GAIN - Gone Away Information Network)

TAG

I've been wondering about this for a while. I've seen it mentioned on another forum but there doesn't seem to be that much information as to the true purpose of having a GAIN warning added to a credit file.

I (think) I know that if a GAIN is on a credit file then when that person pops up somewhere else then all members that are registered with GAIN are notified of their whereabouts. Is that right?

But what I want to know is - is how long does a GAIN stay on a credit file and what relavence does it have to a debt that is owed?

Snaggles

Hiya, this is from Equifax's website:

GAIN is the Gone Away Information Network (GAIN). The network of organisations who are members of GAIN submit details of individuals who have moved home, leaving behind a credit account, such as a loan which is at least 30 days in arrears, without notifying the Lender of a forwarding address. The information submitted may include both the address the customer moved from and any address to where the customer has since been traced. Equifax holds records on behalf of the GAIN organisation and this information is only made available to companies who are members of GAIN.

How does this data affect me?

The presence of GAIN data, on your credit report, may adversely affect your ability to obtain credit.
How long is this data kept on my Credit File?

GAIN information is automatically removed from your credit report six years from the original date of repossession.
What can I do if there is GAIN information relating to another person/s?

If information appears on your credit report relating to a person/s with whom you have no financial association you can apply for a Notice of Disassociation.
What can I do if I believe there is GAIN information, which is registered incorrectly?

If there is GAIN information on your credit report, which you believe is incorrect, this information can be disputed directly with Equifax. This service is called Notice of Dispute.