evidence of responsible borrowing.

Halifax also report overdraft usage regularly to CRAs as I can see it on my credit file.

Sometimes it's badly out of date as it fluctuates from month to month but, still it gets filed . . .

Similar to credit cards filing the balance to CRA on a regular basis - after all an overdraft is credit . . .

MarkyMarkD

This is a very misguided campaign.

There is nothing wrong in banks (or other creditors) reporting the conduct of individuals' accounts to a credit referencing agency.

Banks (and other lenders) need to have some basis to establish how people conduct their financial affairs. But as things stand, people who just happen to have very old accounts, or who bank with one of certain of the "older" banks, don't get their account status reported for anachronistic historical reasons.

So the campaign is arguing that a non-level playing field should be maintained.

There's nothing to stop ANY customer refusing the change in terms and conditions, by closing their account. But then their new account will almost definitely have the same terms.

Xbigman

I have no problem with the fact I have an account or the overdraft details being shared, but I would object to details of the account balance being shared. It would be a licence to be bombarded with more advertising garbage the minute third parties think you have a bit of money.
Regards



X

MarkyMarkD

Banks/other businesses are NOT allowed to use credit referencing data for marketing purposes. They can only use it to assess the credit-worthiness of someone who applies to them for credit.