From December 2008 Barclaycard, Capital One, GE Money, HBOS and MBNA will share data on customer behaviour to get a better idea on whether a customer is likely to be able to repay their balance.
New data covered by this sharing agreement will include information on the amount of a customer's last payment, whether it was only the minimum payment, changes to credit limits, the extent to which a customer withdraws cash on their account and if the customer signed up to any promotional deals.
wonder if that includes using Equifax's extended data or just a system between them?
I got some information from the Credit Report web site http://www.creditreport.co.uk that said that lenders then share payment records with the credit reference agencies. I got this from another thread but it could be that these lenders will share with each other and pass payment information to the agencies too.
Must be a sign of the credit crunch if they are all cooperating. Or are they all under the same control anyway with just different brand names?
well big brother really is getting bigger and watching isnt he!! its getting really ridiculous, i wonder if anyone has actually signed anything to agree to this information being shared with other credit companys, i can only see in my terms and conditions with capital one who incidently do not belong to any of the above companys they are a bank on thier own, that they will share conduct of the account with credit reference agencys( no mention of other banks) and all other information WILL NOT be passed to anyone except within thier group of companys, and as i say they have no ties to the others mentioned!
Do you have a source for this?
http://www.finextra.com/fullstory.asp?id=19329
been in the pipeline for around 2 years.
I always thought that they could see what you owed on your credit files anyway.
Some will say 'big brother' others like me will say it will save a lot of people from sinking into more debt than they can afford to repay.
It will hit stoozers though.
well big brother really is getting bigger and watching isnt he!! its getting really ridiculous
I think that's paranoia on your part there.
This is no different that these companies going to a credit referencing agency. It probably cuts out all the middle men. Ultimately it'll provide a better system where by they can get accurate data on people who want to borrow money from themselves.
I always thought that they could see what you owed on your credit files anyway.
Some will say 'big brother' others like me will say it will save a lot of people from sinking into more debt than they can afford to repay.
It will hit stoozers though.
from the Finxtra artilce...
Traditionally, shared data for credit cards has included the customer's balance, credit limit and whether payments are up to date. The new data will now also include the amount of their last payment, and whether this was equivalent to the minimum payment; changes to credit limits; the extent to which they withdraw cash on their account and if the customer is signed up to any promotional deals.
