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Credit Reference Agencies

rog2
Posts: 11,650 Forumite

Whenever we want anything - Loans, Credit Cards, Mobile Phones, even utilities, these are only given subject to credit reference checks. Many decisions are made on information over which we have no control and which, as witness many of the threads on this forum, can often be misleading or incorrect.
Fine - most people can understand that creditors need some assurance that the risk they take with you is fair.
But what about the other way round? We, by entering into contracts, are agreeing primarily to make large contributions to the profits of such organisations, yet there appears to be little or no pre-contract advice available to us.
Perhaps there should be, or maybe already is, a 'Creditor Check Agency' which would show how creditors conduct their businesses - how they deal with customer complaints and problems, number of court cases etc.
If this information were made available, with a similar points scale to the credit reference agencies, then this would greatly assist customers in making up their minds as to whether or not to deal with them. It could, possibly, also reduce the number of problems that people have. Normal
If such an organisation exists, please let me know.
Fine - most people can understand that creditors need some assurance that the risk they take with you is fair.
But what about the other way round? We, by entering into contracts, are agreeing primarily to make large contributions to the profits of such organisations, yet there appears to be little or no pre-contract advice available to us.
Perhaps there should be, or maybe already is, a 'Creditor Check Agency' which would show how creditors conduct their businesses - how they deal with customer complaints and problems, number of court cases etc.
If this information were made available, with a similar points scale to the credit reference agencies, then this would greatly assist customers in making up their minds as to whether or not to deal with them. It could, possibly, also reduce the number of problems that people have. Normal
If such an organisation exists, please let me know.
I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
0
Comments
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Never heard of one, but what a good idea.
But it probably still wouldn't stop some people using bad lenders.:rolleyes:Debt at worst: £33000
Debt now: £0, (Ok, a £650 overdraft)
£3000 Credit card (aiming to get this down with 0% card)0
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