NPower suddenly appears on my file

keithportsmouth

I often wonder whether we'd all be better off if the CRAs didn't exist.[/QUOTE]
Of course we would , i borrow thousands and none of the banks i use give a monkeys about half the stuff on these sites.
Unfortunately the government like to snoop more then anyone and like these data bases to be around as they could be usefull to them.
CRA'S were set up to prevent careless people getting into more debt, now it has become a cash cow industry.
does this site have any experts who give their advice or opinions,what about Mr Lewis who sold out for a few million whats hes take on this?

keithportsmouth

The main reason for the start of this snooping is to see gaps of unpaid periods ,which rings alarm bells to utility companys ,let me explain.
there has been a big rise in the number of people who buy Gas Meters from ebay etc and swap them over for the winter period , So now if your report shows your using electric but no gas ,,you may get a visit.!
This is also the reason for smart meters which will be rolled out by 2016 ,,the reason they give for installing them is that you are too stupid and thick to know what your heating costs are but really,,,they want to be the only ones doing the robbing ,not you.
Hope this helps give you some food for thought!

Experian_company_representative

I think it's usual for dual fuel arrangements to be registered as two accounts as each will be a separate agreement. I have different account numbers on my gas and electricity bills even though they're with the same supplier. Importantly, the start date shown should reflect when the account was opened not first shared with the CRAs so if it's a mature account your credit rating should benefit from this. Utility firms are beginning to share data and it's something featured in MSE's credit rating guide. I think it's a very positive development for people - most of us don't pay late or get into disputes so will be collecting additional positive credit history information. However, if you do get into a genuine dispute with any creditor then existing data-sharing rules mean that adverse information should not be registered on your credit report while the dispute is ongoing.

James J

GingerBob_3

Experian_company_representative wrote: »

Utility firms are beginning to share data and it's something featured in MSE's credit rating guide. I think it's a very positive development for people - most of us don't pay late or get into disputes so will be collecting additional positive credit history information.

James J

No, it's a very negative development for people, as explained earlier in this thread. The unfortunate customers of incompetent, bumbling NPower now have to trust them to take care of their private financial data, vis-a-vis passing it on to the likes of Experian who then make it available to Uncle Tom Cobley and all. This is all coming about due to pressure from the CRAs - the utility companies have little to gain from this. They are, after all, obliged to provide a service. At best, from their point of view, they could force pre-payment meters on some of their happless customers who may have missed the odd credit card payment.

To say that - as you mentioned in a parallel thread - a well managed utility account is an asset, is utter bunkum. Lenders are primarily interested in defaults.

I think it's about time some legislation was introduced banning lenders and other companies from reporting anything to CRAs other than negative incidents (defaults, late payments etc).

GingerBob_3

And another thing - half the time these disreputable utility companies owe us money! It's a pity we can't sanction them by adversely affecting their ability to obtain finance in the marketplace when they don't pay refunds in a timely manner.

Experian_company_representative

Gingerbob, you have the sanction of taking your custom elsewhere. Your comment that lenders are just interested in defaults is far from the truth. Try applying for credit with no defaults but no positive data either and see how you get on. Our role is to help people build up a positive body of evidence of their creditworthiness so you can port that to any lender you choose to deal with. In that respect this is a very positive development for consumers, particularly people who don't tend to use more traditional credit products such as cards and loans very often.

James J

GingerBob_3

Experian_company_representative wrote: »

Our role is to help people build up a positive body of evidence of their creditworthiness so you can port that to any lender you choose to deal with.

James J

Your role is to provide information to lenders, and increasingly a whole range of other organsiations who are not lenders, but service providers (e.g. NPower), to enable them to make business decisions as to who to accept as a customer. These are the people who pay you. The man in street does not pay you (directly) and you don't provide him with a service in this respect.

I will merely point you to this post:

http://forums.moneysavingexpert.com/showpost.php?p=64958074&postcount=5

given in response to similar assertions you've made about the supposed benefits of utility companies supplying information to you.

Experian_company_representative

Energy companies are also creditors and are required to lend and collect fairly and responsibly. Sharing data with other credit providers helps them do this. With utility providers it's not about which customers to accept but understanding a customer's financial situation and managing the account appropriately based on this knowledge. Most customers do run their accounts well and will as a result benefit from additional positive information on their credit reports. Contrary to what you and the other poster you quote say, positive account information from utility providers is likely to boost credit ratings.

James J

JKSandy

I have no issues that they will be reporting however I do think companies should not be allowed to suddenly share information from existing customers.

It should be "Ok from MARCH2014 we are going to report to CRA's" so it should only be any customers who joined after this time. It just doesn't sit right to me personally when your account can suddenly appear.

For example BT suddently recorded my account on Equifax the year before last for an account that was closed in 2008, the acccount was run with no defaults or late payments so no real issue but it just feels wrong to suddenly appear.

PaulW922

I have just switched from NPower and my account has also been added as a result of this change - with the correct start date shown. I have no problems with it - a common complaint on these message boards is reckless lending (by payday firms and others) - more information such as this gives a better impression as to someone's current financial status.

Having said all that I agree that NPower are a shambles administratively.

Others have asked about debit and credit balances on utility bills - this is the whole point of a monthly direct debit - I cannot se sit is a problem unless the energy company screws things up (which they might!)