Are credit reference agencies government regulated?

supermassive

I'd like to know why they're held in such high regard without any doubt of their legitimacy by banks and lenders the country over. Surely there's some legislation they have to adhere to in order to confirm that the information they have is true - something other than "he said she did this, so we hold that information".

stator

I don't know if there is specific legislation but they are definitely covered by data protection which holds that all information must be accurate

rizla_king

Data protection Act 1998

supermassive

Is that seriously all?

Buzby

It is a joke, isn't it? Add to the fact that you cannot check your data without providing a further swathe of personal information which they use to populate their data set - and you cannot opt out of this requirement.

Add the fact there is now a land-grab for your NI number due to the change in Electoral Registration rules - the gift that just keeps on giving.

supermassive

On the phone with equifax. The only information they take is (bless the poor woman, she didn't speak much english and I grilled her for an hour) "data" and "documentation" from a lender.

They do not request any evidence or proof of a credit agreement at all. Not one bit.

The only thing they adhere to is the data protection act 1998, however, if they're not asking for evidence or proof of the information that they hold, then they're distributing false information.

http://www.cps.gov.uk/legal/d_to_g/fraud_act/#a07

If we look at this nugget of information from the CPS, we'll see that this is definitely, without a shadow of a doubt, fraud.

Fraud via false representation, misuse of a position of power, and generally... well... alot of stuff to be honest.

One part of that which proves the fraud to be something that should be taken to court is the phrase "loss & gain". The consumer loses their ability to obtain credit and the credit agencies with their "scores" stand to 'gain' many £££ from instilling a sense of fear in the public.

I wonder if anyone's actually aware of what a shambles and mockery this industry is?

Hazzinho

Nothing wrong with it for me, they are regulated by the FCA. Good solution to see if someone is credit worthy. Please enlighten us with a better solution. They report what is provided by the lenders.

colsten

Buzby wrote: »

Add the fact there is now a land-grab for your NI number due to the change in Electoral Registration rules - the gift that just keeps on giving.

Haven't heard about this - what is it all about?

Hazzinho

colsten wrote: »

Haven't heard about this - what is it all about?

They don't, if you read the electoral roll thread you'll find he talking rubbish, don't let facts get in the way of a good rant.

colsten

Thanks Hazzinho, got a link to the electoral roll thread?

Hazzinho

https://forums.moneysavingexpert.com/discussion/5023672

The NI is for fraud prevention and isn't passed on.