The Sub Prime Credit Thread - Part IV

brians_daughter

never-in-doubt wrote: »

Basically in a nutshell, Laymans here - The European Credit Directive is a consultation that is due for completion by the summer which will align credit and the equivalent of the CCA to a european market. Therefore we'll be able to chase debts inter-continent and share data internally.

At the moment if you have debt in the UK and move to say, Spain, you'll get a new credit report (like a new identity in Spain) and after 3 years you could move back to the UK and start all over again.....

With the Directive, this would mean your credit file would move from the UK to Spain and back again.

Make sense?

Regards to the data included in your credit file; well the CRA's would be governed by a regulatory force with power, like the FOS/FSA as opposed to a parliamentary body with little power such as the present ICO. This would mean that they would be fined and or punished if they behaved the way they currently do. They have a steering group, fighting the proposal therefore the decision cannot come soon enough :D

Data will remain present for a maximum of 3 years - 6 years will be a thing of the past. In europe, after 3 years you're deemed to have learned your lesson.

Hope that helps explain it, briefly. This also helps: http://www.out-law.com/page-8815

That must be lay terms, i understood every word! whooooo :j:j Thanks

spiritual1_2

oh im so excited mail mans just been and hes delivered my sygma silver now i need to cancel my 3do protection........on that note as a matter of course i always sighn up to all the insurances offered prior to completing an application as i always feel ill score highere anyone any thoughts on this should i just not bother in future as i never want any of them (insurances)

never-in-doubt

brians_daughter wrote: »

That must be lay terms, i understood every word! whooooo :j:j Thanks

Excellent - lol. I do try... the above ^^^ will help with the ccj related element..

edit - just to clarify if you move to the US or somewhere out of Europe, then you can utilise the current system and clear your debt with new identity then return 3 years later lol.... just thought i'd clear that up! The Credit Directive will not be relevant at all.

Even though you have Experian UK and Experian USA - they would breach DPA if they shared your data as they are separate companies and use separate DPA laws and cannot share your data cross channel...

never-in-doubt

spiritual1 wrote: »

oh im so excited mail mans just been and hes delivered my sygma silver

Photo - Photo! :rotfl::rotfl:

brians_daughter

spiritual1 wrote: »

oh im so excited mail mans just been and hes delivered my sygma silver

whooo!!! well done!

brians_daughter

spiritual1 wrote: »

oh im so excited mail mans just been and hes delivered my sygma silver now i need to cancel my 3do protection........on that note as a matter of course i always sighn up to all the insurances offered prior to completing an application as i always feel ill score highere anyone any thoughts on this should i just not bother in future as i never want any of them (insurances)

I thought, and will be corrected if wrong lol, but if you do not accept insurances it cant go against you on the scoring. Its an option, simple as

spiritual1_2

never-in-doubt wrote: »

Photo - Photo! :rotfl::rotfl:

i would as i have a scanner, though im not sure how id post it on this though but if yous really wanna see it ill have it posted

never-in-doubt

brians_daughter wrote: »

I thought, and will be corrected if wrong lol, but if you do not accept insurances it cant go against you on the scoring. Its an option, simple as

You're correct, it plays no influence except, in extreme cases, if you went for a loan and it was referred - maybe the underwriter would request it as part of acceptance, say if you were in a high risk job for example....

In the main things like that do nothing for internal AUTOMATED scoring when you originally apply, you're quite correct :T

spiritual1_2

anyways ill be back later i need to zero my studio balance with my sygma and balnce transfer my vanquis...peace out peeps :beer:

Zack1

Thanks for that info NID... Interesting... it seems to hit people who are "good" and reward those that aren't though.... I mean if you get a default 6 years is a hell of a long time to be very limited in what you can do....3 years on the other hand.... Likewise, as I never miss payments (well, apparently :rotfl:) I want 6 years payment history to show up not 3 :mad: Unless lenders ignore past 3 years when making decisions now? But I thought they used the whole lot of data (which I don't have, and by the itme I do it won't count! :rotfl:)

spiritual1 wrote: »

i would as i have a scanner, though im not sure how id post it on this though but if yous really wanna see it ill have it posted

Upload it to imageshack.us or similar then post the [img ]takes it gives you [/img]