Equifax Works With Consumer Lenders To Share Income Data

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Equifax Works With Consumer Lenders To Share Income Data

This is a duplicate of the Blog Entry made on 12th November 2012 18:29.

Leading consumer credit information and analytics expert, Equifax, has launched the Equifax Financial Stability Exchange to provide all sectors of...

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[vossy]

Re: Equifax Works With Consumer Lenders To Share Income Data

When they say work with I think they mean they will sell the data - twats as well!

[IF]

Re: Equifax Works With Consumer Lenders To Share Income Data

When they say work with I think they mean they will sell the data - twats as well!

[MrsD]

Re: Equifax Works With Consumer Lenders To Share Income Data

they are going to share the data that "we" supply on various applications to verify that the consumer is not embellishing the figures to get a better deal....................

the answer would be "tell the buggers nothing"

[SXGuy]

Re: Equifax Works With Consumer Lenders To Share Income Data

haha yeah, they wont have real info about a persons income.

Employer wont tell them, hmrc wont tell them either.

The only way, would be from suverys, and amounts we state on loan/mortgage/credit card applications.

[Never-In-Doubt]

Re: Equifax Works With Consumer Lenders To Share Income Data

Next they'll be asking for cock size!! Sorry but get serious - what a joke.

One year I can earn £x the next it could be £xx or even £xxx - the point is do you take into account benefits and/or overtime and is this net or gross or post/pre private deductions (pension/school vouchers etc)...

It's flawed. Totally. A bit like the cra's as a whole really. Utter nonsense.

[ken100464]

Re: Equifax Works With Consumer Lenders To Share Income Data

Just another way they will use to refuse you credit in the future if they dont like the cut of your jib so to speak.

You can almost see it now, complaints the the CRA's and ICO about incorrect income data.

[helmsman]

Re: Equifax Works With Consumer Lenders To Share Income Data

Next they'll be asking for cock size!! Sorry but get serious - what a joke.

One year I can earn £x the next it could be £xx or even £xxx - the point is do you take into account benefits and/or overtime and is this net or gross or post/pre private deductions (pension/school vouchers etc)...

It's flawed. Totally. A bit like the cra's as a whole really. Utter nonsense.

[SaltnVinegar]

Re: Equifax Works With Consumer Lenders To Share Income Data

Next they'll be asking for cock size!! Sorry but get serious

But you're not far of the truth tbh which is the worrying thing.

When you now have local councils asking for information such as 'sexual orientation' how much longer will it be before we're being asked for penis or cup size?

We already have government departments sniffing around the CRA's as they realise the important data it may give them about voting demographics.

There is also the question of how useful would this information be to HMRC? If you're self employed and declare to the taxman you earn £xx but in your mortgage application state you earn £xx more no doubt you'll have HMRC inspectors looking through your accounts.

If I come across as paranoid its because I have absolutely zero trust in how our personal data is being used and for what purposes.

[SXGuy]

Re: Equifax Works With Consumer Lenders To Share Income Data

Actually, in the past you would be right about mortgage aps and HMRC but you cant do that anymore.

Most mortgage lenders ask for proof of income, either a wage slip, or an SA302 which is a hmrc statement of account.

So you cant really lie anymore.

[vossy]

Re: Equifax Works With Consumer Lenders To Share Income Data

I know it's off topic a little (but not a lot) when are they going to include the word ENGLISH on these forms that ask for ethnic origin?
In a form from my own council I had to tick 'Other' and then write English, I am not British!
Scottish and Welsh appeared on a form from my doctors recently but not English, once again I have to tick other and then write English, when I queried this later I was told I had been put down as British as there was nowhere to include English.

Rant over

[The Tech Clerk]

Re: Equifax Works With Consumer Lenders To Share Income Data

But you're not far of the truth tbh which is the worrying thing.

When you now have local councils asking for information such as 'sexual orientation' how much longer will it be before we're being asked for penis or cup size?

We already have government departments sniffing around the CRA's as they realise the important data it may give them about voting demographics.

There is also the question of how useful would this information be to HMRC? If you're self employed and declare to the taxman you earn £xx but in your mortgage application state you earn £xx more no doubt you'll have HMRC inspectors looking through your accounts.

If I come across as paranoid its because I have absolutely zero trust in how our personal data is being used and for what purposes.

If I was asked sexual orientation I say I am queer, I like Women, surprising the looks you get then the penny drops.

[The Tech Clerk]

Re: Equifax Works With Consumer Lenders To Share Income Data

Actually, in the past you would be right about mortgage aps and HMRC but you cant do that anymore.

Most mortgage lenders ask for proof of income, either a wage slip, or an SA302 which is a hmrc statement of account.

So you cant really lie anymore.

As if we use to!

[SXGuy]

Re: Equifax Works With Consumer Lenders To Share Income Data

I would guess that 99% of self cert mortgages, were aproved because people stretched the truth about their income!

There are ways around it now, i have known people, to time their mortgage applications with the submission of their accounts, increase their net profit, pay any additonal tax, and then they have proof of income great enough to be accepted.

You run the risk of an inspection or query though, so it isnt without risks.