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Experian now providing Barclaycard with monthly updates
norfolkpaul10
Posts: 2 Newbie
in Credit cards
Having just been arguing about a rate increase of 5% on my Barclaycard balance, I have been told by one of their managers that the reason is that they now get monthly reports from the credit reference agencies for each and every customer and so they have decided I am a high risk as although I have never missed any payments I have several balances on other cards and some with nil balances that I have never closed.
Barclaycard say that this is now something that other companies are following suit with and millions of customers are set to have their APRs hiked as a result. Sure enough, I confirmed that this is the case as Experian say that Barclaycard receive my credit report every month and some other organisations are now adopting the practice.
Experian recommend that you check the terms of the original agreement as the right to do this should be included as a condition. Its so long since I had my card, I don't know if I can find the document but I am certainly going to look.
This is also why the Experian scoring has changed so drastically on their website. Indeed I was in good and now I am in very poor as it now takes into account the total owed. I know there are other posts on here re-this, and the guy from Experian says it changed as a result of feedback from the credit companies that it was no longer representitive of the way that they score. He did confirm though that they DO NOT send my score, just the report and Barclays score each month themselves.
Anyway, as it happens, Barclaycard in the next breath offered me the 6.9% BT rate so I have plans to do some balance swapping to maximise the benefits.
Has anyone else here had a similar experience recently either with Barclaycard or another company?
The whole sorry affair has made me decide to work to lower by overall debt, so in a strange way, Barclaycard have done me a favour I guess!
Barclaycard say that this is now something that other companies are following suit with and millions of customers are set to have their APRs hiked as a result. Sure enough, I confirmed that this is the case as Experian say that Barclaycard receive my credit report every month and some other organisations are now adopting the practice.
Experian recommend that you check the terms of the original agreement as the right to do this should be included as a condition. Its so long since I had my card, I don't know if I can find the document but I am certainly going to look.
This is also why the Experian scoring has changed so drastically on their website. Indeed I was in good and now I am in very poor as it now takes into account the total owed. I know there are other posts on here re-this, and the guy from Experian says it changed as a result of feedback from the credit companies that it was no longer representitive of the way that they score. He did confirm though that they DO NOT send my score, just the report and Barclays score each month themselves.
Anyway, as it happens, Barclaycard in the next breath offered me the 6.9% BT rate so I have plans to do some balance swapping to maximise the benefits.
Has anyone else here had a similar experience recently either with Barclaycard or another company?
The whole sorry affair has made me decide to work to lower by overall debt, so in a strange way, Barclaycard have done me a favour I guess!
0
Comments
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. He did confirm though that they DO NOT send my score, just the report and Barclays score each month themselves.
unquote.
Completely untrue. On a regular basis they receive the score from Experien and Barclaycard as you know have there own internal score. I am certain they are not provided with your report each month when the Experien score tells all.0 -
Some information is shared monthly between Experian & the lenders.
Search the Experian site (corporate, not consumer) for...
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