MSE News: Upgraded your Halifax account? This may not be reflected in your credit fil

Former_MSE_Paloma

If you've upgraded your Easycash Halifax Account to a Reward Account, your credit file may not be updated due to IT bug

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Upgraded your Halifax account? This may not be reflected in your credit file




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System

The commentary in MSE is getting more far fetched by the day!

There is no (legal or otherwise) requirement to log account data with the CRAs.
Banks can do this in the T&Cs, but they are not obliged to do so.

A_Flock_Of_Sheep

I don't like the fact current accounts are reported so this would suit me just fine.

PeacefulWaters

Those who upgraded and then mismanaged their accounts could be seen as "winners" then.

colsten

MSE's advice to add a NOC would mean that each application is likely to bounce at the first hurdle as manual intervention will be required to analyse the NOC. Some firms may not find it worth the costs of manual intervention and just turn down an application which otherwise might well have sailed through. People should be aware of this before they ask for a NOC.

Add a notice of correction to your credit file(s). Contact the credit reference agency to add a notice of correction to the file explaining the problem - be concise and factual.

I also notice what appear to be a couple of misunderstandings in what the anonymous lady reported:

She says: "Since January 2013 I had gone along quite happily assuming my credit score was getting better each month as Halifax had advised this would be the case. It was only when I applied for a credit card (and was refused) that I got the shock that I wasn't even being scored.

"Halifax didn't tell me was it was having problems and that my credit score would not actually be reported at all. I have spent several months trying to sort this out and hours and hours on the phone to them. This has been so very hard."

Has she not been told there is no such thing as a universal credit score? I find it hard to believe Halifax advised her the non-existent score would get better every month (although bad advice by bank employees is not unheard of). Also, Halifax never report any score to a CRA, and neither do other banks. The banks tell CRAs what the account balances are and whether there are any missed payments. It's the CRAs that work out some score that is at best an indication of credit worthiness but more likely a meaningless number. For more details, see this MSE article.

Why did she spend hours and hours on the phone, why didn't she put her complaint in writing? Why did she not escalate her complaint, either to the Halifax Executives or to the FOS?

Why, if "the score" was so important to her, did she assume rather than verify what was on her credit files?

stclair

This news is aload of dross.

Banks are not obliged to share information with the CRAs

I have two Lloyds accounts and NatWest ones that do not report to the CRAs.

GingerFurball_2

None of my financial providers report to Equifax. Who can I sue?

pinkdalek

1st World Issues......

People dying from disease, war raging in the middle east, famine, racism, prejudices and this is really a hot topic of discussion?

:beer: Be grateful for what you have.

callum9999

"Complain to the Financial Ombudsman. Tell it that this issue is out of your control and is having an adverse effect on your credit file."

That would be a complete lie... It's not having an adverse effect, it's having no effect. Big difference.

pinkdalek wrote: »

1st World Issues......

People dying from disease, war raging in the middle east, famine, racism, prejudices and this is really a hot topic of discussion?

:beer: Be grateful for what you have.

Using your ridiculous criteria, none of us would be able to talk about almost everything... "Did you see the game last night?" "How could you possibly talk about football when people are dying of Ebola!"

stclair

So in a nutshell then are mse saying if your account is not reported to the CRAs you should take the matter the ombudsman?

I would be interested to here the experians reps take on this?

d123

pinkdalek wrote: »

1st World Issues......

People dying from disease, war raging in the middle east, famine, racism, prejudices and this is really a hot topic of discussion?

:beer: Be grateful for what you have.

LOL :rotfl:

Should we close down all discussion boards until a cure for all diseases is found, there is peace in the Middle East, everyone has food and racism and prejudice has disappeared from the world?