CRA monthly updates for lenders

*California*

I have heard that lenders can subscribe to monthly updates and receive an updated credit report every month.
Is that true?
What exactly the lenders can see there? I heard that it is like a summary.

meer53

Do you mean borrowers ? If so they yes you can subscribe to one of the CRA's and see your credit report each month.

Lenders report to CRA's, some do it monthly, some more frequently. What you see and what a lender sees are different though so don't take too much notice of your score, lenders don't use credit scores, they use a combination of their own in house information and anything else on a CRA report. Defaults, late payments etc.

*California*

No, I did not mean borrowers but lenders.
I heard that lenders can subscribe to monthly updates if you have an account with them and they did a credit check at the beginning.


Did existing card provider have permission to check my credit report?

Dear James,


I recently repaid the balance on my Barclaycard. I have had this card for a long time. I then received a letter from Barclaycard advising that they had reduced my limit because of information provided by credit reference agencies. I did not request an increase in my facilities and I did not give my authority to carry out a search. Is this in order? I wrote to them and asked them for a copy of my authority and they advised in writing that they are entitled to carry out searches. I understand that when I am applying for credit, I need to give my authority but are they entitled to carry out a search when it suits them? I do propose to close this account but I would like some clarification – or do I need to contact the ombudsman or the FSA? I am unable to get the answer to my question in the above examples.

Ann, Co Down

Dear Ann,
I fully understand your concerns, but I’m confident that you will have authorized the search. Each time you apply for credit you will agree to the lender’s terms and conditions. These include a prominently displayed data protection notice, which spells out exactly how your personal information will be used in the future. In relation to credit referencing, the notice will usually allow the lender to check your credit report to help them assess your initial application and for a record of that check to added to your credit report. In addition, it will also usually give the lender permission to access your credit report on an ongoing basis to help it manage any account or accounts you have with them. It will be one of these regular account-management checks that your lender has carried out here. This is something that many lenders now do to help them manage their customers’ accounts responsibly and to reduce bad debt. This type of check usually involves only a high level summary of your credit history and, as a result, is unlikely to register a credit check footprint, unless the lender goes on to check your full report. Importantly, if any footprints are left behind by this regular credit report monitoring they will only be visible to you and will not be used in credit scoring. Although the credit limit cut doesn’t necessarily mean there is something negative on your credit report, it would be sensible to take the opportunity to review your report just to make sure everything is accurate and up to date. (October 2012; updated December 2014)

GingerBob_3

*California* wrote: »

No, I did not mean borrowers but lenders.
I heard that lenders can subscribe to monthly updates if you have an account with them and they did a credit check at the beginning.


Did existing card provider have permission to check my credit report?

Dear James,


I recently repaid the balance on my Barclaycard. I have had this card for a long time. I then received a letter from Barclaycard advising that they had reduced my limit because of information provided by credit reference agencies. I did not request an increase in my facilities and I did not give my authority to carry out a search. Is this in order? I wrote to them and asked them for a copy of my authority and they advised in writing that they are entitled to carry out searches. I understand that when I am applying for credit, I need to give my authority but are they entitled to carry out a search when it suits them? I do propose to close this account but I would like some clarification – or do I need to contact the ombudsman or the FSA? I am unable to get the answer to my question in the above examples.

Ann, Co Down

Dear Ann,
I fully understand your concerns, but I’m confident that you will have authorized the search. Each time you apply for credit you will agree to the lender’s terms and conditions. These include a prominently displayed data protection notice, which spells out exactly how your personal information will be used in the future. In relation to credit referencing, the notice will usually allow the lender to check your credit report to help them assess your initial application and for a record of that check to added to your credit report. In addition, it will also usually give the lender permission to access your credit report on an ongoing basis to help it manage any account or accounts you have with them. It will be one of these regular account-management checks that your lender has carried out here. This is something that many lenders now do to help them manage their customers’ accounts responsibly and to reduce bad debt. This type of check usually involves only a high level summary of your credit history and, as a result, is unlikely to register a credit check footprint, unless the lender goes on to check your full report. Importantly, if any footprints are left behind by this regular credit report monitoring they will only be visible to you and will not be used in credit scoring. Although the credit limit cut doesn’t necessarily mean there is something negative on your credit report, it would be sensible to take the opportunity to review your report just to make sure everything is accurate and up to date. (October 2012; updated December 2014)

Presumably the James mentioned here is James from Experian. This just goes to show how the CRA industry is now out of control. We have the situation where prying into the CRA files about you can now be carried out without any record being kept. Oh, and the guy from Experian is a flat out liar when he talks about consent. See the thread about water companies.

Ben8282

The only reason that you are complaining here is because obviously your credit reports contain adverse information, Barclaycard have found out and are reducing your credit limit. Thhis seems like prudent behaviour on their part.

fermi

This is normal I'm afraid.......

*California*

It would be nice if someone could answer to my second question.


What exactly can the lenders see there? I heard that it is like a summary.

Thrugelmir

*California* wrote: »

What exactly the lenders can see there? I heard that it is like a summary.

Normally they don't see anything. They obtain datasets of information that can be crunched through their own internal systems. Coupled with other available information this enables them to profile you fairly accurately.

*California*

Noone knows what the summary contains?

YorkshireBoy

*California* wrote: »

Noone knows what the summary contains?

CII data
CATO data
Etc


Lots of information in the business section of the Experian website.