need advice

Ben8282

!!! wrote: »

Not necessarily.

Banks and credit cards have closed accounts following “further checks” and has been posted on here in the past.

Surely you don't believe everything that is posted on here!
But further checks are usually made shortly after opening the account, not 11 months later.
I think the OP's admission to having recently acquired 2 defaults has something to do with it although I don't believe that in itself that would be sufficient to cause the immediate closure a current account. CIFAS sounds more likely as suggested.
Perhaps he will drip feed us some more information in due course.

xlnc99

Ive not heard of of a bank account being closed after 1 month due to 'further checks' on your credit report. Before then yes as more information filters in, but after its usually another reason, commercial or fraud.

But that leads me to another question - Do banks/lenders have access to your credit file permanently after you open an account with them? I thought this would require a search on your file? How would it be possibble for an bank/lender to constantly monitor your credit file every month or so?

Is that

1 - allowed? Do you need to give permission like u do for a credit check?
2 - Wouldnt a search show everytime they look at your credit file

Ben8282

I believe that credit card providers receive regular update feeds and therefore assume the same would apply to banks where you hold a current account.

xlnc99

So in essence you are telling me banks and credit cards companies get real live time feeds of your credit file every month?????? Surely that is not allowed and cant be right,

IF that is the case why do you need to do a credit check if you want to upgrade your bank account? They would have all the information.

I thought you have to give permission for a search, and just one search. This is really shocking news if all this is true. Also another reason i believe this information is incorrect is because many of people who get CIFAS markers after they open a bank dont get their account shut down until after they make an application for another product with their bank that requires a credit check.

Are you 100% certain banks or lenders get real time updates of your credit file every month?

Ben8282

xlnc99 wrote: »

So in essence you are telling me banks and credit cards companies get real live time feeds of your credit file every month?????? Surely that is not allowed and cant be right,

Yes I believe this to be so at least as far as credit card providers go.
Perhaps someone with better knowledge will be able to give more information later?

xlnc99 wrote: »

IF that is the case why do you need to do a credit check if you want to upgrade your bank account? They would have all the information.

Not sure what sort of upgrade you mean here, but do you always need a credit check for this purpose?

xlnc99 wrote: »

Are you 100% certain banks or lenders get real time updates of your credit file every month?

Providers of credit cards yes I am sure. In relation to current accounts won't commit to a definite answer one way or the other.

xlnc99 wrote: »

Also another reason i believe this information is incorrect is because many of people who get CIFAS markers after they open a bank dont get their account shut down until after they make an application for another product with their bank that requires a credit check.

Don't place too much faith in what is claimed on 'X bank closed my account' threads.

[Deleted User]

xlnc99 wrote: »

So in essence you are telling me banks and credit cards companies get real live time feeds of your credit file every month?????? Surely that is not allowed and cant be right,

IF that is the case why do you need to do a credit check if you want to upgrade your bank account? They would have all the information.

I thought you have to give permission for a search, and just one search. This is really shocking news if all this is true. Also another reason i believe this information is incorrect is because many of people who get CIFAS markers after they open a bank dont get their account shut down until after they make an application for another product with their bank that requires a credit check.

Are you 100% certain banks or lenders get real time updates of your credit file every month?

Read the T's and C's from your bank.

You will see statements in there where they say they share data to and form CRA's on a regular and ongoing basis and so on.

Gaz83

xlnc99 wrote: »

So in essence you are telling me banks and credit cards companies get real live time feeds of your credit file every month?????? Surely that is not allowed and cant be right,

It's a fairly standard part of the T&Cs of any bank account / credit card account, which of course you will have read and agreed to before signing.

Smodlet

You do give permission for access to your credit files; you can't very well open a bank or, for instance, an energy account without doing so. As already said, it is in the T's and C's.

Why do you think some people cannot have credit meters while others can? Or why some people can but only after they pay a "deposit" for want of a better word? Because their credit history does not stack up, that's why!

Banks, by definition, already have access to your income and expenditure through their account. I am fairly sure they can find out how many other accounts you have with other providers.

xlnc99

I understand that they need to do a credit check when making a decision. Any lender does. What i did not know was that they can basically credit check you anytime they want once you have a contract with a lender, be it a bank, loan, credit card etc. So basically they have access to all your credit files 24/7.

Im shocked at this revelation. Must be some sort of data breach or something

[Deleted User]

xlnc99 wrote: »

I understand that they need to do a credit check when making a decision. Any lender does. What i did not know was that they can basically credit check you anytime they want once you have a contract with a lender, be it a bank, loan, credit card etc. So basically they have access to all your credit files 24/7.

Im shocked at this revelation. Must be some sort of data breach or something

Why are you shocked?
It's been that way for many, many years.

It's not a "data breach" as you are giving permission... :rotfl: