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    • uptdale
    • By uptdale 19th Apr 17, 11:48 AM
    • 34Posts
    • 19Thanks
    uptdale
    Reliability of credit reports
    • #1
    • 19th Apr 17, 11:48 AM
    Reliability of credit reports 19th Apr 17 at 11:48 AM
    We don't use much credit now (just credit cards, and regular household bills), and we extend far more credit than we use (to banks, and utility companies and insurance companies paid in advance). But we thought we'd take a look at the Credit Club reports for us.

    We weren't very impressed. We found:
    1. The reports said neither of us were on the electoral roll. We are, and have been for years. Not too difficult to put right, but why the errors? How widespread are the errors?
    2. There was no record of the credit card we use the most - and have had since 1972. Our reports therefore said that we did not use credit cards much (we have spent well over £20k on credit cards in the last year, all paid off on time). When we enquired, it turns out that it was because they do not record credit cards first issued before the 1990s unless you specifically ask the CC company to share the info with credit reference agencies. So the credit report is very misleading.
    3. They had confused our address with a similar but different address.

    All credit to MSE for setting up the Credit Club, which enables these errors to be identified and put right fairly painlessly. But the agencies just seem to blame others for their duff info and take no responsibility themselves. At the very least their reports should come with a massive health warning.
Page 1
    • MSE Chris
    • By MSE Chris 19th Apr 17, 2:42 PM
    • 56 Posts
    • 16 Thanks
    MSE Chris
    • #2
    • 19th Apr 17, 2:42 PM
    • #2
    • 19th Apr 17, 2:42 PM
    We don't use much credit now (just credit cards, and regular household bills), and we extend far more credit than we use (to banks, and utility companies and insurance companies paid in advance). But we thought we'd take a look at the Credit Club reports for us.

    We weren't very impressed. We found:
    1. The reports said neither of us were on the electoral roll. We are, and have been for years. Not too difficult to put right, but why the errors? How widespread are the errors?
    2. There was no record of the credit card we use the most - and have had since 1972. Our reports therefore said that we did not use credit cards much (we have spent well over £20k on credit cards in the last year, all paid off on time). When we enquired, it turns out that it was because they do not record credit cards first issued before the 1990s unless you specifically ask the CC company to share the info with credit reference agencies. So the credit report is very misleading.
    3. They had confused our address with a similar but different address.

    All credit to MSE for setting up the Credit Club, which enables these errors to be identified and put right fairly painlessly. But the agencies just seem to blame others for their duff info and take no responsibility themselves. At the very least their reports should come with a massive health warning.
    Originally posted by uptdale
    Hi uptdale

    Thanks for trying out Credit Club. One of the reasons why we set this up is so our users can check the accuracy of the information held on them and get errors corrected so they’re not negatively impacted by these. Great to hear that you’ve been using it in this way.

    For the address points you make, do raise the queries with Experian via the ‘need some help?’ button

    As your Credit Card was issued prior to 1998, which is when the Data Protection Act was introduced, it might be that your lender doesn’t have the ability, or your permission, to share account information with the Credit Referencing Agencies (Experian etc) so you may find that it doesn’t appear on any of your Credit Reports.

    I hope this helps explain and that you’re able to get these amendments made.
    • uptdale
    • By uptdale 19th Apr 17, 3:27 PM
    • 34 Posts
    • 19 Thanks
    uptdale
    • #3
    • 19th Apr 17, 3:27 PM
    • #3
    • 19th Apr 17, 3:27 PM
    As your Credit Card was issued prior to 1998, which is when the Data Protection Act was introduced, it might be that your lender doesn’t have the ability, or your permission, to share account information with the Credit Referencing Agencies (Experian etc) so you may find that it doesn’t appear on any of your Credit Reports.
    Thanks. Yes I have now given permission, and I'm told that the card will now appear on the credit reports - although it will only show my use of credit from now on, not the history. My point was that users of our credit reports do not seem to be warned of this limitation of the info on the file, so get the wrong picture of our creditworthiness.
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