Experiean & Equifax - who can update them with credit info?

fiscoking

Hello,

Who has the ability to update the main credit agencies with information on your credit history (missed payments, amount loaned etc..)?

I've searched MSE and Google, all I can find is that 'Banks' and 'Lenders' have this ability, but there's no further qualification. Is it anyone who extends you credit? So I could in theory start a limited company, and claim to have lent Mr.X some credit, which he has then defaulted on.....and pass this information to Equifax?

1. Do these credit agencies take it on the word of the 'lender' supplying the information that it's correct?
2. Do I have to check my credit file every week to make sure the data the agency has received is correct?
3. And what happens when you disagree with an entry on your file? Do you have to write to the credit ref agency and hope that their investigation is thorough enough to put things right?

I ask the above because I'm in dispute with a utility supplier at the moment about a final bill. The details are not important, suffice to say I'm trying to work with them to sort it out, but it's taking months (4 so far). Neither side can reach agreement.

It just occurred to me that my supplier could be having a field day with my file if the main agencies just take it on their word that I'm defaulting.

Thanks.

DevilPigeon

Not all utilities report data to CRAs... British Gas do (for both gas and electric), I've been with other suppliers over the years but only ever seen British Gas on my CRAs, all 3 of them (equifax, experian & callcredit)

fiscoking

The supplier is BT. I'm fairly sure they report.

I'm still interested to know who can update your credit file, if anyone knows. Not much info around on that for some reason.

Thanks.

DevilPigeon

I think BT do report...

The best thing you can do if you find any detrimental info whilst you're trying to get resolution is to add a notice of correction to your file(s). this gives an explanation that needs to be taken into account when applying for any new credit lines, as such it prevents any automatic decisions (online applications), as each application will need to be manually approved by a real person. If you do this, remember to ask for the notice to be removed once your situation has been sorted, as these notices stay until you ask for them to be removed.

As to who can update the CRAs, I'd imagine that any organisation that has the ability to provide credit, along with debt collection agencies (for sold-on debts etc)

Remember though that a CRA simply show information that's been provided - any inaccuracies you'll have to go directly to your provider, who in turn will reflect updates back to the CRA

fiscoking

Hello DevilPigeon,

Thanks for the info.

Adding notices to your file doesn't restore your credit rating though (does it?).

Every time a lender adds a DD bounce or Missed Payment to your file, your score goes down. Are you saying that a lender can report whatever they want - without comeback?

DevilPigeon

No, adding a notice won't in and of itself improve your file, but whereas an automated decision tool would probably automatically reject you, having a notice on means the application has to be evaluated by a person, who may decide to accept depending on the reason for the notice.

A lender can only report what is factually accurate, but if you disagree with anything being reported then there are avenues for complaint you can go down. Firstly you need to give the company itself the opportunity to remedy the situation, failing that you can then complain to the financial ombudsman (I think).

If upheld (by whoever), any historical entries should be adjusted, which will improve your file.

fiscoking

OK.

That makes sense.

Rather than wait for this whole thing to play out (and suffer months of reduced credit rating), I may just take BT to the small claims court first, as I believe they owe me money. I might be able to get the magistrate to rule on the rest of the bill while we're there. That would be convenient. Then I can get my credit history put right.