Notice of Correction

Experian_company_representative

Wasn't me by the way! It's an interesting suggestion (thumbprints) but not one we encourage. I think the idea was that the thumbprint wouldn't actually be verified at all (by gollums or anyone else) but that it would deter fraudsters because, if an account turned out to be fraudulent, the thumbprint could be given to the police.

A notice of correction (NOC) on your report will cause any application to be referred to an underwriter for manual consideration. We do encourage password NOCs where there is a very real threat of fraud, but not otherwise.

Credit reference agency scores are neither random nor meanginless!!

James Jones

auto-man

Experian_company_representative wrote: »

Credit reference agency scores are neither random nor meanginless!!

James why not ask Lee Hancock for his views on this eh?

There's a good boy....

However for clarity, yes they are meaningless as you DO NOT provide credit thus your score of say 750 against CallCredits 500 versus Equifaxes 379 suggests otherwise. YES, I understand that you believe your scores matter but they do not, they are only a reflection based on your algorithm, but then you do not set the same criteria as a lender so will never calculate it right. Why would you bother paying the millions that lenders pay for scoring models when erm, you don't lend money!

Yea right - whatever!!

James

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It's an interesting suggestion (thumbprints) but not one we encourage.

I think the idea was that the thumbprint wouldn't actually be verified at all (by gollums or anyone else) but that it would deter fraudsters because, if an account turned out to be fraudulent, the thumbprint could be given to the police.

A notice of correction (NOC) on your report will cause any application to be referred to an underwriter for manual consideration. We do encourage password NOCs where there is a very real threat of fraud, but not otherwise.

James Jones

Hello James Jones – addressing the points you raised plus some questions for you. If you’dbe kind enough to reply?

A. You never mentioned why you don’t encourage ‘Thumbprinting’? (FREE ID PROTECTION)

B. Thanks for mentioning that ‘Thumbprints’ are not verified as there is no need to unless the application proves fraudulent.

C. Why do you encourage passwords? (Comment: A password is something you know. Once a password is on your file or exchanged with a.n. other then it is compromised. A ‘Thumbprint’ is something you DO)

D. If the CRA’s do encourage Password NOCs then why not publicise the fact?

E. Do you know if anyone embracing a ‘Thumbprint’ NOC has suffered from ID Theft (Application Fraud)? (Comment:Over 5 years, I know of no one using ‘Thumbprinting’ who has fallen victim to application fraud)

‘Thumbprinting’ acts as a wonderful indication and warning of attempted application fraud. Are there any other proactive ID theft deterrents which work 24/7 365-366 on the market which are so effective?

Here’s what happens when someone using the Free ID Protection submits an application:

1. Face to face applications. You will probably find that you or the assistant handling your application has to speak to someone in credit control (underwriter). They verify that you use this procedure. Things do take a little longer (5 minutes) but it’s a small price topay for the added security. Every single assistant/manager has commented on how simple and effective ‘Thumbprinting’ is. Just think how a fraudster would react if taken through this procedure.

Recently I was in Carphone Warehouse applying for a contract Mobile. Next to me were a couple going through the same procedure (but not signed up to Thumbprinting) their application for whatever reason was eventually rejected. My application was duly processed. The Carphone Warehouse managers comment was - “This is an excellent idea. I spent twice as long with the other couple”

2. Applications by phone or on the Internet. From experience you are sent a paper application to sign andThumbprint. They do take longer. BUT if the Credit Reference Agencies actually worked with us (those embracing “Thumbprinting”) then the whole process wouldbe quicker and safer for all.

Retailers used a similar ‘Thumbprint’ system pre Chip & PIN. The results were outstanding – card fraud fell by 84.3%, cheque fraud by 73% and the theft of handbags and wallets by 54.4%. Crooks were identified and caught. (Source Northern Constabulary – Google- Tilley Awards Inverness)

The difference between the voluntary system used by the Retailers and the Free ID Protection ‘Thumbprint’ system is that the Free ID Protection system isn’t voluntary. Crooks have to leave their print or the application is rejected.

One of the primary functions of the Credit Reference Agencies that is seldom mentioned is that they are there to establish that you are who you say you are. To Experian and a lesser extent Call Credit,why not help us, help you and inform the public of the ‘Thumbprinting’ - Free ID Protection system?

‘Thumbprinting’deters crooks from pretending to be you!

innovate

James, it seems obvious that you have a vested interest of sorts promoting the thumbprint idea. Are you (involved in the ) selling the inkless pad?

Personally, I find the thumbprint idea totally impractical because I generally want to open my accounts online, and I have lots of accounts to open (e.g. every time a bonus rate expires on a savings account/ISA).

To me, anything that creates an automatic request for manual intervention in the application process - thumbprint or password or whatever - is most unwelcome. I would hazzard a guess that the vast majority of people would feel the same.

Yes, there might be people who for one reason or other want, or need to, have extreme protection, and for them, the thumbprint or password might be an appropriate solution. I would suggest that this is a tiny number of people only - so there is no big money-making opportunity for those inkless pads.

BTW, if you have one of those thumbprints on your files, how do you remove them when you don't want/need them any longer? What processes have you agreed with Experian/Equifax/Callcredit for people to prove who they are to get their thumbprint removed from, or disabled on, their files?