need advice

Willing2Learn

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

Creditors need constant access to a borrowers credit files as they need to be able to continuously reassess a borrowers risk and affordability. I don't think it is any sort of data breach.

[Deleted User]

Willing2Learn wrote: »

Creditors need constant access to a borrowers credit files as they need to be able to continuously reassess a borrowers risk and affordability. I don't think it is any sort of data breach.

True.
But it's something else to complain about now.

Must be some sort of loophole surely? :beer:

Smodlet

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

To be fair, I do not know the truth of this but it kind of stands to reason in my brain (which is absolutely no authority) I do know you can't sign up for anything which requires credit without expecting the provider to check your record, be it mobile phone, water, whatever and a bank can see what you are doing, at least with their account.

I agree, it might be disturbing that we don't actually know who can see what when without our permission but I find it far more disturbing that the likes of Google can without our receiving any benefit whatsoever.

Darn it, xlnc99, you have given me food for thought and I am trying to diet! :D

xlnc99

It is very true and something to think about. Like you, it has given me plenty to think about aswell. This never occurred to me before until this thread was brought up. The more i think about the more i think its not only banks and credit card companies. A friend of mine had a next account cancel her credit limit because it mentioned 'information in her credit report' etc etc something to do with financial lending and responsibility. At the time she had loads of credit cards maxed out and this was about 8 months after she had opened her next account.

So this leads me to believe that is not only banks, loans, it must be everyone that reports to your credit file. Be it sim only contracts, mobiles, catalogue accounts etc

Smodlet

xlnc99 wrote: »

It is very true and something to think about. Like you, it has given me plenty to think about aswell. This never occurred to me before until this thread was brought up. The more i think about the more i think its not only banks and credit card companies. A friend of mine had a next account cancel her credit limit because it mentioned 'information in her credit report' etc etc something to do with financial lending and responsibility. At the time she had loads of credit cards maxed out and this was about 8 months after she had opened her next account.

So this leads me to believe that is not only banks, loans, it must be everyone that reports to your credit file. Be it sim only contracts, mobiles, catalogue accounts etc

That is kinda the whole point of credit files which, as I understand it (which is not much) anyone can access any time they like for a small fee.

Think about it: You go into a store, they have a promotion whereby you receive a 10% discount if you take out their store card there and then. They make a phone call before they decide whether to accept you or not. You did not read the T's and C's because there was a queue so did not realise you had just given them permission to access your credit file at that point, let alone whenever they like.

I really do not know the truth but have assumed (I know) any company offering credit of any kind can access one's credit records whenever they like; I think it is safer to assume this just as it is to assume you cannot trust any website to keep your data safe; not even banks.

<Aside> MSE, why are you criticising my spelling when it is perfectly correct in English? I am not American so do not use "z" when I should use "s" to spell "criticising".

[Deleted User]

xlnc99 wrote: »

It is very true and something to think about. Like you, it has given me plenty to think about aswell. This never occurred to me before until this thread was brought up. The more i think about the more i think its not only banks and credit card companies. A friend of mine had a next account cancel her credit limit because it mentioned 'information in her credit report' etc etc something to do with financial lending and responsibility. At the time she had loads of credit cards maxed out and this was about 8 months after she had opened her next account.

So this leads me to believe that is not only banks, loans, it must be everyone that reports to your credit file. Be it sim only contracts, mobiles, catalogue accounts etc

Of course they can do it.

There is nothing underhand about it since you agree to it in the T's and C's when signing up for a financial product.