Creditors searching file

oscar

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#1

Creditors searching file

9 August 2011, 19:07

Think this is probably the best place to put this, and is an area I am a little unsure of.

Can a creditor (that you already have an account with) search your credit files (without further consent - ie other than application) ?

This search states is for "0% Finance Schemes"and search purpose is "review"

As above, this is for a current product, and doesnt appear to be a silent search.

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Tags: account, con, cra, credit, creditor, creditors, data, files, finance, increase, review, reviews, schemes, share
Never-In-Doubt

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#2

9 August 2011, 20:34

Re: Creditors searching file

Is it a revolving credit product you have?

In any case, yea they can. They can perform an account review in which they could remove / increase / decrease a facility or they could perform a search if they got a bad data feed, prior to reduction of limit.

So yea, they can - they do and will continue to be able to so long as you agree via their terms which always asks your permission to share data with cra's to decide on facility AND future reviews etc... Maybe worded different but that's what it is anyway.

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