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Calling all first direct customers!
jon_boy75
Posts: 364 Forumite
Hoping you can help me here as I'm trying to assemble some evidence.
If you have a first direct current account, can you respond below answering each question:
1. Have you had a direct debit, standing order or cheque returned (declined/bounced) in the last 2 - 3 years?
2. If 'Yes', did first direct report a late payment to the credit reference agencies (Experian, Equifax or CallCredit)?
That's all I need to know...many, many thanks in advance
If you have a first direct current account, can you respond below answering each question:
1. Have you had a direct debit, standing order or cheque returned (declined/bounced) in the last 2 - 3 years?
2. If 'Yes', did first direct report a late payment to the credit reference agencies (Experian, Equifax or CallCredit)?
That's all I need to know...many, many thanks in advance
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Comments
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Without directly answering your question, a "1" status code against a bank account doesn't mean "Late Payment". It means returned item in that billing cycle.
HSBC Group are very hot on this, and will report it. Perfectly acceptable for them to do so. More and more banks are following the rules "properly" and reporting such misdemeanours to the CRAs.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Without directly answering your question, a "1" status code against a bank account doesn't mean "Late Payment". It means returned item in that billing cycle.
HSBC Group are very hot on this, and will report it. Perfectly acceptable for them to do so. More and more banks are following the rules "properly" and reporting such misdemeanours to the CRAs.
I understand that bit, but thanks for the info.
I'm just trying to establish if first direct are treating all their customers in the same way. Initial research suggests that they do not.0 -
I understand that bit, but thanks for the info.
I'm just trying to establish if first direct are treating all their customers in the same way. Initial research suggests that they do not.
Ah OK fair enough. Wasn't sure you were aware of this or not, obviously you are. I hope you get the desired responses! Good luck
Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Without directly answering your question, a "1" status code against a bank account doesn't mean "Late Payment". It means returned item in that billing cycle.
HSBC Group are very hot on this, and will report it. Perfectly acceptable for them to do so. More and more banks are following the rules "properly" and reporting such misdemeanours to the CRAs.
The Coventry Building Society aren't. My Coventry First account has NEVER featured on any CRA files.
And that's the way uhh huh, uhh huh, I like iiittt. Uhh, huh.0 -
Without directly answering your question, a "1" status code against a bank account doesn't mean "Late Payment". It means returned item in that billing cycle.
HSBC Group are very hot on this, and will report it. Perfectly acceptable for them to do so. More and more banks are following the rules "properly" and reporting such misdemeanours to the CRAs.
quick question on this though....who maketh the rules?0 -
quick question on this though....who maketh the rules?
The rules are called "The Principles of Reciprocity". This is in essence the contract between the CRA and "a bank".
Basically all the institutions that use CRA's systems sign up to them and agree to share credit account performace with each other.
However, there is something in them called the Current Account waiver. This gives banks a discression on whether or not to share current account information. Possibly why some basic bank accounts are not shared.
I think most have now decided that it is a good idea to share current account information. Rival institutions who subscribe to this contract would be pretty miffed if a bank didn't play by the rules and report misdemeanours when the occur and vice versa.
My account with the Coventry BS is not shared on CRA data files. They may have decided to be under the current account waiver.0 -
karatedragon wrote: »My account with the Coventry BS is not shared on CRA data files. They may have decided to be under the current account waiver.
I applied for a Coventry First account and was declined
I have never had any bad credit that I know of or been turned down before. I checked my CRA files and they were clean 0 -
karatedragon wrote: »The rules are called "The Principles of Reciprocity". This is in essence the contract between the CRA and "a bank".
Basically all the institutions that use CRA's systems sign up to them and agree to share credit account performace with each other.
However, there is something in them called the Current Account waiver. This gives banks a discression on whether or not to share current account information. Possibly why some basic bank accounts are not shared.
I think most have now decided that it is a good idea to share current account information. Rival institutions who subscribe to this contract would be pretty miffed if a bank didn't play by the rules and report misdemeanours when the occur and vice versa.
My account with the Coventry BS is not shared on CRA data files. They may have decided to be under the current account waiver.
thanks! I've read this document and there's nothing in there about sharing data on returned direct debits...not even one mention of the term 'direct debit'. Interesting.
I will reiterate my call for similar cases like mine....have any other first direct customers (current account) had this type of data shared, for returned direct debits, standing orders or cheques?0 -
Without directly answering your question, a "1" status code against a bank account doesn't mean "Late Payment". It means returned item in that billing cycle.
HSBC Group are very hot on this, and will report it. Perfectly acceptable for them to do so. More and more banks are following the rules "properly" and reporting such misdemeanours to the CRAs.
Something just occured to me, if it doesn't mean 'late payment' it shouldn't say 'late payment'. That's a breach of the Data Protection Act as it's inaccurate. Under which terms/rules/law is it acceptable for them to do this?
J0 -
A simple answer to this is to have enough money to cover automatic payments. You avoid the returned fees and the hit on your CRA file. If there is a risk a DD will bounce then just don't pay by this method.0
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