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Old 19-01-2008, 06:54 PM
powerful_rogue powerful_rogue is offline
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Default What credit reference agencies rely on - Counter Arguments

Theres some great information in threads relating to tackling the Credit Reference Agencies.

I thought id start this thread so we could post the arguments they use and useful snippets of documents/legislation we can use to counter act them.

From Experian

I note your comments and would advise you that the decision to retain financial information such as credit accounts and judgments for six years was agreed between the credit industry, the Office of Fair Trading and the Information Commissioner. Six years is considered a reasonable amount of time for data to be retained as it enables lenders to make responsible lending decisions when processing applications by having access to an individuals credit history over this period.
I read a few threads on another site where a member contacted the ICO and the OFT and they both stated they did not take part in any such decision. Ive since sent off a FOI request to both the ICO and OFT asking for details relating to this so call decision. I should have the details by the 5th Feb.


Equifax reply on the below statement to continue to process information once a contract has expired.

As regards the revocation of your permission for Equifax to continue to process your data, it is our view, also shared by the Information Commissioner's Office, that we are able to share account data between lenders and the Credit Reference Agencies for the duration of the contract and for 6 years beyond on the basis of paragraph 6 of Sch 2 of the Data Protection Act. This states "“The processing is necessary for the purposes of legitimate interests pursued by the data controller or by the third party or parties to whom the data are disclosed, except where the processing is unwarranted in any particular case because of prejudice to the rights and freedoms or legitimate interests of the data subject.
Some publications by the ICO

Information Sharing
Credit Agreements - Data Sharing once contract expired

As I find more interesting bits of data, i'll put them in this thread. Im hoping it will act as some sort of resource where we can discuss the finer points and rip the CRA's apart!
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