Information that banks have about you
Information that banks have about you and how they get that information about you.
10:26 19 July 2014
If you are intending to utilise a banking service, you should know that banks have some essential information about you. If it is a loan, they will use a credit score to make a decision whether or not they will lend money to you. Credit reference bureaus have information about your credit history. You credit score is shared between lending institutions and some services make it a mandatory requirement to have a background check about your credit situation.
However, they might not have the big picture per se as there are some errors that might show up.
Banks and other lending institutions will source information about your score from the places.
The application form
This is where they get information about your family size, post code, reason for borrowing money, and contact details. They will scrutinise this information keenly and will pay special attention you annual salary report. It is essential that you pay close attention when you are filling in an application form. A slight mistake like a misplaced figure, any future applications will be jeopardized. They take fraud very seriously hence you should be very careful while trying to file an application with some bank.
History with a company
Companies will scour the surfaces of other companies to get a read on you and how you deal with them. However, there are some companies out there that have very tough data protection rules that make it very difficult to get around.
Credit reference agency files
It is important to highlight that institutions share your borrowing history. Lending institutions will share this information to know how well you keep your word. Files used by these agencies include:
- Electoral roll file
- Court files
- Addresses and other linked data
- Fraud data
- Searches
This information is essential to know just in case you are contemplating borrowing money from a bank or a building society.