Can bank see credit report without consent?

Macca83_2

matttye wrote: »

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

Yeah I understood that bit, but what I'm trying to say is that some branch based, banking advisors don't get to see limits or balances. The system will credit check and either advise a pass, a fail or a refer. If the decision is a refer, when the advisor rings the underwriters they will have access to any limits and balances.

Sorry got a cracking headache this morning so I'm maybe not explaining myself properly

Experian_company_representative

Lenders can get your permission, when you open an account, to review your credit report on an ongoing basis to help manage your about with them. This is usually fulfilled via regular scores as opposed to them looking at your actual data. To justify the latter there would usually have to be a legitimate reason, such as you missing a payment or asking for new or extended borrowing. Searches you instigate will be recorded. Ongoing account management checks probably won't as they would cause information overload on your report. Checks that are recorded will always show the reason for the search and other lenders only see the ones driven by you applying for credit.

James

VictimOfImpersonation

Experian_company_representative wrote: »

Lenders can get your permission, when you open an account, to review your credit report on an ongoing basis to help manage your about with them.

Yes via smallprint gobbledegook, and none of them will be able to explain what they have got you to agree to except that it is anything they want it to be.

This is usually fulfilled via regular scores as opposed to them looking at your actual data.

Since you seem to be referring to CRA "scores" this is either a lie or CRAs are indeed making decisions on our personal data and feeding it to lenders (something repeatedly and strenuously denied elsewhere in these forums). Which is it?

To justify the latter there would usually have to be a legitimate reason, ...

Really? When has that ever stopped transactions of personal data?

... such as you missing a payment or asking for new or extended borrowing.

Not true. I have just experienced the fact of both Experian and CallCredit completely failing to identify seriously mismatched data resulting in a new Barclaycard agreement being sanctioned in my name for a fraudster, and I have also experienced the fact that Equifax were searched by Barclaycard and yet that search went completely unrecorded in any easily discoverable sense by Equifax (discoverable by me or by them - they had to go hunting for it months afterward) nor did they raise an alert for a new (fraudulent) agreement.

Searches you instigate will be recorded.

You mean we will be able to see when we logged in and checked our own reports - oh wow!

Ongoing account management checks probably won't as they would cause information overload on your report.

What balderdash. What is an "ongoing account management check"? Anything you or the lender want it to be? Information overload is only caused in the reports by the unbridled access that CRAs give to anyone they like to our personal data e.g. pay day loan start-ups/up-starts (aren't they all), and like purchasers of defunct credit card portfolios where your account may have been settled years ago and an entry appears out of the blue with a completely indecipherable code next to it rather than a search name, and also like insurance quote comparison sites with who you never actually do any business beyond being tricked into agreeing they can use your personal data for anything they fancy now or later. Oh and I forgot to mention extra entries when these so-called searches are deleted, but then you find that actually they are still in the next report you generate.

Information overload? I don't think you even begin to appreciate how stupid that sounds, James.

CRAs are totally out of control and are an unsafe repository for all manner of incorrect, wholly false, fraudulently entered and irrelevant personal data.

Checks that are recorded will always show the reason for the search

More balderdash - the reasons given are abysmally misleading and inadequate, and clearly other lenders only see the ones CRAs supply them with when a consumer is applying for credit - in my case they supplied them with my data when it was not verified that the new agreement was being applied for by ME!!!

James

Yes that's my name too but you wouldn't like my personal data linked with yours, I'm sure.

LegalBlonde

Experian_company_representative wrote: »

Lenders can get your permission, when you open an account, to review your credit report on an ongoing basis to help manage your about with them. This is usually fulfilled via regular scores as opposed to them looking at your actual data. To justify the latter there would usually have to be a legitimate reason, such as you missing a payment or asking for new or extended borrowing. Searches you instigate will be recorded. Ongoing account management checks probably won't as they would cause information overload on your report. Checks that are recorded will always show the reason for the search and other lenders only see the ones driven by you applying for credit.

James

Sorry to hijack the thread but is there a way to contact you James? I can't PM you and am having serious issues getting access to the Experian website. I have sent emails. Can you let me know? Thanks

Re the original topic, sorry again. I know my bank has some kind of "note" on my account about not lending me money, they can't even see how much the debt is. I haven't applied for anything so presumably they just did a "random" check at some time to ascertain this info. I presume they can justify regular checks so that they can offer you products etc, they are in business too.

Thanks again

matttye

VictimOfImpersonation wrote: »

Since you seem to be referring to CRA "scores" this is either a lie or CRAs are indeed making decisions on our personal data and feeding it to lenders (something repeatedly and strenuously denied elsewhere in these forums). Which is it?

c) They provide scores to some lenders, who then make the decisions.

They're not decision makers, but they provide information to the decision makers.

If a CRA gives me a score of 1 or 999, it's still the lender who decides whether I'm worth the risk.

VictimOfImpersonation

matttye wrote: »

c) They provide scores to some lenders, who then make the decisions.

You are splitting hairs matttye!

They're not decision makers, but they provide information to the decision makers.

They make decisions on categorising and scoring lending prospects. They then pass on information on their decided categories and scores with the clear intention of influencing individual lending decisions.

If a CRA gives me a score of 1 or 999, it's still the lender who decides whether I'm worth the risk.

Like if I am a kid and a policeman brings me home, it is still my parent who decides whether I deserve a belting?

Thrugelmir

dollydigs wrote: »

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?

If you want your bank to assist you. Then you'll need to disclose all the information in order for them to arrive at a decision.

VictimOfImpersonation

dollydigs wrote: »

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?

The answer if it is a big four bank is of course yes EVERYTHING ALL THE TIME - it has everything at its fingertips, but if it is wearing the wrong glasses it will miss stuff. But they are lazy and they gamble using their computers which often deliberately don cloudy lensed glasses (they call it 'compromise' decision-making) so you can gamble too if you wish. You might win through. Just don't state any absolute untruths that might come back to haunt you later.

If you sit down with a banker in a branch and they make noises that suggest there is an adverse marker against your name, then that may be true. But it does not necessarily mean that it is recorded at a CRA. "Bad and Doubtful" is a term I know one major bank has used to described its own brand of 'B&D' marker. If you are going near your branch and suspect problems, demand they swing round the screen and show you it. Undoubtedly it will be a very subjective marker that might indicate any of a whole spectrum of your potential sins against the bank or conversely they may themselves have long forgotten why you have been fingered yet it might still remain and cause you problems.

meer53

Why is it that some posters are incapable of just answering the question asked and sticking to the point ?

Demanding to be shown what shows on a screen isn't going to tell the OP anything. Unless they can interpret the information. It's never going to say "this person is in debt up to their eyeballs, DO NOT lend them any money.

Yet another load of irrelevant posts. OP, stick to the answers at the top of the thread.

VictimOfImpersonation

No take no notice of meer53 because they only quote a biased banker's perspective.

I've had one of these markers for no good reason (I have a perfect credit score of 999 on Experian). I know the reason and it was no good one. I demanded it was removed and it was. So if you suspect something isn't right, then demand it is checked. There are a lot of uncaring idiots working in banks.