Credit Reference Agencies - Who Really Uses Who? II

MrYeti

Maybe I phrased that wrong mate. Mine currently shows as a balance of £64, last month it was £96, before £128 etc as the direct debit for £32 goes out my account every month so next month will show as £32 owing, if you get what I mean. On my file (off the top of my head) I think they've only reported 5 or 6 months worth of payment history. Can't say I've ever noticed YW on my report before as I only check my report 2 or 3 times a year.

MrYeti

As You say the liability with gas/elec is as you go along as you don't know how much you'll use from month to month so can't know how much you'll owe. Whereas I receive a bill from YW around March (iirc - I don't have a meter installed) telling me how much I owe them for the upcoming year and this amount is then split over 10 months. If people are on a water meter then I'd assume the reporting to the agency may be different as they would be charged for what they use, whereas I can effectively use as much as I like and not be charged any more than what they quoted me on the 2012/13 bill. Hope that clears it up a little.

UsetheFORCE

So in April each year, you would have a debt outstanding for the upcoming year of @£320, that isn't a problem UNLESS any potential creditors see it as a LOAN, in which case, it could affect a creditor's decision to lend to you which to me is unacceptable. You should only be responsible for paying the water bill, month by month not as the legislation makes you liable for the ENTIRE bill in April.

I'd like to know how a potential creditor would view YW entry on your file in regards to an application for credit.

Regards

MrYeti

My guess is that it wouldn't carry much weight with regards to the views of other creditors as many people would be in the same boat, it's just a utility entry and the only thing they should note is whether your payments are made on time every month.

It'd be interesting to know though how they do report to agencies with regards to those who are metered and those, like me, who aren't.

chetss

First Direct search Equifax for cards if you do not have enough banking history with them. Dont think they credit search you if you are pre-approved.

For current accounts they search Experian.

System

Hi

Just a quick one, have had a scour through the info posts and repaired some links and cleared out some dead wood.

Also reading the posts about utility companies that are searching and reporting to CRAs, I am with EDF for gas and electricity and Affinity Water (formerly Veolia) and neither of them search or report to CRAs.

And to confirm the information from stclair, I recently went back to BT for my land line and they searched and are now reporting to Equifax.

Regards
UNDERGROUND

out_of_cash

UNDERGROUND wrote: »

Hi

Just a quick one, have had a scour through the info posts and repaired some links and cleared out some dead wood.

Also reading the posts about utility companies that are searching and reporting to CRAs, I am with EDF for gas and electricity and Affinity Water (formerly Veolia) and neither of them search or report to CRAs.

And to confirm the information from stclair, I recently went back to BT for my land line and they searched and are now reporting to Equifax.

Regards
UNDERGROUND

Many thanks underground,

you've saved me some sleepless nights as after going through hell the past 4.5 years i am nearly clear to having my cred ref files 100% clean again .I am in arrears a bit with elec and water and was worried sick the cred refs could put all my efforts down the drain.

out_of_cash

MrYeti wrote: »

It shows on your file just like a loan. Every month you make a payment the reduced amount you owe is reported to Experian until its all paid off, then the next billing year it all starts again.

Can't say if all water companies report your monthly payment behaviour to the agencies as I've only ever dealt with Yorkshire Water.

At my previous address i paid utilities for 18yrs and got all 3 credit reports due to personal probs etc. Not 1 payment was listed for any utility. If your correct then i am worried as i am in arrears now. I can see this becoming a lucrative game for other companies to jump on the band wagon as time goes on.It was always a nice little earner for the banks until they had shafted everyone so far. Wont be going with yorkshire water then!:D

System

out_of_cash wrote: »

Wont be going with yorkshire water then!:D

Unfortunately you don't get a choice which water supplier you have.

Seems the only utility monopoly still remaining!

UNDERGROUND

mattyv6

Hi All, first post here.

I have serious problems with my Credit files since about July 2011 when Lloyds TSB mixed up my details with another customer of theirs (same name and date of birth!!) who has a lot of defaulted accounts. I get them cleared, but they still end up finding their way back to me. Lloyds say they aren't putting this against my name any more, so who could be?? other agencies are then linking me to this persons other accounts like O2 and American Express!

My main reason for posting is I have had enough if having to be signed up to all 3 agencies at about £35 a month and want to try and do something about it. I am contemplating going to Watchdog. I have been in contact with the FOS but they couldn't help because I wasn't a customer of Lloyds?
My problem is, why is there more than one credit agency? Surely there should be one? especially seeing as none of them match! how do they get away with it?

I have just this minute been declined a Loan from Sainsburys, my Experian and Equifax files seem fine, but my Call Credit file is a mess. According to this thread, Sainsbury's only use Experian, but that doesn't look like it's true.

I think Watchdog need to know how badly these CRA's are affecting our lives!

Who's with me!?

Thanks

Matty