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

adindas

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

INT1

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

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.

zppp

adindas wrote: »

They sell my data to other parties, making money from it.

Oh and they don't sell data

adindas

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

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

Fiddlestick

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

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

DarkFallout

Experian_company_representative wrote: »

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

Fiddlestick wrote: »

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

Experian_company_representative wrote: »

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'.