Petition for experian to stop ripping customers off.

billybear1

Further to my ongoing issues with Experian. This really takes the biscuit.

I was informed there was a glitch that meant the data they have on a live feed was different to that of the information that reported to myself which was a daily updated feed. When I asked if all of my defaulted accounts were showing as settled the customer advisor assured me that they were and that any creditor looking at my file would see this.

So, I applied for my mortgage with pretty much my only option for a sub prime lender, guess what, I have now found out that in fact one of my defaults has not been updated as they said. This could seriously effect my chances of getting a mortgage with the only sub prime lender that would consider my situation.

Thanks for the false information Experian, this could seriously effect my future for your ongoing misinformation and lack of desire to contact the agencies to confirm details I have provided you.

I am seriously considering taking this to the ICO. I understand it is their job to report the information that the data owners give. But telling me the "live feed" stale feed story has led me to believe it was okay to apply, when clearly it wasn't!

cos_2

Heidi-Rose wrote: »

I'm with flock of sheep on this one. I don't see why I should have to pay anyone to see & correct my own information. It's my information about me - I shouldn't have to buy it back from anyone - and I should have the right to decide what is done with it.

It's information about you, not your information.

adindas

meer53 wrote: »

So why do you need to see your information ? Or do you just like to moan about something that serves lots of people very well ?

meer53 wrote: »

But you don't have to pay any CRA for information if you don't want to. It's your choice if you do.

I've never paid to see my information, i don't need to.

You say " I've never paid to see my information, i don't need to ". Fine if you are lucky enough no wrong data have been recorded by CRAs. Some people have been left with no other options then to check their credit record from CRA. Think about you need to apply for a mortgage, major credit card. You will never know if there is some non updated or more seriously wrong information about you. This might lead to rejection.

meer53 wrote: »

If the CRA's have incorrect information, it's been given to them by someone else.

Yes that is correct but let say after a long battle and you could prove that it is wrong. Who will pay all of the expenses that you have exhausted, time, money phone call, writing a letter, opportunity cost. Keep in mind it takes ages and a lot of resources to change any single incorrent t data.

Keep in mind people never ask their information to be kept. The party who keeps and more seriously they SELL this data / record, INCORRECT data that have left other people suffer. Think about opportunity cost of not be able to get credit card, mortgage, psychological impact, eventhough it is not the people fault.

The CRAs shall be held responsible for all of this as they are making money by selling this incorect personal data to the other party. Think about if you were a victim and you need to fight and even had to pay for it. Why should the people need to pay the mistake made by other party.

The CRAs should fine the party who is feeding them with rubbish and pass it to the victim. But with this system the victims have been left with no other option other than to check and eventually pay and fight, if other parties have made mistake.

Even more serious you need to pay CRAs in order to check the data about you and sometimes contain incorrect information which dicredit your name .... I am not aware any other business model like this. People have been left with no other option then to pay and to fight and substantially will spend a lot of resources if there is incorrect information.
See here for instance the case from "backinbusiness2 in this post in this link

http://forums.moneysavingexpert.co /showthread.php?p=52403125#post52403125

It has been acknowledged that there were a mistake. But is it that simple. just change the data ? Who will pay the time, money, phone call, opportunity cost that had been exhausted in the fight to change that data ? this is just an example> there have been quite reasonable number have been reported reagrding the incorrect inforaation.
People never ask their data to be kept...

If you follow this issues you will see there are lot of people have been complaining abut this in this forum. Where is the point to keep the data which have been proven inaccurate.

In this planet who want to pay the party who has given them a bad name. People only do that if they have been left with no other option.

meer53

If you have issues with incorrect data on your credit file, any out of pocket expenses should be claimed from the people who supplied the CRA with that information. Not the CRA's.

The majority of lenders will refund any monies spent if they have genuinely made an error.

adindas

meer53 wrote: »

If you have issues with incorrect data on your credit file, any out of pocket expenses should be claimed from the people who supplied the CRA with that information. Not the CRA's.

Over simplification, shifting responsibility to other party!! How about the CRAs. They are the party who are MAKING MONEY BY SELLING that incorrect information. Do not you think they shall be held responsible? More seriously supplying incorrect information that prevents people of getting a better opportunity.

meer53 wrote: »

The majority of lenders will refund any monies spent if they have genuinely made an error.

I do not think this is correct as I have not heard anything about this. Is there any evidence to support this? I have not heard anyone in this forum get reimbursed due to incorrect information apart from data correction.

Keep in mind the cost shall include the time, psychological cost to correct that data and all opportunity cost. Opportunity cost of not getting mortgage, credits, mobile contract; opportunity cost of time spent which could be spent otherwise to make money rather than to deal with this issue. It is not just the cost of postage, phone calls, etc. If you are taking them all into account the amount will be huge as it will take a long time to fight those incorrect those info.

Also why should the people need to contact the lender directly, rather than the one who sell those incorrect data to other party, shifting responsibility ?. Keep in mind people never ask their information to be kept, recorded and CRAs are making money by selling this incorrect information. Also CRA has power to fine those lenders, the pepole do not ...

It has been discussed mnay time here is that the CRA skew the the lenders as that is where they getting the power from.

meer53

I've over simplified it as it's not difficult to understand.

The lenders pass information to the CRA's. You give your authority for this information to be shared with the CRA's when you agree to borrow money.

If a lender passes incorrect information to a CRA, and that is confirmed by the lender, then if you make a request through the correct channels, they will offer compensation. You can request whatever consequential losses you feel you may have suffered.

If the information proves to be accurate then obviously they won't.

Lenders don't just use CRA's to make lending decisions, it's just a part of their assessment.

In my job, i contact CRA's to amend incorrect information on a regular basis, if a customer requests compensation and we have made a genuine error, then we will look at their request and if we feel it is appropriate we will pay this.

meer53

People receive compensation and ex gratia payments from banks every day, for all sorts of reasons, which include incorrect information passed to CRA's (i work for a bank so can only comment on this type of institution)

Of course i can't provide examples of this, i would lose my job, if you search the forum i'm sure you will find some. My comment about whether we feel a request is appropriate, is because we see requests for amounts which are not relative to the problems caused. Don't know whether you remember the recent post where a forum member was looking for a 5 figure amount ? The request has to be reasonable.

The majority of people who have dealings with the CRA's are happy with the service they receive.

There will always be errors, in every business, some will cause huge problems, some won't. If you go about dealing with this in the right way, using the proper channels, your problems will be resolved.

adindas

meer53 wrote: »

The majority of people who have dealings with the CRA's are happy with the service they receive.

There will always be errors, in every business, some will cause huge problems, some won't. If you go about dealing with this in the right way, using the proper channels, your problems will be resolved.

When talking about justice, majority issue is irrelevant I am afraid.

Say for instance:
85% are happy with the service they receive from CRAs
15% are against CRAs because they have been victimised from those incorrect information.
Could society justifies thie existence of this inaccurate information provision given that majority are happy and only tiny minority are victimised.

More extreme case
Majority of people who have been jailed are genuine criminals.
Only extremely tiny minority who have been jailed are e later found innocent. not guilty.

Could society justify that because it is extremely tiny minority, ignore that do not need to do anything to ratify that.

As I mention previously, We have different opinion. The issue here is that, The CRAs the party who are MAKING MONEY BY SELLING that incorrect information. More seriously SELLING incorrect information that prevents people of getting a better opportunity..

Also as previously mentioned I do not really believe your institution reimburse all the cost that have been exhausted to correct that mistake. Not many people (if not all) will admit that they are making genuine error without a huge fight. I supposed, especially if money and compensation are taking part.

Keep in mind the cost shall include the time, psychological cost to correct that data and all opportunity cost. If this happened this news would have been kwon widely here in this forum and in the press.

meer53

Believe what you like, i know what happens where i work.

I'm off now as i'm getting a bit bored reading your posts, you just keep saying the same things, over and over. You carry on with your crusade, i'll carry on sorting things out for our customers when things go wrong.

Dr_Cuckoo3

A_Flock_Of_Sheep wrote: »

I have never had any catalogues nor want any. I have a current account with no oeverdraft and it does not report to the CRA's (yet). If I find out it ever does it will be closed.

You don't say which bank your current account is at , I think it is Cumberland B/Soc or Norwich & Peterborough

both report to Equifax regardless of overdraft (N&P also report to call credit)