Credit check for bank accounts

davethorp

Experian_company_representative wrote: »

We also put all new data through strict quality control checks.

Of course you do :shhh:

A_Flock_Of_Sheep

Experian_company_representative wrote: »

CRAs provide a useful go-between in the provision of credit. Without the data-sharing services we provide the credit industry would still be in the dark ages. It costs money to collect, secure, maintain and control access to the data, so it's entirely reasonable for a charge to be made at the point the data is accessed.

If you check your credit report and spot a discrepancy, it will be investigated and corrected for free. That is the law. We also put all new data through strict quality control checks.

James Jones

Very interesting James Jones...

Firstly I think it would be better if the industry was still in the dark ages because in those dark distant times one would have to make a good case to borrow money and actually have to sit with their bank manager and go through their ability to repay the debt. This worked well back then without the intervention of your company and your rivals and people only borrowed according to their means.

Secondly the costs involved with collecting and maintaining the data should be fully borne by the companies that choose to use your service and if I need to see the information they pass to you then I should not have to pay to see it. This should be in their subscription cost.

As a side note what was Experian's profit line for Financial Year 2009-2010?

Lastly, you make correcting any incorrect entries sound exceptionally simple. If only that were the case.

I subscribed to your service and made a dispute against an entry that I know to be inherently wrong but your "subscriber" whole heartedly said it was correct - so of course it must be correct because they say so. Funny that because I was under some cockeyed notion that in the UK the customer is always right.
Any ideas how to square that continuous circle because I just gave up.

The Information Commissioner is less than useless. It is high time there was a stricter independent body monitoring CRA data and a harder course of action taken against disputed entries.

Incidentally James - if one of your Insight "subscribers" provides incorrect data about one of your "consumers" how much does your company fine the "subscriber" for feeding your systems rubbish? If you don't then isn't it about time you did and perhaps pass some of it onto the individual too?

adindas

Good point. CRAs should fine them and give the money to people who suffer as the result of this mistake ...

A_Flock_Of_Sheep wrote: »

Incidentally James - if one of your Insight "subscribers" provides incorrect data about one of your "consumers" how much does your company fine the "subscriber" for feeding your systems rubbish? If you don't then isn't it about time you did and perhaps pass some of it onto the individual too?

adindas

[QUOTE=Experian company representative;49119881
CRAs provide a useful go-between in the provision of credit. Without the data-sharing services we provide the credit industry would still be in the dark ages. .[/QUOTE]

CRAs have been in existence before the credit crunch. Did not the bank use the information from CRAs to make decision about lending, mortgages, etc .........

There is no point to maintain the data which have been proven to be inaccurate...

[QUOTE=Experian company representative;49119881
If you check your credit report and spot a discrepancy, it will be investigated and corrected for free. That is the law. We also put all new data through strict quality control checks.
James Jones [/I]. .[/QUOTE]

I wish the process is as simple as you said. How about the time, effort, phone call, correspondence, etc. When it has been proven that the correction is required do you provide compensation at least the economic cost of asking for those correction.

Similarly when you promise one month trial. It is very simple process to apply but when people try to cancel their subscription why it is not as simple as when people apply.

In my opinion CRAs will be useful if:
- People could see their data which have been recorded for free. This is the data about them so they have the right to get full access without the need to pay without the need for subscription. Why do people need to pay to see their own data. This is fundamentally wrong. The fact that some people subscribe this is because they have been left no other option than to pay.

- CRAs to provide compensation to people when it have been proven to be inaccurate and have caused damage to people credibility and future potential of getting loan. People did not ask the CRAs to record their data as the CRA records the data they have some responsibilities and obligations to guarantee the accuracy of that data.

adindas

Dear James

As you are representative of Experian then in my opinion you should get more involved to response to the queries regarding your company

These MSE members here really need answer regarding your company
https://forums.moneysavingexpert.com/discussion/1613865

Experian_company_representative wrote: »

If you check your credit report and spot a discrepancy, it will be investigated and corrected for free. That is the law. We also put all new data through strict quality control checks.

James Jones