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What Impact Will This Shared Information Have

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I subscribe to the credit alerts (absolute waste of money). But it was interesting that the banks are starting this shared information that they talked about.

This surely will have an impact on what people can borrow and again on people ability to borrow on mortgages and BTL

This is taken from an email sent to me by callcredit

MyCallcredit is delighted to announce that following decisions by high street lenders to share more of their data in an effort to support responsible lending, our databases now hold more information than ever before.

What does this mean for you?

If you have accounts with any of these lenders, your next credit report will be automatically updated and you will be able to see your balance, your limit and any repayments you have made or missed. Remember that your credit rating can be affected by missed or forgotten payments so it is a good idea to check your credit file regularly.

I would of thought givin a third party access to your bank balance is against the consumer credit act unless you agreed they could share it with this third party.

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