Incorrect credit card balances on Experian

Beaks999

Hi,

I've recently re-joined Experian and found that Egg (credit card) have been telling them that I owe more than I actually do and in some cases they have put on my credit report that I've gone over my limit when I haven't. Obviously I'm not impressed to say the least!!!

I've raised this with Egg and I'm waiting for a proper response although I did speak to someone today who seemed to agree with me without actually committing herself.

Could anyone let me know if they've broken any actual agreement or law and what I should ask for as compensation?

Any advice would be very gratefully appreciated.

Beaks999

YorkshireBoy

Beaks999 wrote: »

Could anyone let me know if they've broken any actual agreement or law and what I should ask for as compensation?

Google 'data protection act fourth principle'.

As to compensation, how much money have you lost? And how much 'distress and inconvenience' (google it) have you suffered?

izools

If the data is indeed inaccurate and representative then they have broken the Data protection act principle Yorkie Boy allures to.

They have 30 days to correct all of the entries after which you can refer the matter to the ICO who may well fine them. You are entitled to compensation to the order of financial loss caused by the mistakes and how much inconvenience it has caused.

If say for example the incorrect data is directly attibutable to your not being able to transfer, e.g., a 4,000 balance to a 0% card for 15 months you could claim that you are owed 15 months worth of interest at the rate charged by the card you were looking to transfer from. Issue with this is it would be incredibly hard if not impossible to prove that the incorrect data from Egg was the sole and absolute cause for your being declined for a balance transfer card, if that happened.

Experian_company_representative

If you raise a data dispute via Experian, we'll flag the entry as unreliable so that it shouldn't affect you while it's being investigated.

One of the reasons we encourage people to check their reports from time to time is to check data accuracy as mistakes can happen. Much better to do this than it cause you problems in the future, such as credit refusal or a higher interest rate.

James Jones

Beaks999

Thanks for your advice,

I've just been on the phone to the ICO, they told me to request a SAR from Egg. I'll also post a new thread to get every Egg card holder to check their Experian reports as I've got a wierd feeling that I'm not the only one.

The ICO said they wouldn't fine Egg, would the Financial Ombudsman or the FSA do this?

mazza2003

Experian_company_representative wrote: »

If you raise a data dispute via Experian, we'll flag the entry as unreliable so that it shouldn't affect you while it's being investigated.

One of the reasons we encourage people to check their reports from time to time is to check data accuracy as mistakes can happen. Much better to do this than it cause you problems in the future, such as credit refusal or a higher interest rate.

James Jones

It would seem mistakes happen very frequently! More often than not would you say?

izools

Experian_company_representative wrote: »

If you raise a data dispute via Experian, we'll flag the entry as unreliable so that it shouldn't affect you while it's being investigated.

One of the reasons we encourage people to check their reports from time to time is to check data accuracy as mistakes can happen. Much better to do this than it cause you problems in the future, such as credit refusal or a higher interest rate.

James Jones

Whilst this is all well and good, the reality of the situation is that a creditor will either:

1. Take the entry as gospel anyway or
2. Decline the applicant until the Notice of Correction is removed

Unfortunately there is a grave difference between how creditors *should* handle notices of correction, and how they actually do. Much like certain CIFAS entries.

This is understandable though, as anyone could raise a notice of correction against a correct entry in an attempt to get credit they aren't worthy of. Obviously the average creditor doesn't let this happen :beer:

EDIT: The FOS may. The company / creditor have to pay the FOS #500.00 mediation fees at the very least.

Beaks999

Is it worth going to the FOS (I'm assuming that means Financial Ombudsman - sorry for being dense!!!) now or should I wait to see what dodgy explanation Egg come up with?

The more I think about it, the more wrong they are. I've checked my balances and at first glance, at least the last 6 months balance broadcasts to Experian are incorrect and I'm simmering!!!!

My wife has told me to tell them to wipe my balance but there isn't much chance of that I reckon - although they have undoubtedly damaged my credit rating and it doesn't matter what they do now by the looks of it as no-one will take any notice. I'll give it a damned good go, they can only say no!!! Plus, I don't think they'll want to be taken to court as this won't look good.

I also forgot to mention that they put an imaginary linked address on my credit file aswell, I gather that this also falls under regulation 4 of the Data p
Protection Act

They are probably doing the same thing to thousands of blissfully unaware people....

izools

You need to exhaust the complaint procedure with Egg.

The FOS will only look at a complaint if either

a) the complaint remains unresolved after 8 weeks / you aren't happy with what has happened so far after 8 weeks
b) the company has refused to do what you ask clearly stating on their correspondence this is their full and final response

Dr_Cuckoo3

The OP is a new poster , I am suprised that posters find him credible without clarification of what exactly appears on his CRA file and how it differs from the reality of how his credit card performs

EGG have only been reporting payment amount ,previous balance and whether promo rate for the last two months , prior to that EGG only reported the balance , account status and credit limit

Perhaps the OP could tell us what information his CRA file holds in respect of the following entries (and anything else he considers relevant)
Credit Limit:
Balance:
Payment Amount:
Previous Statement:
and what the correct amounts should be

Beaks999

Thankyou for your input Dr_Cuckoo3,

You are correct in your observation that this is my first thread on this very helpful site.

This isn't something I would lie about, I came on here to get some advice. Everything I have put on my original thread and on subsequent replies is 100% true so please don't insult me, you've obviously put something dodgy on the end of your reply for the MSE forum team to feel the need to remove it.

I'm not going to disclose detail of my credit card account for obvious reasons, but for the last 12 months Egg have told Experian that I owe more than I actually do, in some cases in excess of my credit limit but has not been followed by an overlimit charge on my statement. This obviously concerns me and I wanted some advice relating to this and I don't understand the tone of your response.

I thank the other members who have given me some really helpful advice on this matter.