Mortgage lenders want details of all customer finances
Banks want access to account and credit card information, writes Jon Ihle.
Mortgage lenders want to be allowed access to all borrowers' financial information - including other bank accounts and credit cards - claiming it will help them manage potential mortgage arrears.
Now, once a mortgage is issued, banks have very little financial details about customers under privacy and data protection rules. But now the banks are seeking ongoing access to customer details to alert them to potential arrears problems before any payments are missed.
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