Loan information firm Which? backs lenders in policy debate
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Which? said that lenders should be able to see what other accounts consumers have open.
A company which offers loan information has claimed that the current application process is unfair to lenders, the Times reports.It has been revealed that the details of millions of mortgages, bank accounts and credit cards taken out before the millennium do not appear on credit reports and, consequently, consumers with bad credit records are still able to acquire a loan.
It has been suggested that between 40 to 50 million financial accounts of different kinds are regarded as "missing" because they do not show up on the credit files.
Under the Data Protection Act, banks and building societies are unable to share the information on these accounts without first obtaining the consumer's consent.
Vera Cottrell, a policy adviser at Which?, explained that a so-called missing account could have a significant impact on a loan application decision.
She told the newspaper: "We do not think anybody should be forced to agree to share data, but if you are applying for credit it makes sense that lenders see what other accounts you have open.
"It is vital that the Government and the industry work out a solution to this problem."
Meanwhile, the Building Societies Association has revealed that gross mortgage lending increased by 15 per cent in December on the previous month.
The figures from the industry's trade association show that £1.8 billion was lent in December, compared to £1.6 billion in November.
Posted by Rosie May
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