How long do banks keep your data on file?

callybags · 14th March 2008, 20:56

First, I hope I've put this in the right place? A few years ago I went bankrupt, one of my accounts was an overdraft with NatWest. This had to be included in my petition,even though it was a small amount. Natwest defaulted the account, now my bankruptcy will come off my CRF's in under 2 years, would the same happen with Natwest's own file on me? Do they wipe data on ex-customers?

Cally

midge61 · 14th March 2008, 21:04

Hi

My husband has just been through this. After 6 years all the defaults and the record of the bankruptcy come off of your files.

The only thing you need to check is that all the companies that registered a default as a result of the bankruptcy have registered them with the correct date.

My husbands records should have become clear in Aug 2007 but Nationwide registered 2 defaults incorrectly one not due to come off according to them until 2009!

We wrote to them with his court details and they have now updated the records and hubby has successfully got a "proper" bank account for the first time in 7 years.

callybags · 14th March 2008, 21:21

Hi Midge
When I checked my CRF's (scared at first!) I found NatWest had put a default on 6 months later than my bankruptcy date:o
I wrote to them and they amended it and put it down as satisfied, but what with their own branch file on me? Would that come off the same time as my bankruptcy? I wonder under the data act if you are an ex-customer if they have to delete records form their own computers?

Cally

buzby · 15th March 2008, 10:36

I remain unconvinced that any data 'comes off'. It may well not be viewable after 6 years (to comply with the current interpretation of the duration, which is not actually specified). However CRAs are arguing that to 'prevent fraud' 10 years is a more realistic time frame, and therefore if this is allowed - ALL your historical data will magically appear again.

midge61 · 15th March 2008, 10:37

Hi cally

As far as I know all your records are cleared. The following might be of some interest to you
Debt Questions • View topic - CRFs post bankruptcy
bankruptcyhelp.org.uk Forum - Help in making payments

midge61 · 15th March 2008, 10:39

Hi

If the info remaind viewable then you would still have problems obtaining a bank account and this is not the case.

My hubby now has a perfect record and has not had problems except getting the dates changed.

sillygirl1 · 15th March 2008, 10:44

Of course the CRAs want 10 years worth of data kept - why did they set themselves up in the first place - NOT for fraud prevention as they now like to claim but to SELL your data under various guises - if not to SELL it back to you for £2 a time..... 10 years worth of data WOULD NOT (IMHO) prevent fraud happening.

buzby · 15th March 2008, 10:48

No argument from me on that! But this is why it is misleading to blandly state data 'is removed' or 'dropped off' from you file. It doesn't, and remains (possibly obscured) until they can without fear reinstate it. I raised this with the DPC and he didn't want to know.

simonjohn · 16th March 2008, 18:06

Quote:

Originally Posted by buzby

No argument from me on that! But this is why it is misleading to blandly state data 'is removed' or 'dropped off' from you file. It doesn't, and remains (possibly obscured) until they can without fear reinstate it. I raised this with the DPC and he didn't want to know.

Any data on the credit reference agencies files will drop off after 6 years, even if not paid, unless you have entered an agreement to pay, with either the original lender or the new owner of the alleged debt, within the permited time frame.

Any debts alegedlly owed after this timeframe become statute bared, and as such can not be re entered on your credit file, and if they do, then you have good cause, for action for their removal.

HSBCrusher · 16th March 2008, 19:08

It is my personal view that they never erase any data whatsoever, whether they choose to use it or not. Knowledge is power (and money) after all. However, proving this or making them give you it if you need it (for a bank charges claim for instance) is another matter altogether.

buzby · 17th March 2008, 09:37

Quote:

Originally Posted by simonjohn

Any debts alegedlly owed after this timeframe become statute bared, and as such can not be re entered on your credit file, and if they do, then you have good cause, for action for their removal.

You overlook the sub-plot. The data is RETAINED but not visible to external enquirers. As I noted earlier, if the tie limit alters, the data can and wil reappear. As evidence to this, was the statement from an 'industry spokesman' who when asked admitted that if the current term )of 6 years) is deemed inadequate, and revised date - like the 10 years they want -will reactivate the earlier data to be 'fair' to all concerned. This was back in 2005... I doubt anything has changes since then.

Rob S · 17th March 2008, 11:49

And you have the conclusive proof that this data is retained Buzby? Or is that just your opinion?

buzby · 17th March 2008, 13:03

Absolutely. I have fully conclusive proof. (Of data retained for 11 years in my case). Whilst I'm delighted to keep this going, this just mirrors your other thread so why not just stick to one ?

Rob S · 17th March 2008, 19:53

You have conclusive proof in relation to Sky, but not in relation to the credit reference agencies.

buzby · 17th March 2008, 20:20

And you, of course can prove that they don't?

I'll settle for their spokesman's comment (one of the 'E's, can't remember which) when he was justifying the extension to 10 years, whilst earnestly explaining that it would be unfair if the data for years 6-10 would take too long to accrue.

callybags · 17th March 2008, 20:34

Thanks everyone for replying, what I'd also like to know with the banks 'own' data on ex customers that they hold, should that be deleted from their systems. I was defaulted by NatWest in june 2004 should they clear that in June 2010?
Thanks again
Bo

Rob S · 17th March 2008, 23:21

Quote:

Originally Posted by buzby

And you, of course can prove that they don't?

I'll settle for their spokesman's comment (one of the 'E's, can't remember which) when he was justifying the extension to 10 years, whilst earnestly explaining that it would be unfair if the data for years 6-10 would take too long to accrue.

I'm not the one making the claims Buzby, you are. So how about this; you provide the proof to back up your claims. Should be quite straightforward for a man of your calibre

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