What is...

Data Sharing

In a credit context, the term Data Sharing relates to the ability of lenders and Credit Reference Agencies to share six years' worth of payment history data to allow them to make a more informed and better lending decision and avoid over-indebtedness.

How do I see data shared about me?

checkmyfile shows you all the information a potential lender could see if you were to apply for credit. Our Multi Agency Credit Report gathers your data from Equifax, Experian and TransUnion together so you can quickly check and compare everything held about you on one easy-to-use platform.

If you haven’t already, you can try checkmyfile free for 30 days, then for just £14.99 per month. Cancel online anytime.

Which organisations share credit report data?

There are three main data sharing groups: CAIS (hosted by and distributed by Experian), Insight (hosted by and distributed by Equifax) and Share (hosted by and distributed by TransUnion). Not all lenders are members of each data sharing club, which means that each Credit Reference Agencies report varying levels of credit account information. As the data at each Credit Reference Agency can differ, it’s a good idea to check your Credit Reports at every Credit Reference Agency to ensure you don’t miss anything important.

The sharing of data is regulated by a voluntary code known as the Principles of Reciprocity and overseen by a steering group known as SCOR. It has no powers of its own, but operates on behalf of the trade associations that it represents and may only recommend decisions to the appropriate membership.

What kind of data gets shared?

In these circumstances it’s primarily your payment history that is shared, along with information that helps determine that it’s definitely your information that’s getting looked at. This helps prevent incorrect information getting added to your records in error.

Sensitive information such as card information, security questions or passwords are not shared.

Does this include selling my information for marketing purposes?

No. This information is only shared when needed and only to relevant parties. The data you submit when applying for finance cannot be sold and used for marketing. Under UK GDPR, introduced in 2018, companies cannot use this information to contact you without your prior consent.

Why is my data held for 6 years?

Under the Data Protection Act, your information can only be held for as long as is deemed necessary. For credit purposes, 6 years is deemed to be a long enough time period for prospective lenders to assess a person’s repayment history.

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