CRA Why do I need to pay for my data ????

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They sell my data to other parties, making money from it.
Why do I need to pay to get those data ?

In my opinion I should get some percentages of pay that you receivee from the companies accessing my data .... :j

I am expecting representative from Experianc, Equifax, etc to explain about this or somebody else who might have the answer ...

ADINDAS
«1

Comments

  • INT1
    INT1 Posts: 1,257 Forumite
    First Anniversary Combo Breaker
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    Because you are paying for the service to retrieve it and £2 is very reasonable.

    You can get it "Free" by signing up for an experian annual service but just remember to cancel it after 30 days!

    Same principle if you wanted a subject access request off a company, They charge anything between £2 up to £12 typically.
  • zppp
    zppp Posts: 2,476 Forumite
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    adindas wrote: »
    They sell my data to other parties, making money from it.
    Why do I need to pay to get those data ?

    In my opinion I should get some percentages of pay that you receivee from the companies accessing my data .... :j

    I am expecting representative from Experianc, Equifax, etc to explain about this or somebody else who might have the answer ...

    ADINDAS

    Under the Data Protection Act, you can request a SAR for £10.00.
    Therefore the statutory maximum of £2 for a statutory credit report is not that much.
    Best Regards

    zppp :)

  • zppp
    zppp Posts: 2,476 Forumite
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    adindas wrote: »
    They sell my data to other parties, making money from it.

    Oh and they don't sell data ;)
    Best Regards

    zppp :)

  • adindas
    adindas Posts: 6,823 Forumite
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    I am aware the statutory maximum of £2 and indeed not much but for some people like me, it is against my basic principle of supporting organisations that selll my data ...

    So even a penny make a difference ...

    ADINDAS
    zppp wrote: »
    Under the Data Protection Act, you can request a SAR for £10.00.
    Therefore the statutory maximum of £2 for a statutory credit report is not that much.
  • izools
    izools Posts: 7,513 Forumite
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    adindas wrote: »
    I am aware the statutory maximum of £2 and indeed not much but for some people like me, it is against my basic principle of supporting organisations that selll my data ...

    So even a penny make a difference ...

    ADINDAS

    Unfortunately it is the law as outlined in the Data Protection Act that companies can charge £10. The fact you're getting 80% off what the law dictates they are allowed to charge can only be good IMHO :o
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • Fiddlestick
    Fiddlestick Posts: 2,339 Forumite
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    adindas wrote: »
    I am aware the statutory maximum of £2 and indeed not much but for some people like me, it is against my basic principle of supporting organisations that selll my data ...

    So even a penny make a difference ...

    ADINDAS

    Because it's not "your" data, it's theirs.

    Just because the data is *about* you, it doesn't make it yours...
  • Experian_company_representative
    Experian_company_representative Posts: 2,134 Organisation Representative
    First Anniversary Combo Breaker
    edited 7 September 2010 at 11:18PM
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    CRAs provide a very useful service to lenders and consumers and IMHO it's not at all unreasonable for us to charge a fee for this. We're not actually selling the data as such. We enable the lenders to store a small but significant amount of data about their customers securely with us, with their customers' consent, which we then piece together along with public data (such as electoral roll and court judgments) to build people's credit histories. Then when you want new credit you can simply give the lender permission to access your credit history with us and they can very quickly establish your borrowing record and current debts, allowing them to make an informed, responsible decision, often in a matter of seconds using an objective credit scoring system. In the days before credit reference agencies, your bank manager would typically have conducted a fact-finding face-to-face interview, requested paper references, even consulted with your milkman! All of this could take weeks and was not very consumer-friendly. The system we have now is much better and works extremely well. The £2 fee for a statutory report was set around 1997. It does not, in 2010, cover the cost of providing credit reports, so it's a great deal for consumers.

    James
    Official Company Representative
    I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"

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  • DarkFallout
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    CRAs provide a very useful service to lenders and consumers and IMHO it's not at all unreasonable for us to charge a fee for this. We're not actually selling the data as such. We enable the lenders to store a small but significant amount of data about their customers securely with us, with their customers' consent, which we then piece together along with public data (such as electoral roll and court judgments) to build people's credit histories. Then when you want new credit you can simply give the lender permission to access your credit history with us and they can very quickly establish your borrowing record and current debts, allowing them to make an informed, responsible decision, often in a matter of seconds using an objective credit scoring system. In the days before credit reference agencies, your bank manager would typically have conducted a fact-finding face-to-face interview, requested paper references, even consulted with your milkman! All of this could take weeks and was not very consumer-friendly. The system we have now is much better and works extremely well. The £2 fee for a statutory report was set around 1997. It does not, in 2010, cover the cost of providing credit reports, so it's a great deal for consumers.

    James

    The amount of incorrect entries and problems that I had for 10 months in this country with the useless CRAs is ridiculous.

    Frankly speaking they should pay me for their enourmous stupidity, all the phone calls and e-mails that I did only to wait for weeks or for months to see the entries corrected.

    Completely useless.
  • zenmaster
    zenmaster Posts: 3,151 Forumite
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    Because it's not "your" data, it's theirs.

    Just because the data is *about* you, it doesn't make it yours...

    I was just about to say exactly the same thing, but you got there much earlier.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    It does not, in 2010, cover the cost of providing credit reports...
    It's fortunate then, that you can offset this operational loss with the significant profit to be had from providing 'credit scores'. ;)
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