Friday, Oct 20, 2006

Finally credit records might be shared

Out-law: Government wants to allow data sharing on 40 million bank accounts without permission

In a move to counter what it calls the UK's over-indebtedness the DTI wants to share information on 40 million bank accounts to prevent their users borrowing too heavily. It will consult with industry on four plans, two of which involve ordering that debt data be shared.

Posted by millard @ 09:58 AM (526 views)
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1. This comment has been removed as it was found to be in breach of our Blog Policies.


2. Hyrax said...

Something to do with Stable doors and Horses bolting with respect to the economy - where has the DTI been?
As a wider and more serious issue, I suspect, an excuse for government wanting to control or at least see anything electronically accessible.
Lets face it the DTI is the biggest quango and an almost complete waste of taxpayers money.
Waste of space, time and money. I say lets see DTIs bank accounts FIRST and THEN we can shut it down!!

Friday, October 20, 2006 12:43PM Report Comment

3. paul said...

This will not, and should not get past the data protection act 1998. Data subjects' consent is needed before sharing any data. In the UK it doesn't have to be free consent, but some kind of consent is needed.

If I was one of these people with one of these accounts, I'd sue my bank for the shirts from their champagne charlie backs. The Information Commissioners Office is under no legal obligation to listen to what the government wants - with good reason.

Friday, October 20, 2006 03:22PM Report Comment

4. Boarder said...

On the good side it might lower the number of people getting willfully bankrupt through over-indebtedness.

Friday, October 20, 2006 05:18PM Report Comment

5. talking rot said...

I smell rats here. I recall reading an article on this Blog which basically said the Banks were wanting the Government to restrict the actions of companies peddling IVAs to the broke-public so that profits margins would not be hit by bad debt. If lenders can share data, then they can effectively control the credit market. This is not acceptable in a free market liberal democracy. If people want to push the limits of bankruptcy, and only pay 1/3 of the debt back to Banks because of overly lax lending criteria, then it is their right to do so. And the Banks must suffer as a result of their lax lending criteria. The law must not be changed in order to protect the shareholders' investment in Banks.

Friday, October 20, 2006 10:13PM Report Comment

6. Nohpc said...

I agree with talking rot. It is the lenders responsiblity to assess the borrower prior to lending. If somebody is offered 50 grand and then spends it and declares themselves bankrupt that is their right and to be honest if you don't have any assets why the hell not?

Friday, October 20, 2006 10:36PM Report Comment

7. Devildel said...

I think it is a good idea - surely most of the banks share data now anyway.
Most of these records are freely availavle to the banks though experian and exquifax etc.
Banks just dont care....
Now they are in danger of going bust because of record bad debts they should just close all new lending til they get their money back.
It doesnt take a rocket scientist to see where all this is going especially now interest rates are rising like they should have 4 years ago!!

Saturday, October 21, 2006 12:53PM Report Comment

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