Energy Companies Reporting On Your Credit File?!?

BenjyBoo

For the first time ever I have noticed an energy company listed on my credit file, reporting that I am keeping up with payments!

I have been with quite a few suppliers over the years but have never seen them on my credit report. Just as things are getting really hard for me and I'm most likely for the first time going to get in to trouble trying to pay my bills being disabled  and balancing heat or eat, does this mean I'm going to be black listed for credit and lose my good credit rating? 

MWT

Many of the energy companies report to the credit agencies these days, so yes, missing/late payments can end up affecting your credit rating, but that doesn't equate to being 'black-listed'.

I would suggest that if you already know you are going to struggle with your energy bills talk to your supplier before it becomes a problem and see what they can do to help...

Ally_E.

Yes, I noticed that too, mainly because my credit score went down and the report flagged a new credit opened with Octopus, who made a mistake and cancelled my account and then re-instated it. Now that mistake is on my credit file affecting it 

JGB1955

I had a report from Octopus, but no others.

TimSynths

British Gas is on mine- cant say if its a new thing or not but it makes sense. 

luvchocolate

Shell started reporting on mine a couple of months ago 

MWT

Ally_E. said:

Yes, I noticed that too, mainly because my credit score went down and the report flagged a new credit opened with Octopus, who made a mistake and cancelled my account and then re-instated it. Now that mistake is on my credit file affecting it 

I would get too worried about something like that.

The score you see really isn't of much interest to most lenders, it is more about the events recorded on the file.

Sea_Shell

I wonder if this is the thin end of a bigger wedge?

What next, will they be reporting "debit" balances as "arrears"?    That's one way of trying to persuade customers not to let their accounts go into debit.

Surely with a fixed DD (based on accurate usage) you will, naturally, over the course of the year, spend time both in credit and debit on your account as your use fluctuates.  

I'm sure I read on here somewhere, that some suppliers are trying to now pitch their DD's in such a way so the balance doesn't ever fall below the "debit" line, but that does mean much higher DD's than otherwise necessary.   

Someone posted a graph to illustrate this point, can't remember who/where?   (maybe @QrizB knows or remembers?)
 

Sea_Shell

I've just checked my report with Credit Karma, and Eon are now reporting, with a zero balance, and lots of green ticks.

I'm assuming as I am in credit by £250, that the balance would only be reported if it was a negative balance?

But then it also randomly shows a credit balance of £36 in June 21.   So not sure why it's not reporting my current credit balances since then.

Will keep an eye on it.

This is what it looks like...


   

MWT

This isn't a new thing, it has been happening for a long time now.

What they are expecting is that you keep up with whatever payment method you have agreed, so if it is monthly DD then you need to make sure the DD can clear each month, if it is payment on receipt of bill then you need to pay within the allowed time period etc.

Sea_Shell said:

I'm sure I read on here somewhere, that some suppliers are trying to now pitch their DD's in such a way so the balance doesn't ever fall below the "debit" line, but that does mean much higher DD's than otherwise necessary.   

That part isn't new either, it has been in the T&Cs with a lot of suppliers for a long time now, they are not intending to provide credit, just level out the payment over the course of the year.

If you join a new supplier in the spring it will happen naturally that your balance builds over the summer and gets used up over winter.

If you are going into debt over winter you may find your supplier is more eager to fix that than they have been in the past, but once it is 'fixed' it will stay that way as long as your actual use remains within the estimated use.

This is from the Octopus T&C...

9.2.1 (i) you should keep your account in credit and (ii) we will track and carry the balance forward to the next month's Statement of Account;

I've never built up much of a balance with Octopus though, but always keep the account in credit from month to month. I just adjust the DD and make small top-up payments to make sure it stays positive without growing a large balance.

Gerry1

Sea_Shell said:

Surely with a fixed DD (based on accurate usage) you will, naturally, over the course of the year, spend time both in credit and debit on your account as your use fluctuates.  

I'm sure I read on here somewhere, that some suppliers are trying to now pitch their DD's in such a way so the balance doesn't ever fall below the "debit" line, but that does mean much higher DD's than otherwise necessary.   

Someone posted a graph to illustrate this point, can't remember who/where?   (maybe @QrizB knows or remembers?)

@Sea_Shell Guilty !