British bank customers has absolutely no idea that their accounts are being tracked on a regular basis in order to monitor their income.
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.
In the past, applicants for loans would provide income detail which could be checked against bank records at that time.
But the continuous reporting of income data is now routine, banks admit. Millions of people who have no debts and no intention to borrow are nonetheless having their income tracked and traded.
When asked the question "did you know your bank collected your income details each month and passed on the information", 88pc of 4,100 respondents answered "no, I had no idea."
The other 12pc said they were aware of the practice.
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