Can a Bank Continue to hold details after 6 years

Groovy76

Hi Guys, Quick question. My Partner and I applied for a Mortgage through NatWest, it referred but only on my employment status which was not an issue as had proof of regular employment. However, it was recently declined not due to the employment but on information held on their personal systems about my Partner and her Bankruptcy, she Declared herself bankrupt in July 2004 and it was discharged in the November 2004. The credit checks were all fine but NatWest are still making decisions on something that has come of her Credit File. We are now looking at another lender but I would like clarification if this is correct in what they are doing.

rizla_king

If its relevant to their ability to make commercial decisions they can keep it as long as they can justify it as relevant.


https://ico.org.uk/for-organisations/guide-to-data-protection/principle-5-retention/

battyboimatt

The short answer is Yes, they are allowed to keep the information for as long as they like as long as it is relivant for the purpose they are keeping it for.

In all honesty you can't blame them, if I was a company and somone owed me money and never paid it back, I'm sure I would keep their details onfile as well, incase they reapplied in the future then I could say no to them as they were a credit risk.