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Experian and my bank
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The total is listed, not each individual payment. It appears to include everything that is credited into an account that month. I think that we should be able to choose whether this information is given to Experian (and presumably other Credit Reference Agencies) in the same way that we can (apparently at least) choose what other data is held about us. If a person wants credit then it is not difficult to grant a financial institution 12 months/ 3 years/ however long they want of their credit history by their own choice. The key word being choice.0
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Did Experian ever have access to your bank account through open banking? Or is this information the banks are giving Experian on an ongoing basis?0
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Are you using Experian boost?0
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I'm also wondering about whether any of the "credit boosting" services have been opted into my accident. By default, Experian shouldn't have access to that sort of information - only a monthly snapshot of your overdraft usage, credit card statement balances, etc. Is it just a single bank account which has all it's account balance information reported? Or every bank account you have?0
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IIRC Boost was giving them access to your main bank account to see your actual spending, but probably only available to subscribers given they don't let you see the report (aside from the free report) without paying
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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If you have a current account with no overdraft, the monthly reported balance will always be zero.
If you have an overdraft, and use it, it will show your monthly debt balance.
Credit reference agencies don`t have access to individual banking transactions, that would be a breech of GDPR.
You must, at some point, have signed up for an extra service with Experian, and agreed to the processing this data.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
The CRA's receive what's referenced as CATO data (Current Account Turn Over) from the banks each month. This is for the purposes of assessing affordability mainly.
There are varying levels of details, but in the main, it's just summed up as either totals in/out, or catergorised by type.
Only your own bank gets to the see the really granular in/outs.
This isn't part of open banking/additional services.1
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