HSBC dropped me in it

steve!_10

Those crazy people.

I've had an HSBC current account for donkeys of years. I've also had a credit card for a while and recently a loan. The only reason I kept with them was because they didn't feel the need to share my details with Experian and the like. Now I see they've dropped me right in it, and all my dealings show up bold as brass on my credit report. Why now, after 10 years? I've got no incentive to stay with them now.

Bossyboots

I'm not sure if this is connected but a while ago I had a letter from my bank saying that accounts opened before 1989 had not been credit checked and asking for permission to register them with the credit reference agencies (I think that is it accurately). It seems the banks are now sharing this information and there was a warning in the letter I was asked to sign stating that without a traceable credit history in relation to a bank account, it might be difficult to get finance or cards in the future.

I forgot all about and didn't sign it by the deadline so presumably my account won't show up on a report but accounts newer than 1989 now will.

K9cuddles

Well I've always got Equifax.. and amazed that Experian had so much MORE detail on it!! I'm surprised I got my latest CC.. would have been enough to put me off.. maybe they think I'm an easy sucker! All but a TINY few are on there!

steve!_10

Ah boo.

It's just a !!!!!! because now all the lenders can see I have £6,000 worth of credit extra to my name. I've never missed payments, but surely the extra being there can only be to my detriment as far as stoozing is concerned, even if it is squeaky clean?

steve!_10

I just called them and cancelled my credit card, and I've got to go into a branch to close down the loan agreement which I'll do on Tuesday. I'll now ditch my current acocunt with them as well, as it's rubbish and now the incentive is gone to stay with HSBC altogether. I thought loyalty would count for something, but then they're a bank ... What was I thinking. :rolleyes:

YorkshireBoy

From memory, there were 4 major credit providers who announced late last year/earlier this year that they would start reporting 'positive' data to the CRA's. I *think* these were HSBC, Egg, Co-op, & Abbey (I've just briefly searched the OFT website but can't find the press release now).

I'm expecting my own bank provided credit card (it's not one of the above) to be reported before too long, although I've had it for many years, as pressure for a more responsible approach to lending increases.

BTW, Bossyboots, (I'm not doubting you but...) are you sure it's 1989? I ask because I thought I'd read somewhere that it was pre-1998 accounts that were not reported if the data was of a 'positive' nature.

Bossyboots

YorkshireBoy you are right. I wasn't sure I had remembered all the details correctly but you have jogged my memory and I agree with you that it is pre 1998.

YorkshireBoy

YorkshireBoy wrote:

I *think* these were HSBC, Egg, Co-op, & Abbey...

Sorry, I was wrong about HSBC - they were not one of the four.

The four were Barclaycard, Egg, Co-op, & Abbey.

My apologies...I was getting this mixed up with another initiative with regard to reporting more data to CallCredit...

Lloyds TSB, HBOS, HSBC and RBS are linking with Callcredit, to launch a responsible lending initiative that looks at consumer debt.

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1143795774