Lender wants to share personal information with others before approving a loan

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Thirsty

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In connection with a loan application bank have asked me to sign a waiver allowing them to release personal data (including medical info) about me to 3rd parties.

Not at all happy about the notion...

Any advice?
 
you should ask who the 3rd parties are and what is the purpose of them releasing the info. it may be for a credit reference check or they may be taking medical/insurance advice as to whether or not any issues you may have make you a high risk borrower.
 
hm... think that might be the wrong way around?

If they wanted to (say) contact my Dr. to get info, I'd have to give them a specific authorisation to do so?

This is to allow them to release information, I'm not happy about signing it, it's too broad and there's been too many corporate incidents of personal information not been handled properly.

I guess my question is; is this a legitimate loan condition?
 
Thirsty.

May just be permission to give details to other companies for marketing/sales.
May well have nothing to do with loan, but Banks are getting back to their old add on tricks where they get fees for non-banking things.

Ask them is it for the loan or just a marketing request.
If its a marketing request , tell them no ie you get enough waffle.

If it is something to do with the loan , just ask why ?
 
Have you signed up for any insurance products with them? If so they will more than likely be passing that on to an insurance company. Clarify what it's for.
 
@twofor1 - the form was given to me in a bundle of several items for signature; signed the rest, didn't sign this one. Then got an email with same form attached asking me to sign & return. So to be fair, the bank haven't openly said they won't approve loan till I sign, but if its not required pre loan approval why ask for it now?

@Monbretia - no insurance or other products
 
Look at the contract for your Credit Card (Visa) you have already agreed to give your information away to companies associated with them etc., why worry now?
 
roker said:
Look at the contract for your Credit Card (Visa) you have already agreed to give your information away to companies associated with them etc., why worry now?
Click to expand...

Has Thirsty a credit card?

I think its a very legitimate question especially in light of the recent slapdown from the Data Commissioner to [the name escapes me] that crowd handling the release of state/public documents where they were about to release or had released the birth certificate of every adult in the State, detailing d.o.b. and mother's maiden names. The public body then undertook to only release records at least 75 years old.
 
This isn't a credit card application.

My question is ... is insisting on this form being signed a valid loan condition?
 
Depends: we don't have enough information. What is the exact wording? Third parties could include credit reference agencies such the the ICB, insurance providers if you're taking out payment protection etc.
 
Thirsty said:
This isn't a credit card application.

My question is ... is insisting on this form being signed a valid loan condition?
Click to expand...

No, but it's their money and they are not obliged to give you a loan. However they have to have a valid reason for asking the question. They cannot store or transmit data without a legitimate reason. Most of the banks will have a Data Protection Manager, suggest if you are not happy you put a query in writing into this are asking why is the information required, who will it be shared with and for what reason etc etc
 
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