lenders - regular updates from credit ref agencies

joannapark

Hi

I have read that lenders get regular, automatic updates from the 'credit reference' bureau's.

I thought they had to have your permission to get info from your credit file? If they do a search one time, do they automatically get top-ups of info?

Update:
Now I just rang them and the man in Customer Services said they get a regular 'feed' from the credit agencies.

I saw one mention of this on MSE but it seems against the other info. I'm not sure it's right?

Thanks

JKSandy

I assume you mean lenders you have a financial product with? (includes current accounts)

As part of the T&C's you agree that they can check your credit report as long as they have a financial relationship with you.

Gordon_Hose

It's right. It is how they increase or decrease your credit limit, overdraft etc completely out of the blue. If they decrease your credit line it's usually due to a negative change on your file. They are protecting themselves, basically.

YorkshireBoy

Google "consumer indebtedness index"


and "monthly feed" from "credit reference agencies"


exactly as written, ie with the quotes

joannapark

@ JK Sandy + Gordon Hose -

Well yes, i'm referring to an account I have with a lender.

but I am not meaning the general permission that the lender has to look at my credit file - which in practice, they only seem to use occasionally, and when they do it leaves a 'credit search footprint'.

I am referring to a comment I read - and what I was told just now - which was saying that the lender automatically gets an information feed from the credit bureau's...so they receive a 'feed' without even having to do a search, and that doesn't leave footprints on your file. If they are getting such a feed as I was just told then they get all the information from your file in a regular stream without having to do anything at all and with no record of it at the credit bureau. This was what my question is about...it doesn't seem right? It seems to go against everything else I have read which is all about how a lender must have your permission but when they seek information about you from the bureau it leaves a record...and it's not happening that often (unless they have particular reason to look at your file, eg if you are in financial trouble).

What I read and was told just now came with the strong suggestion that this 'feed' was updating lenders every 6 weeks or couple of months, if not sooner.

joannapark

@ Yorkshire Boy -

Thanks also. However, not sure if I'm looking at the info you are indicating.

I'm already aware that credit reference bureaus - the 3 of them - have monthly updated records of balances (and other info such as address, electoral roll, etc). And that a new lender you apply to will look at your file - and occasionally look at it again (leaving a 'footprint' each time).

What I'm wanting to ask about is, if you've got a long-standing account with a lender, will they automatically be receiving a stream of the updated information after the credit bureaus have updated their records each time? (A stream that doesn't show up on your credit file as a separate search.)

stclair

Lenders get an automatic stream every month that does not leave any foot prints on your credit file.

However the lender can look at your file at any time they like within reason if you have a relationship with them, in this instance they would do an unrecorded enquiry or administration review depending on the CRA, which would not affect your credit worthiness.

joannapark

@St Clair

Cor, I'm not sure many people realise this. What does the info the lender gets consist of, is it *all* details on your credit file or just the more basic stuff like balances?

And is it all lenders who get such a feed (that is monthly, you say)?

Also as you are in the know, is it all the bank (or card lender's) customers they get the feed on? (or just a segment of accounts that are on the borderline of problems or somesuch?)

Thank you.

YorkshireBoy

joannapark wrote: »

@St Clair

Cor, I'm not sure many people realise this. What does the info the lender gets consist of, is it *all* details on your credit file or just the more basic stuff like balances?

And is it all lenders who get such a feed (that is monthly, you say)?

Also as you are in the know, is it all the bank (or card lender's) customers they get the feed on? (or just a segment of accounts that are on the borderline of problems or somesuch?)

Thank you.

Unless we have any underwriters and/or credit bureax staff* members on here, anything posted in reply to your questions will be speculation and opinion. Therefore you'd probably be better spending your time on the searches I posted above. There's lots of information in there (just takes a bit of time to find)...but concentrate on the Experian business section, not the consumer section.



* Experian have a Rep who posts on here...maybe he'll see your thread and reply?

Thrugelmir

joannapark wrote: »

@St Clair

Cor, I'm not sure many people realise this. What does the info the lender gets consist of, is it *all* details on your credit file or just the more basic stuff like balances?

And is it all lenders who get such a feed (that is monthly, you say)?

Also as you are in the know, is it all the bank (or card lender's) customers they get the feed on? (or just a segment of accounts that are on the borderline of problems or somesuch?)

Thank you.

Lenders don't review an "account" unless they have a requirement to. Simply not cost effective nor enough hours in a day to do so.

If an account is maintained in good order then the personal circumstances of the borrower has no bearing. The lender has no indication when income changes for example.

Experian_company_representative

Some lenders, not all, get your permission to run regular checks and then do this while you remain a customer. There are tight rules around data sharing and for these ongoing checks they wouldn't actually see your full credit report, just a summary. In many cases these ongoing checks are routine and automated. Hope that helps.

James J