Are credit reference agencies government regulated?

Thrugelmir

usefulmale wrote: »

No permission has been given to the CRAs to process / hold / pass that information on.

Are you sure? Start reading the small print. Use of data is tightly regulated.

usefulmale

Thrugelmir wrote: »

Are you sure? Start reading the small print. Use of data is tightly regulated.

There is no small print to read. I have had no contact with any CRA and I have not given them permission to hold or process any information about me, nor have they contacted me to request said permission.

A term may be included that a certain company can pass info to the CRA but I doubt that same term is enforceable in allowing the CRA to process and pass on that info, especially if it implies that such permission cannot ever be revoked.

I would bet that the whole edifice is illegal but obviously, it's a David and Goliath situation. AFAIK, the data protection act allows an individual to instruct any private company to remove all records concerning that individual.

bsms1147

I'm on the side of the CRAs.

Tixy

usefulmale wrote: »

AFAIK, the data protection act allows an individual to instruct any private company to remove all records concerning that individual.

Credit reference agencies are not the same as any other private company when it comes to the DPA.

OP - Not sure if you have seen this ICO report but if not you may find it useful/interesting to read - https://ico.org.uk/news/latest_news/2014/~/media/documents/library/Data_Protection/Research_and_reports/outcomes-report-credit-reference-agencies.pdf

usefulmale

Tixy wrote: »

Credit reference agencies are not the same as any other private company when it comes to the DPA.

Can you point me to the section in the DPA that provides any exemptions / special circumstances for CRA's?

JKSandy

Incorrect data for someone with a similar name to mine was adding to my credit file, which was eventually removed.

However I then noticed searches by Lowel the debt collector fim, I think that's the name.

I know these can't be seen by anyone other than me but it shows how easily they allow companies to look at your file.

colsten

usefulmale wrote: »

AFAIK, the data protection act allows an individual to instruct any private company to remove all records concerning that individual.

Got a link for that please as this could be ever so useful?

A_Flock_Of_Sheep

It's a good idea to a point until, like me you are on the receiving end of maladministration on the part of the reporting lender.

It took me nearly a year to get false incorrect data removed from my files. This should be a simple process but when companies can't locate your account as was the case for me it was a fiasco.

What also was annoying was when I called the company reporting the data to the CRA's none of the call centre twerps knew what I was talking about and couldn't locate any department that sent the data to the CRA's. Apparently the people who sit in the CRA reporting office don't have phones and don't speak to the public yet they can toy around with life changing information.

I think anyone on the end of CRA maladministration should receive guaranteed compensation starting at £500 for a simple error rising to many thousands if it impacts on mortgage applications etc. The firm reporting should also be fined by the CRA and in a bad and/or repeated case of errors banned from using the system either temporarily or all together.

CRA's should be reserved only for regulated credit agreements and NOT utilities and phone contracts - which seems to be where the errors lie. It was a utility that caused my CRA nightmare.

usefulmale

colsten wrote: »

Got a link for that please as this could be ever so useful?

http://www.legislation.gov.uk/ukpga/1998/29/section/10

However, there are so many get-out clauses that the section is practically worthless.

Should you really be denied a mortgage because you were late paying your gas bill four years ago?

I would say in that circumstance, section 10 1b is certainly true.

Archi_Bald

usefulmale wrote: »

Should you really be denied a mortgage because you were late paying your gas bill four years ago?

You wouldn't be turned down for a mortgage because of that. Many applications for credit will be reviewed by underwriters as human judgement is often appropriate.