Egg Policy Change ?

Jaymz

Obe_one wrote: »

If I were you I wouldn't waste my time. The FONZ will reject your complaint in favour of Egg...it states in the terms and conditions, signed for at the beginning of the agreement, that they may cancel your account at any time without reason provided they give you 30 days notice.

As much as I shouldn't stick up for Egg, they are well within their rights to cancel your account as Obe has said.
Egg don't HAVE to give you credit if they don't want to. Just take your custom somewhere else (another card provider) or better still - don't use credit!

Obe_one_2

Counter55 wrote: »

Obe_one - I see you only joined yesterday - just to let you know that there is no need to delete your old posts. Some posters have already wondered if you work for Egg or their PR firm.

You are quoted in post 343 but your early posts no longer exist.

Below are some of your statements - if you don't work for Egg how can you be so sure what is going to be reported to the credit reference files and what do you say about the stories Egg have released to the Press about the customers being got rid of having adverse credit history?[/FONT]

I mentioned in an earlier post that I used to work for Egg, and have previous experience in dealing with a customer's credit file.

I know there isn't any need to delete my old posts...I didn't.

I say exactly what I said earlier about that too, there are many things that may affect someone's credit file or more accurately their 'credit worthiness'.

Obe_one_2

YorkshireBoy wrote: »

Sorry, but these two statements seem to contradict each other...unless I'm missing something.

They do don't they, sorry I was trying to agree with the previous poster about what appears on a credit file rather than say 'actually that is not strictly accurate'

To be clearer - a credit search or CAP (where you simply apply but perhaps do not proceed) will not show the name of the organisation to which you have applied, simply that it was a credit card or a loan etc...

If you actually hold an active product, or previously had an active product that has since been closed, the organisation name will be visible to the person doing the searching.

Bismarck

Well obe_one. Thanks for your contributions...some on the thread have not been as welcoming but I can see that it is a tense situation for some more than others - actually more tense for some that are not used to it being upset because they're in the happy-land of convenient low-cost or profitable credit that they can repay without undue hardship.

It's also been a long thread and not over yet!

To sum-up, anyone who can add a real insight to the mystery of "the computer says no" situation is really welcome.

I read an article on risk-based pricing after another well-informed worker mentioned it (jamalfatty) and it's been a huge help in doing the right things at the right times and not getting nasty unwanted post! I'm still a profitable customer for the banks unfortunately but I'm working on it.

Repo

Jenna wrote: »

How many people who've had their accounts cancelled use Money Manager to access all their other accounts?
...
But now I'm thinking about MM ... I have ALL my other banks/CC's added to it, so I can check their balances at the same time ... overall (as I'm in debt) of course I show as being in debt when I use MM. :rolleyes:

I'd like to know this information as well. Have Egg (mis)used MM to glean information about the balances of the other accounts we had registered there?; and if they have is this illegal?

DifferentFromTheNorm wrote: »

Egg Money is usually paid directly into the Egg Money account. But, for those whose accounts are closed they will keep the cash back but it will be paid directly into their bank account (as long as they accrued the minimum £5)

How do you know it will be paid into the bank account? Not trying to be argumentative but they owe me £200 off my Egg Money (Mastercard). I maxed out about a month ago which gives some indication of how much I used the card and how much inconvenience this pack of lies will cause me.


Personally I hope the shareholders sue the company executives for loss of earnings and make each and everyone of them bankrupt. There's too many people at the top of corporations that prove that they couldn't run a ****up in a brewery by making awful business decisions and yet they still manage to get hefty payoffs.

YorkshireBoy

Obe_one wrote: »

To be clearer - a credit search or CAP (where you simply apply but perhaps do not proceed) will not show the name of the organisation to which you have applied, simply that it was a credit card or a loan etc...

Understand that.

If you actually hold an active product, or previously had an active product that has since been closed, the organisation name will be visible to the person doing the searching.

So, are you saying, for example, that when LTSB search my file (for a credit card application) they can see that I already have active credit cards with...

Egg, MBNA, Capital One, Halifax, First Direct, etc

And that I have previously held credit card accounts with...

Yorkshire Bank, Co-op, NatWest, BOI, Citi, etc

...because if you are, I'm very surprised. I thought the SCOR's principles of reciprocity, and industry guidelines/codes of practice prevented the disclosure of creditor names on customer data obtained during searches, since that information could be used to 'poach' (especially good...whatever that means) customers from rival lenders.

DifferentFromTheNorm

Repo wrote: »

How do you know it will be paid into the bank account? Not trying to be argumentative but they owe me £200 off my Egg Money (Mastercard). I maxed out about a month ago which gives some indication of how much I used the card and how much inconvenience this pack of lies will cause me.

I work for Egg and it is one of the questions which staff are given an answer for, the answer specifically states that the cash back will be sent to their external bank account by the end of March.

Obe_one_2

Hi Bismarck - I think the reason why I wasn't really welcomed was the tone of my original post.

At the moment pretty much every other person affected by this is saying there is nothing wrong with their credit file, they have obtained it and the score is almost perfect.

I suggested that their probably IS something wrong with it and a few people took exception to that.

What I have tried to do since is explain how you may be identified by a lender as a credit 'risk' and that it isn't always necessarily down to not missing any payments or exceeding your credit limit.

It's a difficult thing to judge from one lender to the next because their specific lending policies change.

With the reasonably recent introduction in this country of 'risk based pricing' we'll see it become more and more difficult for people to obtain credit. Which if you ask me is not really a bad thing.

We should change our spend culture from one that borrows to buy what we can't afford to one that saves for things and live within our means.

I am not whiter than white where this is concerned so I am not trying to preach of course!

Something I think it is worth mentioning is that Egg are trying to be responsible lenders. I am sure it would be a much bigger news story if they lent too much money to someone who couldn't make the payments and ended up committing suicide due to the stress and constant harassment by their collections department for overdue payments (as alleged against Barclays a couple of years ago)

Obe_one_2

YorkshireBoy wrote: »

Understand that.So, are you saying, for example, that when LTSB search my file (for a credit card application) they can see that I already have active credit cards with...

Egg, MBNA, Capital One, Halifax, First Direct, etc

And that I have previously held credit card accounts with...

Yorkshire Bank, Co-op, NatWest, BOI, Citi, etc

...because if you are, I'm very surprised. I thought the SCOR's principles of reciprocity, and industry guidelines/codes of practice prevented the disclosure of creditor names on customer data obtained during searches, since that information could be used to 'poach' (especially good...whatever that means) customers from rival lenders.

Yes, your file will show who you either hold or held accounts with.

Usually this will remain on your file for as long as the lender is required to keep your information for, 6 years under the DPA.

jonnyb

Obe_one wrote: »

They do don't they, sorry I was trying to agree with the previous poster about what appears on a credit file rather than say 'actually that is not strictly accurate'

To be clearer - a credit search or CAP (where you simply apply but perhaps do not proceed) will not show the name of the organisation to which you have applied, simply that it was a credit card or a loan etc...

If you actually hold an active product, or previously had an active product that has since been closed, the organisation name will be visible to the person doing the searching.

What Obe is trying to say is that if the lender asessing the application has, or has had, an account for that applicant before, they will see that data shown as their own account.
They WILL NOT (at least with Experian, who I work for) see the details of other organisations who have accounts with the applicant.