Forum Home» Loans

MSE News: Guest Comment - Why should we pay for OUR credit reports?

New Post Advanced Search

MSE News: Guest Comment - Why should we pay for OUR credit reports?

edited 30 November -1 at 1:00AM in Loans
38 replies 4.3K views
MSE_GuyMSE_Guy MSE Staff
1.7K posts
I've been Money Tipped! Newshound! Chutzpah Haggler
edited 30 November -1 at 1:00AM in Loans
This is the discussion thread for the following MSE News Story:

"With free credit reports arriving in autumn, Tom Ilube, from credit reference agency Callcredit, explains the important of your credit file and whether other firms will embrace no-cost reports ..."
«134

Replies

  • danothydanothy Forumite
    2.2K posts
    Ninth Anniversary Combo Breaker
    ✭✭✭✭
    Imagine walking in to a clothes shop and handing over your best jacket to the bored teenager behind the counter. She wraps it up, puts it in a bag and hands it straight back to you with a bill for £60.

    Sound a bit odd? Is there really an industry where you freely give a company something valuable and immediately buy it back from them? Well, welcome to the wacky world of credit reference agencies.

    I'm pretty sure I don't give credit reference agencies my information, my creditors do (with my permission required as a condition for the credit being extended). When I pay for the standard £2 report I pay in order to check the information is held correctly and that there are no errors detrimental to me.

    On the whole though I think it's a bit of a crock to have to pay for the privilege of doing this though.
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
  • deedee71deedee71 Forumite
    870 posts
    Tenth Anniversary
    ✭✭✭
    Where can you get a report for two quid?

    I'm desperate to take a look at my credit report as my neighbours have been fraudulently using my address for credit cards, loans etc.

    But every company I find on line wants at least £30 and my credit card number and a monthly fee! And that is from following the links on this website.
  • danothydanothy Forumite
    2.2K posts
    Ninth Anniversary Combo Breaker
    ✭✭✭✭
    deedee71 wrote: »
    Where can you get a report for two quid?

    I'm desperate to take a look at my credit report as my neighbours have been fraudulently using my address for credit cards, loans etc.

    But every company I find on line wants at least £30 and my credit card number and a monthly fee! And that is from following the links on this website.

    http://forums.moneysavingexpert.com/showthread.php?t=51087

    You need to look past the account sign ups, they don't like to shout about the £2 statutory reports.
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
  • edited 22 July 2011 at 10:15AM
    ForwandertForwandert Forumite
    1.1K posts
    Ninth Anniversary 1,000 Posts
    ✭✭✭
    edited 22 July 2011 at 10:15AM
    deedee71 wrote: »
    Where can you get a report for two quid?

    I'm desperate to take a look at my credit report as my neighbours have been fraudulently using my address for credit cards, loans etc.

    But every company I find on line wants at least £30 and my credit card number and a monthly fee! And that is from following the links on this website.

    Just sign up for noddle.co.uk you don't need to pay a penny for your credit report, more info here

    http://forums.moneysavingexpert.com/showthread.php?t=3299620
  • KingElvisKingElvis Forumite
    4.1K posts
    deedee71 wrote: »
    I'm desperate to take a look at my credit report as my neighbours have been fraudulently using my address for credit cards, loans etc.

    Sounds like you'd be better off informing Inspector Knacker of The Yard than looking at you CallCredit report my friend :rotfl:
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • jamesdjamesd Forumite
    24K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    Noddle is good but it would be good within the user interface to say how the information is being used and exchanged. A couple of examples:

    There's a place to supply financial and stability information like income and time at address. There's no disclosure on that screen about how that information will be used, not even a short form "we'll tell businesses who ask for a form of credit report form us what you say here" if that will happen. One reason this is important is that such things can be a powerful tool for what if testing, but it would be a very bad thing if what if test information was disclosed to potential lenders as supposedly accurate information provided by the consumer. It's essential that the consumer knows whether and how it's disclosed so that they know that if they do use it for experiments they know that they need to erase it (how?) or set it to accurate values.

    There's a list of financial products from a different company but no disclosure link within the user interface where you can see exactly what information is being provided to them to generate the list. Whether it's the credit score, the count of accounts or some or all of the financial information that should have an explicit disclosure of exactly which information items are supplied.
  • deedee71deedee71 Forumite
    870 posts
    Tenth Anniversary
    ✭✭✭
    KingElvis wrote: »
    Sounds like you'd be better off informing Inspector Knacker of The Yard than looking at you CallCredit report my friend :rotfl:


    I have no idea what this means. Is it supposed to be humour?
  • TixyTixy Forumite
    31.5K posts
    ✭✭✭✭✭
    Deedee don't only check noddle (callcredit) - its the least used of all the 3 credit reference agencies, whilst you can get free trials for the other 2 I would just order the £2 statutory report from each of them (experian and equifax).

    That said your credit report will only show credit accounts in your name. If your neighbours have been using their names but your address then these accounts would not show on your file - or affect your ability to get credit. But still I would still check your reports and make sure you check the financial associations to ensure you haven't accidentally been financially linked to these people.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • deedee71deedee71 Forumite
    870 posts
    Tenth Anniversary
    ✭✭✭
    Forwandert wrote: »
    Just sign up for noddle.co.uk you don't need to pay a penny for your credit report, more info here

    http://forums.moneysavingexpert.com/showthread.php?t=3299620

    I've signed up but this is a pre-register service - I don't think it is going to be up and running until Autumn (which is a vague term!)
  • deedee71 wrote: »
    I have no idea what this means. Is it supposed to be humour?

    He means go to the police and report it.

    With regards to Noddle/CallCredit, I have found their service to disappoint so far. A poor signup procedure, lots of website errors whilst trying to sign up, all that hassle just for a free report.
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support