The Sub Prime Credit Thread - Part IV

never-in-doubt

hax wrote: »

You're right, they still haven't removed it.

CRAs are liars. They say a default is removed 6 years after default date. No its not. A default is removed 6 years and 28 days after default date.

I sent a query to them this morning about this. Hopefully they'll remove it soon.

Mate it's not always 28 days ............. but I am generally right, you should know that by now! :rotfl::rotfl:

seriously, I fought with them non stop for 2 years (plus some) and only recently has my file been sorted so I kinda get used to their actual practices and their lies before the actual process is invoked :-)

adampeek

never-in-doubt wrote: »

Mate it's not always 28 days ............. but I am generally right, you should know that by now! :rotfl::rotfl:

seriously, I fought with them non stop for 2 years (plus some) and only recently has my file been sorted so I kinda get used to their actual practices and their lies before the actual process is invoked :-)

NID - are the CRA's regulated in anyway?

never-in-doubt

adampeek wrote: »

NID - are the CRA's regulated in anyway?

Well they have to conform with the DPA so they are *Governed* by the ICO, but in answer to your question - NOPE! They are for profit companies the same as M&S, Boots, Tesco etc etc

*Governed by the ICO means nothing, the ICO have no punishable powers - they can basically recommend they act properly, that's about it though! Sad state of affairs eh? Regulating them would be just too much fun, unlikely to happen though cos they are private companies, at the end of the day!

adampeek

never-in-doubt wrote: »

Well they have to conform with the DPA so they are *Governed* by the ICO, but in answer to your question - NOPE! They are for profit companies the same as M&S, Boots, Tesco etc etc

*Governed by the ICO means nothing, the ICO have no punishable powers - they can basically recommend they act properly, that's about it though! Sad state of affairs eh? Regulating them would be just too much fun, unlikely to happen though cos they are private companies, at the end of the day!

I find that amazing. When you consider the important role they play in the personal financial market I find it astonishing that they don't fall within the FSA's remit.

seeya23

me to with them lies they have about me lol

never-in-doubt

adampeek wrote: »

I find that amazing. When you consider the important role they play in the personal financial market I find it astonishing that they don't fall within the FSA's remit.

Why the FSA? The CRA's have no say in whether an individual can obtain credit (i.e. to be regulated by the FSA etc) - they are simply a data storing company (simplified terms).... therefore they adhere (or should) to the DPA which means their only obligation is to listen to advice and recommendations given to them by the ICO.

Shocking really but hey! :D

We all know that the data they hold does have a major impact on whether someone can get credit, but because they do not issue credit then they are safe, if you get what I mean.....

never-in-doubt

seeya23 wrote: »

me to with them lies they have about me lol

You got issues mate? Need help with them? :rolleyes:

Morning by the way :D

adampeek

never-in-doubt wrote: »

Why the FSA? The CRA's have no say in whether an individual can obtain credit (i.e. to be regulated by the FSA etc) - they are simply a data storing company (simplified terms).... therefore they adhere (or should) to the DPA which means their only obligation is to listen to advice and recommendations given to them by the ICO.

Shocking really but hey! :D

We all know that the data they hold does have a major impact on whether someone can get credit, but because they do not issue credit then they are safe, if you get what I mean.....

But the whole credit Market is dependent on them. You simply couldn't get credit without them. Could possibly come under KYC??

never-in-doubt

adampeek wrote: »

But the whole credit Market is dependent on them. You simply couldn't get credit without them. Could possibly come under KYC??

Well actually, the lenders depend on them through choice (risk and governance) the CRA's are not regulated so Know Your Customer (KYC) would not come into fruition.... KYC is basically a due diligence that banks etc perform to prove that the customer is who they say they are, and also to identify and sell relevant products to.

As I say, bummer but that is the way we are..... if we end up conforming to EU DPA then we may see a change in the regulation of CRA's....

cifpower

Got my RISE credit card this morning. Still has a limit of £100 though