Can bank see credit report without consent?

dollydigs

Hi. Does anyone know if banks can look at our credit reports without our consent? I am having a meeting with my bank this week, and I want to know if they will already know the data/list of creditors from my report, or if they can only do a search of my credit report with my consent/permission.

Thanks!

meer53

You usually give your consent when you open an account.

Some older accounts may have been opened without this consent. If you say you don't give consent it will alert them to the fact that you don't want them to see it and if they can't, then any lending you're looking for will be declined.

dollydigs

Thanks for the quick reply. I opened an account with my bank two years ago. So does this mean they still have access to my credit report any time they want? I basically want to understand if, when I go into the bank on Monday, they will be able to say to me 'right, we've looked at your credit report and we can see you still owe 2000 to barclaycard and 250 to mbna' etc etc, or would they only be able to say that once i give them permission to go into it? My question is really, does my bank have this data on hand ALL THE TIME, or is it only when I have agreed to let them search it or if I am applying for a product?

Macca83_2

The advisor won't be able to see a list of your creditors. They should also ask your permission before doing a credit check. They won't ask permission if they are only doing a savings account as this doesn't require credit checks but may require money laundering checks. If the decision goes to the underwriter they will do a more detailed check of your creditors

meer53

Your bank has access to this data whenever they like but they will only do a search when they have a business need to do so. Searches can also be done without leaving a record on your file. So if you've applied for a product it's likely they will have done a search and will have all the info already.

meer53

Macca83 wrote: »

The advisor won't be able to see a list of your creditors. They should also ask your permission before doing a credit check. They won't ask permission if they are only doing a savings account as this doesn't require credit checks but may require money laundering checks. If the decision goes to the underwriter they will do a more detailed check of your creditors

The searches i do in my job show limits and balances. I agree lending. Depends on who the OP is seeing really.

Macca83_2

Are you branch based? Call centre? Or underwriters?

When you say you agree lending, that's pretty specific. Are you more specialised?

I know a bos, branch based, banking advisor isn't privy to that information. So it must depend on the bank and area.

stclair

dollydigs wrote: »

Hi. Does anyone know if banks can look at our credit reports without our consent? I am having a meeting with my bank this week, and I want to know if they will already know the data/list of creditors from my report, or if they can only do a search of my credit report with my consent/permission.

Thanks!

Yes banks can do searches when ever they like if they have the need to do so!

You give consent for this to happen when you open your account.

matttye

meer53 wrote: »

The searches i do in my job show limits and balances. I agree lending. Depends on who the OP is seeing really.

I think he meant the names of creditors won't be available to the searching bank, which is correct.

meer53

matttye wrote: »

I think he meant the names of creditors won't be available to the searching bank, which is correct.

I think he meant that too and it is correct. But the bank won't be interested in who the OP has lending with, just the amounts, so it doesn't matter really.

OP, balances are balances, regardless of who they are with.

Hazzinho

If you need to borrow money they will do checks in case you have a lot of debt elsewhere.