It’s getting personal, as more financial data is supplied to lenders

Individuals’ financial information is being scrutinised with increasing diligence by lenders, as more personal data is supplied to credit reference companies.

These firms gather a host of data, including register of voters and credit card payments, to build up people’s credit histories, which in turn are used to decide whether or not would-be lenders are successful in their mortgage or loan application.

Recently, utility companies have started to supply information about customers’ payment habits to companies like Experian as well, to help lenders make a better informed decision.

Source: BBC News

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