90pc of bank customers unaware their income details are tracked and shared - and it's legal

August 29, 2016 | 6years | NEWS AND INTEREST

In a poll of more than 4,000 readers, nine out of ten said they "had no idea" their monthly incomes were being recorded by their bank and then shared with other companies, analysed and traded.

The poll was conducted within an article highlighting the rapid growth of banks' and other firms' use of individuals' income data, which can include payments between spouses and friends, as well as wages and investment income.

Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies who then sell the data on.

Unlike their credit history, which consumers can demand to see, the income data is not made available to individuals.

Banks claim the information helps verify borrowers' income when they apply for mortgages. The data, however, is automatically collected each month, regardless of whether people are seeking credit.

To continue reading this article follow the link: telegraph.co.uk

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