Hey Martin

esmerellda

So basically you want legislation/regulation to ensure ALL credit is reported to one central Credit Reference Agency, to ensure that data is accurate and to give the consumer redress for consequences of incorrect data being recorded ?

The Treasury Committee as I am sure you are aware have looked at the area ( http://www.publications.parliament.uk/pa/cm200910/cmselect/cmtreasy/197/19704.htm ) and recommended the OFT begin an investigation, sothe OFT would be a good place to start if you want to get your views heard.

hicskis

Very much so. I have raised my issues with the OFT, the ICO, and at the highest levels in Government of both political parties, as well as here.

However this process is taking too much time and the banks are levying more and more charges - and continue to get away with it.

The inquiry to which you refer highlights the problem - that lenders have not been reporting true borrowings with the CRAs.

We as consumers have no choice to what the banks do:

1. That is anti-competitive and i'm sure breaches the Competition Act;
2. It is collusion as the banks have agreed amongst themselves by use of the Lending Code (formally The Banking Code) to not report everything to the CRAs;
3. This is against UK Law in regards to the Data Protection Act and the Consumer Credit Act;
3. The charges thefore are extortionate.

If Government won't bring about the change - then we must.

natweststaffmember

Rome wasn't built in a day, hicksis, the OFT test case took from waiver to waiver 2 years and 4 months to come to a conclusion that did not end the fight for bank charges so things do take time. Furthermore, any system has to be fair to all parties concerned in the processing of data. It has to be fair to you, the consumer, the bank as well and any FOS type of body needs to have the trust of both users to come to a fair conclusion. Unfortunately this also requires time to for any implementation because it cannot be done overnight.

esmerellda

The FSB is having its second reading in the HoL 23rd (I think) of FEB. Have you read it and the amendment proposals to it thus far ?

This kind of issue would fit in quite well so may be worth lobbying to put an amendment / new clause forward if you can get MP's on side.

I don't quite know how it works once it goes to the Lords. Despite the Which? clause on UTCCR amendments being withdrawn at committee and reading stages it still appears to be on the table, so have a look at that progress and possibly talk to Which? or CAB ??

hicskis

Do you understand politics at all natweststaffmember? The government could freeze these charges today if they wanted. They froze your claims!

natweststaffmember

hicskis wrote: »

Do you understand politics at all natweststaffmember? The government could freeze these charges today if they wanted. They froze your claims!

I don't have any claims

dunstonh

The government could freeze these charges today if they wanted. They froze your claims!

I dont believe the Govt has that power.

esmerellda

They could but the banks would take the government to court over it - and most likely win.

We have to play the long game with charges, we're slowly whittling away at them and will continue to do so until things are fair. From mid March will be very interesting.

With the CRA's there is work in progress, it does need encouragment to keep going tho, and to widen the investigations from credit searches to the entire CRA set up and relationships with the banks. The changes can only be acheived by a change in legislation/regulation so lobbying parliament using the big consumer groups like Which? and CAB and putting pressure on the OFT to take up the treasury committees recommendations for an investigation is going to be the best starting point.

Joe_Bloggs

Credit reference agencies do not report your savings/assets. For a true financial overview of a credit risk then surely all aspects of your finances should be taken into consideration.
J_B.

hicskis

By Joe_Bloggs:
For a true financial overview of a credit risk then surely all aspects of your finances should be taken into consideration.

Precisely.

By esmerellda:
They could but the banks would take the government to court over it - and most likely win.

Precisely - but the shoe would be on the other foot so to speak. Governments when they don't like something - enact Laws. When they want to stop something happen - they set up inquiries.