Keep your credit file up to date, says ICO

The Information Commissioner’s Office is challenging the British public to make 2011 the year they ensure that their credit reference file is accurate and up to date.

Under the Data Protection Act everyone has the right to obtain and protect the information financial institutions hold about them. If the content of an individual’s credit file is inaccurate then that individual can ask for it to be corrected – which could in turn stop lenders from turning down their requests for credit.

The ICO has a practical, easy to understand consumer guide detailing people’s rights, called ‘Credit Explained.’

Almost a third of the data protection complaints the ICO received in 2010/11 were about lenders. Of the total complaints received in the last financial year, covering all sectors, 17% were from people trying to correct inaccurate data held about them.

David Smith, Deputy Commissioner at the ICO, said: “Your credit reference file isn’t something you should only worry about when applying for a loan or buying a house – taking this approach could mean mistakes go un-noticed for years. I want to put a challenge out to the British public to make 2011 the year they take control of the information credit agencies hold about them. It’s your information and you have a right to check it’s all in order.

“In these challenging times, millions of people will be applying for credit and the last thing they need is to be turned down because of inaccurate information on their file. If people’s complaints are not addressed by the lender or the credit reference agency then they should raise the issue with the ICO and we will take it on.”