Credit Reference and scoring discussion area

jools_2

Sofia wrote:

I noticed this post back in page 8 and there was no reply - does anyone know the answer to this, as I have 2 accounts in Credit and I'd prefer to have the money in my pocket rather than theirs?

Thanks in advance!

Hi
I recently got my credit checks back and found I was £108 in credit with one company and £30 in credit with another. I telephoned both companies and received the money back within a week. I also closed all my non-active accounts and my credit rating went up considerably. So, yes, you can get your money back. After all, if it were the other way round and you owed them the money, you may be sure they would be pursuing you for it! Give them a ring or write them a letter. Good luck!

Matro

I have found that one particular financial establishment has reported incorrect information to the Credit Reference Agency, reflecting me as being a poor payer.

I find it discusting that this very information held with these Credit Reference Agencies can be incorrect and they will not amend if the provider of this information insists that it is correct.

I have provided all the hard evidence to proove its inacuracy, but no-one will listen.

iluvfreebies

Hiya i was wondering if anoone could shed some light
i have now thankfully sorted out my finances but from the last couple of years my credit file is a bit of a mess
how long do things stay on there or am i doomed forever??

Thanks in advance




Esme

Maudy_Moon

In the last 6 months, I have, out of necessity, become much more money conscience. I have successfully applied for 2 credit cards onto which to transfer existing debt; not a huge amount-about £2,500 in total Because my Egg card is nearing it's free 'useful life', I recently applied to The Bank Of Ulster, but was refused (D'Oh!!) Although I knew it was coming, it was still a bit of a shock! We are lucky enough to be in full time employment, and now are in credit in our current account (although, God only knows, this certainly was not the case last November!) We have recently renegotiated our mortgage to a shorter term, but have also bought a computer through Currys and also my son, being a full time student, pays for his car through my account. How can I redress the situation; I only want free credit!! My hubby suggests he applies in his name (he leaves all things financial to me!) He has no credit cards or loans...Please help!!!

Oblomov

As a newcomer to this forum I have just read this whole thread and am amazed how little publicity has been given to the banks immoral and unethical policies regarding the limited release of credit card records to the credit referencing agencies. There has been a couple of posts specifically on this subject that have been virtually ignored, despite the fact that many other contributors may also have unfairly low credit scores owing to the banks policies.

My wife and I were recently refused a tenancy on the sole basis of a low 629 credit score. This was a shock as my wife has a professional job, we had a perfect rent payment record at our one previous home for ten years, we are both registered on the electoral roll, we have never had any debt problems or CCJs, and have only one major (Lloyds TSB) credit card which we have used regularly for six years and always paid off in full every month.

Having obtained a copy of our Experian report the problem soon became clear. Experian had no record of our Lloyds card and therefore we had very little credit history. It transpired that most of the major banks try not to release the positive records of their valued customers to the CRAs in order to prevent them being "stolen" away. Thus they are causing their most loyal customers, such as ourselves, to have unfairly low credit scores which can cause real hardship. We have spoken at length with the senior management at Experian and they acknowledge that it is a serious problem but they have no power to force the banks to release all card records.

We have written to Lloyds TSB twice requesting that they release all information concerning our card to Experian, pointing out the consequences of their policy. They reply that they are not legally obliged to release the data and therefore are not remotely interested in doing so.

This is a scandalous situation which must be affecting thousands of people, many without knowing, and cannot be allowed to continue. I therefore urge everyone to do all that they can to publicise the matter. How about it, put Martin.....?

CTT_2

Well I personally think it is great Lloyds do not broadcast all my information. You may be very happy for the sake of your low credit score to have them do this but for me I require my current account information to be kept confidential. Why not join Cahoot they will accommodate your request and they will advise all the credit reference agencies of the balance of all your accounts held.

ti1980

I also think its great that my credit card from my bank isn't reported to the credit reference agencies.

A while back before I became an MSEer, I would frequently make late payments to my card and none of it got reported. This was good for me cos there is no way that I would have been able to get a new card if they had reported my previous activity to the CRA's.

CTT_2

ti1980 wrote:

I also think its great that my credit card from my bank isn't reported to the credit reference agencies.

A while back before I became an MSEer, I would frequently make late payments to my card and none of it got reported. This was good for me cos there is no way that I would have been able to get a new card if they had reported my previous activity to the CRA's.

Well said!

ti1980

Thank you very much CTT.

I understand the position that people with little credit history are in, but for people like me with quite a chequered history, my bank is a bit of a godsend in that they don't report my history cos most of it is bad!

I'm learning all the time now though and I have been very good in the last 8 months or so.

Oblomov

CTT wrote:

Well said!

If your bank only did an internal check when you applied for a credit card because you were already a customer then they will try not to supply the CRAs with your negative record. That may be good for you but it corrupts the credit scoring system still further, making credit scores even more arbitrary.

You are asking responsible customers to pay for your irresponsible behaviour to be covered up. Where is the justice in that? The vast majority of people would benefit from a fair and representative credit scoring system.

Finally, it should be pointed out that we are only talking about credit card records, not current account details.