Who regulates Credit Agencies and Debt collectors?

Skiff85

So I have been unemployed and struggling for quite some time now. A big part of my problem is that a lot of jobs I apply for run a credit check, and I knew my credit wasn't great but I have no outstanding debts so assumed I would pass a vetting process. I actually got offered a job some time ago and then got a call later that day saying that they had to rescind their offer as I did not pass their credit check and I have been turned down for at least 2 interviews because I did not pass a credit check.

Now I decided as it is a new year, I will try to get to the bottom of this as my last debt was paid in full over a year ago and I always pay my bills on time. So I tried to sign up with experian for the free report, they wont give me one because I had one about 6 years ago. So I went to equifax (which I only recently found out about). Upon looking at my credit report, I have a debt from over 4 years ago showing as defaulted with an outstanding balance, which also has a ccj from the same time attached to it, also showing as still active. I contacted the debt collection agency in question and they confirmed that this was paid in full 4 years ago. I also found that a debt I had from 2 years ago had a duplicate file on there, one paid, one defaulted. Apparently as it was passed through 2 collection agencies, both felt they needed a separate spot on my credit history.

Both incorrect debts on my report are due to C L Finance not updating things correctly as far as I can see. Yes, they were on there in the first place because I was stupid and naive when I was younger, but this has been affecting me for years now, and has cost me a job and opportunities at with other employers.

If the prices for checking my credit file were not so steep I could have found this out years ago and things would probably be totally different now. I checked noddle midway through last year and that told me that everything was fine.

Who regulates these companies? Who regulates these debt collection agencies? If these people had done their jobs properly, I could have been in steady employment for the last 3 years, these mistakes have potentially cost me a minimum of £45000 (3 years employment at £15000 pa), this is disgusting. Unfortunately I'm willing to bet that I cant claim any form of compensation for this.

Sorry for the wall of text but I am so frustrated.

Tiddlywinks

Oh come on...pull the other one.

You could have just ordered a copy of your report for £2 - not really expensive at all!

http://www.experian.co.uk/consumer/statutory-report.html

You knew you would have had adverse entries because you had a defaulted account - so why didn't you keep checking to ensure all details were correct?

You then knew that employers would carry out a credit check so why didn't you then get proactive and do some checks yourself?

Hell will freeze over before you get £45k compo for something that YOU could have dealt with years ago.

Skiff85

I wasn't aware I could check for £2. Regardless, They didn't do their job correctly. If we are to be charged for this service then don't you think that mistakes like these should be costly for the people that make them?

I did check on noddle which I was assured on these forums was just as good.

You may be some kind of credit whizz and know everything about the industry but I don't have a clue.

Tiddlywinks

Ignorance is no excuse - you knew that there was adverse information on your report because you hadn't paid an account. Therefore it was in your best interests to check the accuracy of the report when you realised that employers would be looking at it.

You should have taken some responsibility for checking things out yourself.

As to the credit reference agencies - they only report the information provided to them by the financial organisations... so your beef is with the lender and the debt collection agencies.

Stop trying to play the victim and be proactive - get it sorted by contacting the companies concerned.

But... YOU are in charge of your life and your financial wellbeing... the sooner you accept that the better.

VictimOfImpersonation

Skiff85 you are right.

And in answer to who regulates them, we are not too sure - in many respects they are indeed a law unto themselves - one can only imagine who their biggest fans might actually be

However, we can see CRAs are FOS members and that sometimes brings them to heel. See JuicyJesus' thread which reports on an Ombudsman decision criticising a CRA for inaccuracy and causing unnecessary concern.

FOS's ombudsman decisions can be searched for using the individual company name, else to see them all just whack (Equifax, CallCredit, Experian) - all of it as I have stated in bold italics including those brackets into the 'words to search for' box. No less than 30 decisions there in the last 9 months - some which affect CRAs directly, and others which criticise their data provider partners e.g. the banks.

Skiff85

I'm sorry, maybe I wasn't clear enough, at the time I was offered a job, as far as I was aware the ccj was settled, which it was but it hadn't been updated on my history. This caused the employer to rescind the job offer, which in turn caused me to miss more payments on another agreement.

I shouldn't have to check that these companies are doing their jobs correctly if I have made the necessary payments.

So yes, my issue is with the debt agencies not updating things, but my issue is also about the cost of checking these things, why should I have to pay to make sure other companies that I have already paid are updating these things!

I came here for advice and to find out who regulates them, not to be talked down to and treated like a child.

MEM62

Skiff85 wrote: »

I wasn't aware I could check for £2. Regardless, They didn't do their job correctly. If we are to be charged for this service then don't you think that mistakes like these should be costly for the people that make them?

I did check on noddle which I was assured on these forums was just as good.

You may be some kind of credit whizz and know everything about the industry but I don't have a clue.

The number of threads on this site in which people believe that they should be able to take little or no interest in their own affairs and then blame others when they run into problems is astounding. You do not need to be a 'credit whiz' to look after your own affairs. All you need is the basic info which is easily available - the internet is a very powerful tool.

OP - It is you own fault that you let this situation carry on for so long. Why were you not asking questions when you were first having problems getting employment? Now three years later you want someone else to blame. For me it's a no-brainer. We all know that these companies, and other financial institutions, make mistakes. God only knows there has been enough bad press on the subject for the past few years. So why leave your fate in their hands when it is so easy to keep any eye on your financial affairs.

Thrugelmir

Skiff85 wrote: »

If these people had done their jobs properly, I could have been in steady employment for the last 3 years, these mistakes have potentially cost me a minimum of £45000 (3 years employment at £15000 pa), this is disgusting.

Unfortunately your lack of personal finance skills will count against you when applying for certain roles. That's a fact of life.

VictimOfImpersonation

Thrugelmir wrote: »

Unfortunately your lack of personal finance skills will count against you when applying for certain roles. That's a fact of life.

Just as willingness to turn a blind eye to sundry crookedness that helps the sales figures will still count as a plus with a wink and welcoming smile with far too many roles in financial services.

Tiddlywinks

Skiff85 wrote: »

I'm sorry, maybe I wasn't clear enough, at the time I was offered a job, as far as I was aware the ccj was settled, which it was but it hadn't been updated on my history. This caused the employer to rescind the job offer, which in turn caused me to miss more payments on another agreement.

You knew you had an adverse credit history - so YOU should have checked that the file was accurate. It would have been in YOUR best interests to do that.

Not getting a job did NOT cause you to miss payments... taking credit in the first place and then not repaying the debt is what caused more issues - YOUR responsibility, no-one else.

Skiff85 wrote: »

I shouldn't have to check that these companies are doing their jobs correctly if I have made the necessary payments.

Oh come on, there is always a chance that things might go awry... you knew that a job depended on the accuracy of your file... if that isn't incentive enough to spend £2 then what is?

Skiff85 wrote: »

So yes, my issue is with the debt agencies not updating things, but my issue is also about the cost of checking these things, why should I have to pay to make sure other companies that I have already paid are updating these things!

Cost = £2

You didn't pay a company to update a file... you were making debt repayments - or not, as the case appears to have been.

Skiff85 wrote: »

I came here for advice and to find out who regulates them, not to be talked down to and treated like a child.

Act like an adult who accepts responsibility for his own destiny and then people will respond in kind.

Thrugelmir

VictimOfImpersonation wrote: »

Just as willingness to turn a blind eye to sundry crookedness that helps the sales figures will still count as a plus with a wink and welcoming smile with far too many roles in financial services.

That's the nature of the world we live in today. Doesn't just apply to financial services.