How long does a bank remember bad debt?

[Deleted User]

That's credit files.

Not internal banking data.

[Deleted User]

Deleted_User wrote: »

That's credit files.

Not internal banking data.

Que?


What do credit files contain?

[Deleted User]

They contain an amalgamation of your credit history from the various lenders.

Willing2Learn

Internal banking data - Can that be kept indefinitely or is there a stipulated timescale? Now that would be good to know...

[Deleted User]

Willing2Learn wrote: »

Internal banking data - Can that be kept indefinitely or is there a stipulated timescale? Now that would be good to know...

Indefinitely, but it needs a stated reason and needs to justify that timescale.

If a bank states that it will keep information x for the purpose of y indefinitely, then it that can be justified, that's what they do.

But it can't just say 'we'll keep everything forever, just in case'.

[Deleted User]

Deleted_User wrote: »

They contain an amalgamation of your credit history from the various lenders.

Okay, but Colsten said "Your credit files will contain closed accounts going back ages and ages. ". Assuming "ages and ages" is more than six years, is he right?

Willing2Learn

I believe s/he (Colsten) is wrong. Closed accounts are recorded for six years from the account being settled, before being removed from the file. It is not ages and ages...

[Deleted User]

Deleted_User wrote: »

But it can't just say 'we'll keep everything forever, just in case'.

No, but what they do say is something along the lines of "we'll keep your data for as long as necessary". :rotfl:

[Deleted User]

johnsmith1890 wrote: »

No, but what they do say is something along the lines of "we'll keep your data for as long as necessary". :rotfl:

Under GDPR, that has become much more specific and open to challenge.

Willing2Learn

Deleted_User wrote: »

Under GDPR, that has become much more specific and open to challenge.

If only I had the time and energy...But then I've got a tendency to get fixated on these sort of things...

Two of the main GDPR principals in Article 5(1) requires that personal data shall be:

(a) processed lawfully, fairly and in a transparent manner in relation to individuals (‘lawfulness, fairness and transparency’)

and

(e) kept in a form which permits identification of data subjects for no longer than is necessary for the purposes for which the personal data are processed; personal data may be stored for longer periods insofar as the personal data will be processed solely for archiving purposes in the public interest, scientific or historical research purposes or statistical purposes subject to implementation of the appropriate technical and organisational measures required by the GDPR in order to safeguard the rights and freedoms of individuals (‘storage limitation’)