Loan book sale
Selling a loan book? Settle the data rights before you do
Updated
A loan book sale hands over the receivables. The years of applications, repayment behaviour and collection outcomes behind them are a separate asset, and whether they leave with the book or stay to be licensed is decided by contracts read before completion.
Will the servicing platform release the history?
Chaser lets a customer export the data within its services to its own systems within 90 days of termination, and Kolleno keeps Your Data available for export for 30 days after the contract ends. LoanPro reserves the right to delete a client's data once its licence agreement terminates, and Growfin reserves the right to delete Customer Data after its retention period.
Source: Credit software data terms
What the rules make a lender keep anyway
Regulation B keeps the records of an offer of credit for 25 months, Regulation Z keeps evidence of compliance for two years, and a debt collector keeps evidence of compliance with the FDCPA and Regulation F for three years. In GB the Money Laundering Regulations 2017 set a five-year period, and an action on a simple contract can be brought for six years.
Source: Credit records retention
Who takes a book's history apart from the book
The bureau doors ask a furnisher to report all its accounts every month, an arrangement that ends when the book is sold. The AI-data licensors on our board pay for company records in general: Troveo says it licenses data on terms the owner approves, and Nyne strips financial records out before a dataset is delivered.
Source: Who takes credit data
Keep reading
Clause by clause ownership answers are at credit data ownership, and every retention rule we accepted is at how long lenders keep records.