Experian Experience

damoandclaire

Hi Guys and Gals,

Just thought I would share the experience I had this afternoon with something I went on via the Experian - Credit Expert Site.

I ordered a copy of my credit report to see how things were after 3 years of being discharged on my bankruptcy. That side of things was brill, credit report showed everything I expected.

Looking through the site at the other things it offered I came across a Lower Your Bills section where it gives advice on lowering loans, credit card tranfers etc etc.

I wanted to apply for a loan for some home improvements (new baby just arrived so getting things sorted), nothing massive, £800 to £1k over a year or 2. The service that Experian offered was a comparison service that searched for deals, first of all, based on your credit report and other information that you filled in, employement, income etc etc. All that was fine, funily enough, (given my history I didn't expect anything to come up), one result came up that said could possibly be prepared to loan me the funds I was after.

I thought, what the hell, worth a shot. Nothing ventured, nothing gained and all that.

On the link next to the "Apply" button it stated that a 3rd party company called QDL would process the application for me, No arrangement fee. I thought - Nothing to loose, or so I thought.

QDL rang me up, around 20 mintues after the above. They went through everything, like your usualy credit score type stuff, previous addresses, employment etc etc etc. and got to the point where the nice chap stated to me "I am now going to process your application and come back with a decision shortly". Thought brill, so far so good. He came back after a couple of mins and said to me, and I quote "Congratulations Mr XXXXX, you've been accepted for your loan of £1k with repayments of x amount". I thought, FANTASTIC!!!

He started to explain the final stages to me and basically told me that they hope to have all the forms out to sign, money the bank and all done and dusted within 7 working days. Sounds good......wait for it! - This can all be done for a fee of £69.95.

Well, after I picked myself up off the chair I asked him to explain this. He stated that for them to process all the paperwork and complete the application on my behalf, there would be a charge of £69.95.

I declined to go any further but was was worried because of the following:
They;d already gotten all my details (being a company recommended by Experian, why not?) and in no way what so ever tried to tell me there would be a fee at the begining of the call.

We ended up having a heated discusiong over this problem where I eventually asked for a manager. This is where it gets better. The supervisor I got through to explained what the fee was for and under what circumstances I could get it back. He said and I quote, if the lender doesn't agree to give you the loan, we will refund £65.95 back to you. I was like WOAH!!! 2 things there.

Firstly - If the lender doesnt agree to give me a loan - I was just told I was accepted and money could be in the bank within 7 days, provided I pay. Not the case, an application hadn't even been carried out yet. So the lender could well say bog off.

Secondly - I don't get a FULL refund?

Basically, I was misled from the word go. Experian state there would be no arrangement fee and there was, quite a huge one I might add. QDL never stated what so ever until after I'd disclosed all my information (why shouldn't I have, they were recommended via Experian), including bank details as you do in a standard credit application that there would be a fee and then to mislead me at the end, making me beleive that I had actually been accepted for a loan when in fact, absolutely didly squat had been done in the first place.

All this is probably my own fault for clicking on the stupid link i the first place but whats done is done. Just thought i would share my experience. I'm in the process of complaining to both Experian and QDL(Quick Decision Loans) regarding this as I was completely appauled.

Extremely sorry for waffling through all of that - has anyone else had any experiences like this. I just think its disgusting to think that Experian, a company (not by choice) that we entrust with our credit files etc would be linked to such a way of doing things.

lindsaygalaxy

Maybe they are YES loans with a new name????? Sounds very familiar.

damoandclaire

I know, that what went through my mind, the instant he told me about the fee, at the end of the application lol.

Just scares me that a reputable company like Experian is affiliated with this and advertising no arrangement fee.

LeeSouthEast

Ouch. Well done for spotting it though and not being gobbled up by it.

PixiePie

and the gov wonder why record numbers are going BR, the country is in a pickle and we're all going to hell in a handbag?

Oufff, this country gets worse and worse (sorry, I know it's pants elsewhere as well, but really - the word scum comes to mind with these companies, especially when the people running them (off the back of other people's misery and desperation) are lorded as 'heros' and given high profile television time etc to that end - discusting and scum.)

damoandclaire

well said pixie pie!!