IVA company wants to monitor my bank account with online software, fishy?

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by michael371 » Mon May 22, 2017 8:01 pm
Hi... I have an IVA which has now changed to another company. The new company now want me to use an online software so they can monitor my bank account. Having spoken with them they say it is not to do that but to allow me to submit the activity of the account via an easier method. The previous company would ask for three months worth of statements. The new company say once it is set up they will have an agreement with the bank but this doesn't sound correct and frankly doesn't feel right. Can you shed some light on this process or have I not understood their motives?
Posts: 102
by redboxtree » Mon May 22, 2017 8:15 pm
Ask them to provide a copy of the terms and conditions of the software and the End User Licence Agreement.

Also ask them (which is in line with the data protection act) that they provide assurance that you can have a copy of the audit trail for anyone who has accessed your account from that company on request.

They also need to provide assurance that using the system does not breach the terms and conditions of your bank account.

Ultimately everything is designed to make their life earlier and not helped by not training their staff.
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by Foggy » Mon May 22, 2017 8:45 pm
CF are currently rolling out this application and, frankly, I would have nothing to do with it. They do not need access to your account as you can supply all the information they need just as easily --- and divulging your log on credentials to a third party is contrary to most banks security policies.
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by kallis3 » Tue May 23, 2017 7:20 am
I wouldn't do it either. It only needs an unscrupulous member of staff to go into your account and you could end up without any money and, in this day and age, we should be keeping our finances secure,
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 1:53 pm
Just give them what they need - i.e Post them copy statements. Do not give them access to your account.

Can. Of. Worms.
David Rankin
Posts: 25
by David Rankin » Thu Jun 01, 2017 3:44 pm
Just to clarify this for everyone, when we conduct an annual review we request that our customers use a secure application that allows them to securely access their banking details. This application does not allow Creditfix or any of its employees access to the client’s bank account in any way whatsoever. It uses third party software that complies fully with all applicable data protection and security regulations and is supported by all major banks. Clients are sent a secure link that allows them to enter their internet banking details and the application securely downloads their banking records for a period of up to 12 months. This is sent to a secure area of Creditfix’s own system to enable us to conduct an income and expenditure review. The technology used is known as “Screen Scraping” and interestingly is something that the Money Advice Service has also enquired about. For the purpose of clarification - Creditfix has absolutely no visibility of any client usernames or passwords.

We introduced the process to make it easier, quicker and more secure for our clients to provide information for their annual review. Using this process our clients can complete the review in a few minutes, it removes the need for them to fill in forms and gather together bank statements to send by post or convert to PDF and email to us. It is certainly more secure and confidential than using the post or email.

Shortly before a client’s review is due we will contact them by telephone to discuss the process. Following this call, the client will receive an email and SMS containing a secure link which will start the process.

This short video demonstrates the steps which will provide Creditfix with a copy of a client’s bank statements to complete their review. http://cfix.me/ie

Over 1,500 clients have completed this process with us so far.

If any clients reading this have any questions or would like to discuss the process further please email annual.reviews@creditfix.co.uk or call our review team on 0141 218 4334.
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