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Is it Safe to Give Mortgage Advisor Our Full Credit Reports?

Hi all. We've already sent our mortgage advisor loads of sensitive data ( I do understand they need it!) but now they're asking for our full credit reports downloaded from checkmyfile. I get that it saves on footprints etc but am worried that there is just TOO much of our sensitive info in there. For instance, when a company does actually carry out their own full search,  I thought there might be some kind of system whereby information was broken up into small bits that couldn't all be put together to show everything single thing about a person so that any rogue employees could abuse that info. Is this request standard practice? Am I being paranoid? I appreciate these is heavy regulation so hopefully I am just being paranoid. TIA

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It's standard, though I would get your three files directly, rather than from Checkmyfile, as they're less prone to error.
  • jasonf90
    jasonf90 Posts: 8 Forumite
    Fifth Anniversary Combo Breaker First Post
    Seem to be quite common, not sure what they could do with the info anyway?
  • ACG
    ACG Posts: 24,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    We would always ask for a credit report, but most of our customers have bad credit. 
    Its not uncommon to ask for the credit report.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • K_S
    K_S Posts: 6,892 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Hi all. We've already sent our mortgage advisor loads of sensitive data ( I do understand they need it!) but now they're asking for our full credit reports downloaded from checkmyfile. I get that it saves on footprints etc but am worried that there is just TOO much of our sensitive info in there. For instance, when a company does actually carry out their own full search,  I thought there might be some kind of system whereby information was broken up into small bits that couldn't all be put together to show everything single thing about a person so that any rogue employees could abuse that info. Is this request standard practice? Am I being paranoid? I appreciate these is heavy regulation so hopefully I am just being paranoid. TIA
    @debtfreehopeful99 I always prefer to see the files but if the client didn't want to share it and confirmed that there was no adverse, I would proceed with appropriate caveats. 

    Having said that, I don't recall any of my clients refusing to share their credit files after having shared their income details, bank statements, ID, dependents details, etc.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Thanks everyone. 
  • dunstonh
    dunstonh Posts: 120,136 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    but am worried that there is just TOO much of our sensitive info in there.

    Your mortgage broker is probably more data secure than any other business you deal with.

    m I being paranoid? 

    Yes.    

    Plus, not giving it to the mortgage broker is going to make them think you are hiding something.   There is nothing on your credit report that they would not already know if you have been truthful to them.

    Its a bit like going to the supermarket but not wanting the cashier to see what you have bought.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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