MCO Capital loan

davidbuk

Prudence2 wrote: »

Agree with you 100%. Imagine the business Experian is getting as a result of this - I'm sure plenty of people will be signing up for their full service. I have gone for the £2 report as well but I'm not sure whether there's any way how to contact them if anything amiss shows up (the report hasn't come yet so I don't know what's on it).

You just email them once you have your report. I did this and everything was sorted out very swiftly. They even contacted the other two main CRAs and advised them of the fraud on my account and these other two CRAs have contacted me and offered to give me my report for free so I can check there are no fraudulent entries on them. When you take into consideration the number of people affected by this it's not surprising they are taking a while to respond.

davidbuk

grahamqat wrote: »

It's really just another scam. These CRA's collect info on you that they shouldn't have in the first place. They then allow third parties to corrupt it and charge you for the privilege of putting it right! We never needed any of these parasitic bodies a rew years ago, and they didn't stop the "Credit Crunch" from happening.

CRAs have been around for years they aren't new just they were less well known about 10 or 15 years ago. If there weren't CRAs no one would get a mortgage, a loan or a credit card as no one would be prepared to take the risk of you not repaying what you borrowed.

geomacl

Fine letter Paul 246. As I asked in a prior post, by what authority do these CRAs act - are they regulated (byFSA e.g.), do they have a licence. Or, can anyone set up such an organisation - they're certainly licences to print mony!!!:mad:

geomacl

Prudence2 wrote: »

The lady I spoke to at Action Fraud told me that MCO had only dealt with Experian - not sure how she knew that. I am checking with the three major agencies just to make sure.

Please let us know how you get on with other agencies, Prudence - thanks.

Prudence2_2

davidbuk wrote: »

You just email them once you have your report. I did this and everything was sorted out very swiftly. They even contacted the other two main CRAs and advised them of the fraud on my account and these other two CRAs have contacted me and offered to give me my report for free so I can check there are no fraudulent entries on them. When you take into consideration the number of people affected by this it's not surprising they are taking a while to respond.

Thanks DavidB, sounds like they have been very helpful. I didn't realise I would be able to e-mail them so I will do that if I need to.

davidbuk

geomacl wrote: »

Fine letter Paul 246. As I asked in a prior post, by what authority do these CRAs act - are they regulated (byFSA e.g.), do they have a licence. Or, can anyone set up such an organisation - they're certainly licences to print mony!!!:mad:

I don't beleive they are regulated by the FSA. But then they aren't providing any financial services just information.

People spend a lot of time on here complaing about them but you will always be advised when applying for credit that the company concerned will use a CRA to check your credit worthiness. If you don't want them to hold any info about you read the smallprint and don't apply for a mortgage etc. It's never been a secret that they are out there.

bridggar

davidbuk wrote: »

CRAs have been around for years they aren't new just they were less well known about 10 or 15 years ago. If there weren't CRAs no one would get a mortgage, a loan or a credit card as no one would be prepared to take the risk of you not repaying what you borrowed.

Utter twaddle. Historically, the lender built their own profile of what would be a safe customer and lent accordingly. Now, many are interested in 'profitable' customers - rather than 'safe' customers. This is how these CRAs have thrived. (or should that be thieved?)

If it is in fact, necessary to hold information on individuals (not companies) then this should be one, centrally managed not-for-profit organisation with transparent free access for each person on which they hold details. The process of correcting poor data should also be transparent, timely and above all, free of charge.

grahamqat

I think you should always judge by results. Before we had the CRA's, no obvious credit problems. Now we have them, credit crunch followed by World recession! Company CRA's have probably been around longer. These are equally as bad as they are based on Companies House returns which mean they are typically one year out of date. A company will often have an excellent credit rating until the day they go bust. I'm just glad I dont need credit so I dont really care what rating I have.

davidbuk

bridggar wrote: »

Utter twaddle. Historically, the lender built their own profile of what would be a safe customer and lent accordingly. Now, many are interested in 'profitable' customers - rather than 'safe' customers. This is how these CRAs have thrived. (or should that be thieved?)

If it is in fact, necessary to hold information on individuals (not companies) then this should be one, centrally managed not-for-profit organisation with transparent free access for each person on which they hold details. The process of correcting poor data should also be transparent, timely and above all, free of charge.

Not twaddle at all. So how historically did someone borrow from someone they had no history with. Answer they probably couldn't and were refused credit. The CRAs perform a useful function.

One centrally managed one would be lovely but who pays for it. Probably us from our taxes or if it's not run by central govt then you'd pay for it through higher bank charges.

grahamqat

From what I can remember, when you took out a mortage way back (mine was 1981) the building society checked wth your ability to pay (joint income etc) and I think, asked about other out-goings etc. This was normally conducted in a personal face-to-face interview. With credit cards (I first had one in 1971) You would get a small amount of credit which would slowly be increased as your repayment record with them remained good. These systems worked. Repossessions and debt problems were very low compared with today, and you didn't get credit crunches and the sort of scam MCO has tried to pull. I also think it was easier to get a morgage then than it is now. If you had never experienced this era it is understandable you might think the CRA's do a good job. In my opinion it was done much better before.