Barclaycard and Credit Expert suspending card and giving no explanation

chattychappy

Experian_company_representative wrote: »

As well as giving you rights about your personal data, The Data Protection Act also gives you the right to prevent automated decisions in certain circumstances. More details here: http://www.ico.gov.uk/for_the_public/personal_information/how_manage/automated.aspx.

You beat me to it.

From a regulatory/compliance point of view, banks can feel safer using industry standard tools (eg supplied by a third party) to assess risk.

The problem I have with all this is one of competition policy. Competitors basing decisions on the same data or using the same tools to reach decisions seems dangerously cartel-like to me. The mantra is that all lenders have their own criteria, but in reality the need for "responsible lending" seems to license what to me is anti-competitive behaviour.

The outcome is a herd mentality - people find they can't get credit at all, or they can get plenty. And if they get a card withdrawn, within weeks others get withdrawn too. Hopefully this won't happen to the OP's father.

JainaM_2

Well, thank you for your comments. Having spoken to Barclaycard this evening they informed us that it was a "Business Decision to close the account". So I questioned them, asking them a blunt question "Is it to do with the account not making any money for you?" they did not like me asking that question.

The account has a very good credit rating and doesn't fail in anyway of fraud, misuse or even going over the limit.

Barclaycard have no answers to why they have closed the account. They are now investigating to what has happened.

It's all about money making and innocent customers are becoming violated. It is outrageous.

As for Credit Expert, having done my research and someone at Barclaycard, people who register to get a free credit record cannot cancel the policy and are having problems cancelling.
Another money making scheme which penalises innocent people.

JainaM_2

oh another thing Credit Expert do not have up to date information! so I wouldn't rely upon them.
As for Barclaycard, in their recent letter they are encouraging customers to be in debt informing them that if they cannot pay their credit card off in full, they can pay in small instalments including their interest on top.

BugsyBrowne

JainaM wrote: »

oh another thing Credit Expert do not have up to date information! so I wouldn't rely upon them.
As for Barclaycard, in their recent letter they are encouraging customers to be in debt informing them that if they cannot pay their credit card off in full, they can pay in small instalments including their interest on top.

I personally don't understand why your having a pop at experian, barclaycards main source of information including increase of credit limits e.t.c all come from Equifax.
They don't even use experian when applying for a barclaycard either.

JainaM_2

star-fire wrote: »

I personally don't understand why your having a pop at experian, barclaycards main source of information including increase of credit limits e.t.c all come from Equifax.
They don't even use experian when applying for a barclaycard either.

To clear your statement up, I'm not having a pop at Experian at all. I'm allowed to express my opinion.

JainaM_2

Another thing - never ever maxed out credit card and have always paid statements on time

BugsyBrowne

JainaM wrote: »

To clear your statement up, I'm not having a pop at Experian at all. I'm allowed to express my opinion.

Well come on If I now brought a brand new Bmw and something went wrong with it I wouldn't then phone up Vauxhall would I.

chattychappy

JainaM wrote: »

Barclaycard have no answers to why they have closed the account. They are now investigating to what has happened.

It could be an IT mess-up. Wouldn't be the first time - I seem to recall Halifax closed a batch of accounts "by mistake" a few months back.

JainaM wrote: »

It's all about money making and innocent customers are becoming violated. It is outrageous.

Nothing wrong about money making - that's what they are there for. Presumably there was a benefit to your father too - and that's why he got a Barclaycard in the first place. He could have decided to cancel his Barclaycard without having to give them a reason. So the relationship is mutual.

I don't think you should be so upset. Despite it being about "money making", it seems Barclays are missing a chance to continue to make money out of your father.

savagej

Starfire, Barclaycard search both Equifax and Experian when applying for a credit card and have done so for more than a year now.

stephane_2

savagej wrote: »

Starfire, Barclaycard search both Equifax and Experian when applying for a credit card and have done so for more than a year now.

Have not done so for me....