Consumer Credit Support  
Bailiff Advice Online

Go Back   Consumer Credit Support > Consumer Credit Support > Credit Reference Agencies
FAQ Members List Calendar Mark Forums Read

Reply
 
Thread Tools Display Modes
  #1  
Old 03-02-2008, 01:24 PM
powerful_rogue powerful_rogue is offline
Senior Member
 
Join Date: Dec 2007
Posts: 128
powerful_rogue is on a distinguished road
Default ICO and six year time limit

Back in January I submitted a FOI request to the ICO because Experian stated in an email that the 6 year retention period was a decesion between the ICO, Credit Agencies and the OFT.

Today I get the FOI back from the ICO and it has some quite interesting bits!

Here was my original request

Quote:
I have been in discussion with the credit reference agency Experian who have advised me that the decision to retain financial information such as credit accounts, credit history, default information 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 request under the Freedom Of Information Act to be provided with all documentation realting to this decision agreed between the Information Commissioner and the credit industry.
Ive scanned the documents in for you all to see, however here are some quotes I find interesting!

Quote:
Apparently the Crowther Report on Consumer Credit 1971 expressed support for a statutory limit and suggested that a period of six years should be adopted. I assume that this guidance is ultimately derived from earlier guidance produced by this office, probably initially in 1986 or 1987. We do not have a copy of this report. I did "Google" it. I found various references to it but, unsurprisingly given it is 37 years old, I did not unearth a copy of the report itself.
Now isnt it amazing that the ICO is stating comapnies can retain information for six years based on this report, but they dont actually have a copy of it!

Quote:
We have found no evidence of any formal agreement between this office, the OFT and the credit reference agencies. However, we have found a few documents which touch upon the 6 year retention issue
So why are Experian stating they have a decesion agreed between the ICO, OFT and the CRA's?


A letter from the Data Protection Registrar dated December 1994 states

Quote:
As the Office of Fair Trading advised in their letter of 9 May 1994, credit reference agencies hold information relating to County Court Judgements and file for six years and default data is held for 3 years.
So up until 14 years ago, defaults were only held on file for 3 years. makes you wonder who then decided to double this retention period!

Quote:
The CRAs had reached an agreement with the OFT some years ago that data be held for 6 years. This agreement was based upon the principle of the rehabilitation of offenders for minor offences - After 6 years the slate should be wiped
Lovely. At least we know where the 6 year rule now comes from.




Last edited by powerful_rogue : 03-02-2008 at 01:35 PM.
Reply With Quote
  #2  
Old 03-02-2008, 01:26 PM
powerful_rogue powerful_rogue is offline
Senior Member
 
Join Date: Dec 2007
Posts: 128
powerful_rogue is on a distinguished road
Default







Reply With Quote
  #3  
Old 03-02-2008, 01:40 PM
Dragonlady's Avatar
Dragonlady Dragonlady is offline
Moderator
 
Join Date: May 2007
Location: Proud member of the CFC.
Posts: 10,625
Dragonlady has disabled reputation
Default

So, this means defaults should get wiped after three years not the six years as at present. Right or wrong?
Reply With Quote
  #4  
Old 03-02-2008, 01:44 PM
powerful_rogue powerful_rogue is offline
Senior Member
 
Join Date: Dec 2007
Posts: 128
powerful_rogue is on a distinguished road
Default

Based on the letters above, it seems quite confusing.
I should have by Monday my FOI reply from the OFT, as I asked them exactly the same question.

Will be interesting to see what information they supply.
Reply With Quote
  #5  
Old 03-02-2008, 01:47 PM
Dragonlady's Avatar
Dragonlady Dragonlady is offline
Moderator
 
Join Date: May 2007
Location: Proud member of the CFC.
Posts: 10,625
Dragonlady has disabled reputation
Default

It will be interesting if it three years. Looks like quite a few people could go the CRA's for holding data longer than necessary and placing them in jeopardy regarding their credit rating.
Reply With Quote
  #6  
Old 03-02-2008, 05:44 PM
Jster$$$'s Avatar
Jster$$$ Jster$$$ is offline
Assistant Moderator
 
Join Date: Jul 2007
Posts: 1,165
Jster$$$ will become famous soon enough
Default

PR

I would like to say what a great job you are doing with the research into CRAs. i know your contributions will come in very handy for alot of members.

Thanks

J
Reply With Quote
  #7  
Old 03-02-2008, 06:40 PM
humbleman humbleman is offline
Junior Member
 
Join Date: Dec 2007
Posts: 29
humbleman is on a distinguished road
Default

PR

Great

lets see what the OFT have to say.
Reply With Quote
  #8  
Old 03-02-2008, 07:00 PM
Hocuspocus's Avatar
Hocuspocus Hocuspocus is offline
Assistant Moderator
 
Join Date: Sep 2007
Posts: 4,253
Hocuspocus has a spectacular aura aboutHocuspocus has a spectacular aura about
Default

PR You certainly have them rummaging around in the archives.

So interesting how goal posts are moved as and when someone feels like it.

Await for next installment
thanks HP
__________________
I will not be on the internet after the end of January 2009, so will not be around as much as usuall.
Anyone who wants to email me still go ahead but i won't be checking daily, more like weekly up the library.

" the cages we live in are often of our own making"

time for a life style change
Reply With Quote
  #9  
Old 03-02-2008, 10:14 PM
thephoenix thephoenix is offline
Junior Member
 
Join Date: Feb 2008
Posts: 6
thephoenix is on a distinguished road
Default

hmmmmmmmmmmm This is certainly a cause for concern.

The 6 year period is NOT a statutory requirement therefore a consumer can contest a default or ccj after a reasonable amount of time. What is a reasonable amount of time???? something to look into

The period of 6/3 years was fixed between the said parties based on 'The Rehabilitation of Offenders Act 1974 and after 6 years the slate should be wiped clean' according to Mr Warwood.

Excuse me, but isn't that a rehabilitation order for convicted ********s??? errrr yes it is..... How can they compare a defaulted consumer credit agreement to a ******** act???

Not only that, the rehabilitation period for convicted ********s depends on the length of the original sentence, so the rehabilitation period differs from one person to another.
And I believe the retaining of personal data for a 6 year period is fixed for everyone.
Reply With Quote
  #10  
Old 04-02-2008, 03:57 AM
powerful_rogue powerful_rogue is offline
Senior Member
 
Join Date: Dec 2007
Posts: 128
powerful_rogue is on a distinguished road
Default

Thanks for your kind words people, much appreciated. Theres certainly parts of this infomation i'll use as an argument, but ive only got part of the jigsaw so far. Im still waiting for the OFT's reply (deadline is the 5th Feb) and the reply from the ICO in relation to the other thread. Thats when the fun can start!

thephoenix - I totally agree with you. I think its disgusting how everything is black and white. How can the info be relevant for everyone for six years? I though the purpose of the DPA was to stop this type of thing.

I still find it really worrying that the ICO relies so much upon the crowther report, yet they dont even have a copy, or couldnt even locate it online!
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT. The time now is 04:37 PM.


Powered by vBulletin® Version 3.6.7
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Consumer Credit Support