News & Views - Savantor

Concern over credit operations

Friday, 31 July 2009

Consumer groups have called for credit card firms to be investigated due to fears that they are using personal data to sort out customers who only use cards for the perks.  Since new rules came into force in January there has been an increase in the number of borrowers with excellent credit ratings being turned down by card firms.  Card firms can exchange behavioural information about how customers use their cards including whether they pay off their balances in full each month or use the interest free periods before moving to a new card. 

The UK Payments Associations (formerly APACS) set out the rules covering data sharing which do not include using the data for commercial purposes.  Although banks will always state that they use a variety of sources to determine acceptability, by refusing credit to customers with high credit scores they give the appearance that something other than risk is being measured.  It may be time for banks to get the internal rules clear to avoid being mired in appeals against rejections by "good" customers.

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