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Nationwide Allowing Credit Agencies To Spy On How I Use My Account

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"We will start sending details about how you use your FlexAccount to our approved credit reference agencies and also receive information back about how you manage other credit products. This information is not used for credit scoring purposes and is not shared for marketing purposes. Our credit reference partners do not have authority to use this information or pass this information on to others for marketing purposes".

If not for credit scoring or marketing what do they want this info for? Surely the plan is to amalgamate their customer's overall financial position by looking at their credit from various sources?

In theory is it good news for people not in debt because they ultimately pay when bad debts are written off? Making credit much harder to get so less bad debts?

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Is that aggregate/anonymised or individual data they're passing on?

Surely if it's not for scoring then they've got no need for individual, identifiable data?

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If not for credit scoring or marketing what do they want this info for? Surely the plan is to amalgamate their customer's overall financial position by looking at their credit from various sources?

In theory is it good news for people not in debt because they ultimately pay when bad debts are written off? Making credit much harder to get so less bad debts?

They accumulate the info to make general trend information.

If 95% of 34 year olds who buy top gear magazine, shop mostly at asda and eat avacados default on their mortgage then the theory runs the next 34 year old, asda shopping top gear fanatic wants watching or denying credit.

Minority report for financiers.

Edited by Injin

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Need to read these things carefully.

The information is not shared for marketing purposes.

So they are going to use it for marketing purposes. In addition to your propensity to use credit, there will presumably be an element of pre-selection to ensure you pass the credit score too. So it won't 'replace' the credit scoring process.

So there you go, weasel words.

Like "they do not have authority to use or pass on this information" which doesn't mean they won't use it or pass it on. The Nationwide are themselves receiving info via their credit agency from other credit sources who may also say tell their customers their agencies are not authorised to use or pass on their info.

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Interestingly (maybe not) I received my first unsolicited pre-approved credit card for ages the other day.

HSBC - £10k credit limit.

If I were cynical I'd suggest it is because I used to pay my full amount of sole trader income into my HSBC account (before putting it into savings) but I now only pay in my limited company minimal wage in.

They probably see I've had a massive drop in income and want me to start spending on the 19% APR credit card....

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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