Egg Policy Change ?

ApplePie123_3

I see that the Experian Group share price has gone up today!! I wonder why!!!

chicken_legz

It will not show on your credit file that your agreement has been cancelled........

netlang

I see they are still running ads on TV (SKY) looking for more new customers

Prudent

It seems an underhand way of managing customers.

Are Egg hoping that the unprofitable customers will be shamed by the headlines into silent acceptence of shoddy treatment?

trisontana

I notice that the head-office address for Egg is the same as another struggling outfit, namely Derby County Football Club.

Halloway

trisontana wrote: »

Angela Knight has been on TV many times trying to defend high bank charges, so I wouldn't expect much from her.

Come the revolution, she'll definitely be one of the first against the wall...

BritBrat

Customers need to think if they are in trouble, and if you have money with them.

netlang

Halloway wrote: »

Come the revolution, she'll definitely be one of the first against the wall...

But will she have EGG all over her face :rotfl:

Psiloman

In many ways Eggs decision makes excellent business sense. Review customer base and ditch those customers who are a high risk and those customers from whom they make no profit and concentrate on customers from whom they can maximise returns. Its just that they have completely mis-handles the whole change management process by not being open and honest about what they were doing. But could we have expected any more from Citi Bank...probably not

nickmack

It's pretty much speculation about how Egg have come to these decisions without an Egg insider confirming the situation.

However, for some of the comments I've seen, people with generally good-excellent credit histories are having their facility removed. If correct, this obviously cannot be directly attributed to risk.

This being the case, of course as a provider of credit, Egg are entitled to lend to whom they wish. However, the worst part of this situation is the deception from Egg. Not wanting to state this is to flush out customers who bring little profit, they blame changes in credit profiles.

A cynic may even consider the formula used to make this decision calculates purely the amount of money Egg make from each customer and those below a threshold are targeted.