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Question of the week: Credit reference agencies
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It is called "convenience"; you pay £2 for a paper based report which takes time to arrive, people do not want to wait - they want it yesterday, that is the culture we live in today, for example, you cant be chewed traveling 1 mile on the bus or on foot to the supermarket for a few odds n sods so instead you use Mr. Sings convenience shop on the corner of your street, you pay more for the items but you don’t care you got them quicker and with less effort - ergo you go online and enter some information and there you go, all of your credit information in front of you on your computer telly.
Simple, there is a market for this and people want to pay for it, although the whiners come on here crying they have been scammed once they realise that there ignorance of the terms and conditions or there laziness by not canceling the free trial period has caught up with them - what do you know, they are a "victim".
Sad.
These companies aren't simply normal companies like a supermarkets which I can choose to use or not.
They have special privileges given by statute .. so they have access to Electoral roll information, are given information about credit applications.
In practice it's virtually impossible to live a normal life without being involved with these companies.
So no I don't think it whining to except that such a privileged set of companies should provide online access at a government controlled price of £2 per access; in fact a reasonable case can be made that in return for their statute controlled near monopoly, that online acess should be free to normal consumers.0 -
These companies aren't simply normal companies like a supermarkets which I can choose to use or not.
You can choose whether you use them or not. Experian, Equifax and Call Credit Check are not holding a gun to our heads.They have special privileges given by statute .. so they have access to Electoral roll information, are given information about credit applications.
Of course they do, they are in business of information.In practice it's virtually impossible to live a normal life without being involved with these companies.
It is not mandatory to check your credit files every Day/Week/Month, why not just order your file via the post for £2?So no I don't think it whining to except that such a privileged set of companies should provide online access at a government controlled price of £2 per access; in fact a reasonable case can be made that in return for their statute controlled near monopoly, that online acess should be free to normal consumers.
I agree that the price should be reduced to say £3 or £4 per month with an easy option to cancel the CPA from your account, if people were so effected by the fee charged by the CRA's, then why do they pay it and not do it the old fashioned way by paying a couple of quid via the Great British postal service?.....Because they want it now, not tomorrow, not next week.
I also think that the cost of producing a paper-based credit report is greater than that of querying a database through a web user interface, the charges levied by the CRA's will eventually come down once the "trend" and the "gimmick" of fancy colourful credit reports and ID Theft protection services simmers down, people will buy fewer subscriptions there data services and the CRA's will therefore reduce the subscription fee to drive more custom back to the website.
My point being in my first post is that the services provided by these companies ARE a convenience and we as adult's make our own choices to decide which service you want to pay for - the fast service or the standard service, all companies have a sliding scale for their products and services, you want faster, better, full-fat you will pay more where ever you go in life be it a Credit Reference Agency or a Supermarket.
RegardsSince when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
People ought to be aware also that the "free 30 days" offer is limited to once only.
I checked mine for 30 days with Experian about 5 years ago and now of course I can only get the report again if I sign up and pay each month - fair enough I suppose, but just letting other folks know......0 -
You can choose whether you use them or not. Experian, Equifax and Call Credit Check are not holding a gun to our heads.
Of course they do, they are in business of information.
It is not mandatory to check your credit files every Day/Week/Month, why not just order your file via the post for £2?
I agree that the price should be reduced to say £3 or £4 per month with an easy option to cancel the CPA from your account, if people were so effected by the fee charged by the CRA's, then why do they pay it and not do it the old fashioned way by paying a couple of quid via the Great British postal service?.....Because they want it now, not tomorrow, not next week.
I also think that the cost of producing a paper-based credit report is greater than that of querying a database through a web user interface, the charges levied by the CRA's will eventually come down once the "trend" and the "gimmick" of fancy colourful credit reports and ID Theft protection services simmers down, people will buy fewer subscriptions there data services and the CRA's will therefore reduce the subscription fee to drive more custom back to the website.
My point being in my first post is that the services provided by these companies ARE a convenience and you as an adult make your own choices to decide which service you want to pay for - the fast service or the standard service, all companies have a sliding scale for their products and services, you want faster, better, full-fat you will pay more where ever you go in life be it a Credit Reference Agency or a Supermarket.
Regards
Are you saying I can choose for them NOT to hold my electoral roll details?
Are you saying I can obtain credit without allowing access to their systems?
Are you saying I can refuse a CIFAS mark if I like?
These are government supported tri-opolies with licenses to print money and as such their charges to the general public should be limited by statute.
Free online access to the general public, in exchange from their monopolistic cash generating power is a very reasonable requirement.
If we had a FSA that looked after comsumers' interests then this would have happened years ago. .. as indeed would a whole load of other requirements on their activities too.0 -
Are you saying I can choose for them NOT to hold my electoral roll details?
Yes - Remove your name from the electoral database.Are you saying I can obtain credit without allowing access to their systems?
No, any finacial services business worth their salt should have access to your finacial history so they know who they are dealing with so they can assess "risk" to their business.Are you saying I can refuse a CIFAS mark if I like?
No, if you fudge your credit application or commit financial type fraud then you should be "marked" or "flagged" and made known to the world as a dodgy character, not saying you are Clapton but just as an example.These are government supported tri-opolies with licenses to print money and as such their charges to the general public should be limited by statute.
Controlled yes, please read the final statement in my previous post.Free online access to the general public, in exchange from their monopolistic cash generating power is a very reasonable requirement.
Free would be nice but it will never happen, something else will go up in price to compensate.If we had a FSA that looked after comsumers' interests then this would have happened years ago. .. as indeed would a whole load of other requirements on their activities too.
FSA? Soon to be de-commissioned and sent the scrap yard, not before time, control to be passed back to the Bank of England.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
Yes - Remove your name from the electoral database.
No, any finacial services business worth their salt should have access to your finacial history so they know who they are dealing with so they can assess "risk" to their business.
No, if you fudge your credit application or commit financial type fraud then you should be "marked" or "flagged" and made known to the world as a dodgy character, not saying you are Clapton but just as an example.
Controlled yes, please read the final statement in my previous post.
Free would be nice but it will never happen, something else will go up in price to compensate.
FSA? Soon to be de-commissioned and sent the scrap yard, not before time, control to be passed back to the Bank of England.
I can't legally remove my name from the electoral roll.
I can't realistically live a normal life without having my details on these DBases.
The Conservative have indeed said they will transfer the banking regulatory role to the BoE but have promised to set a consumer orientated body as well... maybe they will take on board the monopolistic power of the CRAs and at a very minimum provide cheap online access. (although I doubt it).0 -
Really? I was not aware of this, I have done this myself in the past, some years ago now however once the slip came through the door I done the business.I can't legally remove my name from the electoral roll.
How naughty of me.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
Really? I was not aware of this, I have done this myself in the past, some years ago now however once the slip came through the door I done the business.
How naughty of me.
Indeed, it is a legal requirement to be on the electorl roll if you are eligible.
You can opt not to be on the 'edited' version of the roll but the full version is sent to the CRAs whether you like it or not.0 -
Quote:
Originally Posted by CLAPTON
Are you saying I can choose for them NOT to hold my electoral roll details?
Quote:
Originally Posted by PROLIANT
Yes - Remove your name from the electoral database.
Not possible, you have to be on the e/r - only the edited version allows exemption.
Quote:
Originally Posted by CLAPTON
Are you saying I can obtain credit without allowing access to their systems?
Quote:
Originally Posted by PROLIANT
No, any finacial services business worth their salt should have access to your finacial history so they know who they are dealing with so they can assess "risk" to their business.
Disagree, they never used to operate this way and instead used inter-bank sharing and this will come back, before too long. CRA's are a thing of the past, before long they will be like maestro - forgotten to the UK public!
Quote:
Originally Posted by CLAPTON
Are you saying I can refuse a CIFAS mark if I like?
Quote:
Originally Posted by PROLIANT
No, if you fudge your credit application or commit financial type fraud then you should be "marked" or "flagged" and made known to the world as a dodgy character, not saying you are Clapton but just as an example.
Oh right, and CIFAS don't get added by mistake, again lets assume an incorrect entry was linked to you with the CRA's or an ex got into debt or whatever - mistakes do happen and trust me, CIFAS are no better than the CRA's and as such it is not all about financial crime.
Maybe you forget that CIFAS doesn't classify people, it simply records the data it has and protective registration wouldn't alert me as being a dodgy character so wrong of you to imply everyone that uses CIFAS is 'dodgy' when this is simply not true.
Quote:
Originally Posted by CLAPTON
These are government supported tri-opolies with licenses to print money and as such their charges to the general public should be limited by statute.
Quote:
Originally Posted by PROLIANT
Controlled yes, please read the final statement in my previous post.
Controlled is a loose term, they are out of control lol.... They are governed, not contolled.
Quote:
Originally Posted by CLAPTON
Free online access to the general public, in exchange from their monopolistic cash generating power is a very reasonable requirement.
Quote:
Originally Posted by PROLIANT
Free would be nice but it will never happen, something else will go up in price to compensate.
True, like the banks spending way out of control and paying silly bonus's to idiots all the while we'll foot the bill. I don't expect anything less.
Quote:
Originally Posted by CLAPTON
If we had a FSA that looked after comsumers' interests then this would have happened years ago. .. as indeed would a whole load of other requirements on their activities too.
Quote:
Originally Posted by PROLIANT
FSA? Soon to be de-commissioned and sent the scrap yard, not before time, control to be passed back to the Bank of England.
I think we need something with balls - the FSA were a waste of space and so are the ICO - we need a power like Trading Standards to take ownership - they seem to be the best at enforcing procedure and would have my vote every time.
2010 - year of the troll
Niddy - Over & Out :wave:
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Yes they did, CRA's have been around for years, Experian aka SCOREX previously CCN systems who were owned by GUS aka Littlewoods and Shop Direct Group.never-in-doubt wrote: »Disagree, they never used to operate this way and instead used inter-bank sharing and this will come back, before too long. CRA's are a thing of the past, before long they will be like maestro - forgotten to the UK public!
Then if the data is incorrect you can get it corrected.never-in-doubt wrote: »Oh right, and CIFAS don't get added by mistake, again lets assume an incorrect entry was linked to you with the CRA's or an ex got into debt or whatever - mistakes do happen and trust me, CIFAS are no better than the CRA's and as such it is not all about financial crime.never-in-doubt wrote: »Maybe you forget that CIFAS doesn't classify people, it simply records the data it has and protective registration wouldn't alert me as being a dodgy character so wrong of you to imply everyone that uses CIFAS is 'dodgy' when this is simply not true.
I did not mention nor use Protective Registration any where in my posts - irrelevant, I have PPR on all three of my Credit Files and when ever I make a application for credit-type products I am contacted by CIFAS members to confirm my security details. Nothing to do with 'dodgy'.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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