Hate creation--help needed :(

Hi everyone,
I have got quite a few creation credit card accounts
Which I have been maintaining pretty well.
When I called yesterday to find out some offers they said
Their fraud and security team closed all my accounts.
I was shocked to hear this and the reason they gave is
Check my equifax. I called equifax and they said my report
Is fine with upto date payments .

When I called creation they are not giving me proper information.
Can any one came through this ?? If yes how can I sort
These out to open my accounts ??

Thanks

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    edited 30 January 2013 at 8:04PM
    Assuming that you gave the correct answers to security questions then to have several accounts closed by a lender all at once, and without them giving you much detail would suggest that they may be concerned about potential money laundering.

    How many cards do you have with the one lender?
    What balances are you carrying?
    Have any of your accounts had a credit balance?
    Any activity that might look unusual to a lender? maybe things like lots of purchases then returns following them? Any significant use of the cards for gambling?

    Rather than phoning equifax have you got actually got a copy of your credit file to have a look at what it shows? If not get a copy. You might also want to get copies of your credit report from experian and callcredit(noddle) as well.

    Look for anything unusual and also check the CIFAS section to see if anything is listed there.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Bizarre.

    You should definitely follow Tixy's advice. Sign up to view your credit report on Noddle (it's completely free-for-life) to see whether you can spot anything.

    I'm also with Creation and had no problems with them at all. In fact, they've recently increased my credit limit and also offered me a facility called Creation Plus (1% cashback on purchases up to a maximum of £10 per month), so they've clearly been spooked by something which they've seen.

    Bear in mind that not all credit reference agencies store the same information. It depends on which agency/agencies the company registers data with. Given that they've specifically mentioned Equifax, they ought to be your first port of call. Either sign up for their online service (free for the first 30 days - remember to cancel before the end of the trial otherwise there's a monthly subscription charge) or order a printed 'statutory credit report' (cost is £2, also available from their website).

    Good luck.
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  • planteria
    planteria Posts: 5,321
    First Anniversary Combo Breaker First Post
    Forumite
    sounds very strange. yes, check out via noddle.
    and, fwiw, i know Creation are hard going...and youd be better of spending on a cashback credit card when you can get one & pay off creation
  • Thanks for the reply guys
    But bad news :(

    I got a letter saying due to anti money laundering policy
    They are closing all my 7 creation accounts and I have to keep on
    Paying till balance is cleared..
    Upon that they have taken all 0% offers on them n increased my
    Interest rates.
    Feeling very let down ..
  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    That's bad news....and for your credit file...
  • jo-bo
    jo-bo Posts: 390 Forumite
    Surely you should be able to keep the existing balances at the existing rates?
  • Tixy
    Tixy Posts: 31,455 Forumite
    Angel143 wrote: »
    Thanks for the reply guys
    But bad news :(

    I got a letter saying due to anti money laundering policy
    They are closing all my 7 creation accounts and I have to keep on
    Paying till balance is cleared..
    Upon that they have taken all 0% offers on them n increased my
    Interest rates.
    Feeling very let down ..

    Do you mean they have increased the standard APR as well as removed your 0% deals?
    If so then I would argue with them that you should be able to keep the cards at the current standard APR (though I imagine its in the T&Cs to remove the 0% deals).
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • izools
    izools Posts: 7,513
    Combo Breaker First Post
    Forumite
    edited 11 February 2013 at 3:29AM
    First of all this should have no impact on your credit file whatsoever so long as you keep up at least the minimum repayments each month. You haven't defaulted, and that is what your credit file will reflect unless Creation breach the DPA.

    Secondly, you are legally entitled to keep your existing interest rates. You have 56 days to contact them from receipt of notification that your rates will increase to reject the increases. They are under a legal obligation to comply with your request and if they don't raise a formal written complaint.

    If they reject your request and you exhaust their complaints process, you can take your complaint to the FOS and so long as you continue keeping up at least minimum repayments, the FOS will rule in your favour and order Creation to re-instate your prior rates.

    With regards the 0% unfortunately this is considered a "Promotion" or "Special offer" that can be withdrawn at any time, and doesn't comprise part of the actual credit agreement, so Creation aren't under a legal or contractual obligation to re-instate this but I'd suggest giving it a go in your complaint anyway :o

    Finally, have you actually obtained a copy of your Equifax credit file and specifically reviewed the CIFAS section yourself?

    Good luck!

    EDIT: Have you used the cards for cash withdrawals / money transfers into a bank account?
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