Egg Policy Change ?

YorkshireBoy

Obe_one wrote: »

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

So is this a recent change? The reason I ask is that I once had a telephone chat with an Egg underwriter (for a credit limit increase) who was viewing my file 'live' (or had a recent copy of it) and I formed the distinct impression that she could not tell who I had accounts with.

She was asking me which lenders I currently used, and to tell her which balance was attributable to which lender.

Now I'm really puzzled...but thanks anyway for posting responses to my questions.

YorkshireBoy

jonnyb wrote: »

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.

Makes sense.

They WILL NOT (at least with Experian, who I work for) see the details of other organisations who have accounts with the applicant.

So I was correct in my understanding then? Or maybe not...what say you Obe?

I didn't realise you worked for Experian jonnyb.

Obe_one_2

YorkshireBoy wrote: »

So is this a recent change? The reason I ask is that I once had a telephone chat with an Egg underwriter (for a credit limit increase) who was viewing my file 'live' (or had a recent copy of it) and I formed the distinct impression that she could not tell who I had accounts with.

She was asking me which lenders I currently used, and to tell her which balance was attributable to which lender.

Now I'm really puzzled...but thanks anyway for posting responses to my questions.

Well the post prior to yours JohnnyB says:

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.

Which differs slightly to what I just said to you so maybe I am wrong. As he works for Experian I am sure he is right.

I may have to admit to being wrong perhaps?!!

This could also mean maybe that as different credit reference agencies hold different information, some of them show this information but others do not?

The person you spoke to was maybe even trying to see if you were disclosing all of your current borrowing. I think they may try different tactics to find out if you are being honest with what you owe.

Bismarck

Now this is getting interesting!

I've been under the impression that if I phoned up to do a transfer, the "agent" has access to virtually my entire risk profile across all providers. If you've done some shuffling over the years, they'll have a good idea where money's come from and where to and for how much. I guess it was paranoia in hindsight that when I was stretched, they always seemed to know and not give any special deals....because they didn't have to compete for my debt.

Once I cleared one, the gap opened and the shuffle became an option.

I guess from then and what I've read on this forum,I believed they could see what my outstanding balances were and available limits across the board. What can a provider actually see on their file when they put my details in?

Another question which probably shouldn't be here but as the experts are on, would an employers credit check show that you had outstanding balances or would you get a clear report as long as you had no CCJs, IVAs or bankruptcies....if this isn't the right place to ask, I apologise..it's just been bugging me.

jonnyb

An employer running a credit check would usually have no right to see the CAIS data(credit account information sharing - Equifax call it INSIGHT). They should just get the basic voters roll, ccj/bankruptcy, linked address and maybe previous search information.
Even if they were a credit lender who did have access to CAIS data, the rules under SCOR (standing committee on reciprocity - I think) say that they should only use the CAIS access to process credit related applications. In theory they should have a separate access for non-credit related appls, but I bet there is a lot of rule bending.

Any credit lender with CAIS access should be able to see your outstanding limits and balances. They should the same data you will see on your credit file, but where you will see the name of each application, they will only see the account type - i.e. credit card, loan, etc.

Obe_one_2

Bismarck wrote: »

Now this is getting interesting!

I've been under the impression that if I phoned up to do a transfer, the "agent" has access to virtually my entire risk profile across all providers. If you've done some shuffling over the years, they'll have a good idea where money's come from and where to and for how much. I guess it was paranoia in hindsight that when I was stretched, they always seemed to know and not give any special deals....because they didn't have to compete for my debt.

Once I cleared one, the gap opened and the shuffle became an option.

I guess from then and what I've read on this forum,I believed they could see what my outstanding balances were and available limits across the board. What can a provider actually see on their file when they put my details in?

Another question which probably shouldn't be here but as the experts are on, would an employers credit check show that you had outstanding balances or would you get a clear report as long as you had no CCJs, IVAs or bankruptcies....if this isn't the right place to ask, I apologise..it's just been bugging me.

As far as when you are calling your bank regarding an example such as yours, a balance transfer, the person on the other end of the phone cannot see the information on your credit file.

I believe the only time this is accessed by the lender is when you apply for the credit (or if they decide to do an impromptu credit risk analysis)

Following your application the lender builds up their own internal credit worthiness based on things such as your overall balance and what specifically this is made up of, what payments you make towards the account, whether you consistently use the account to gamble or withdraw cash etc...it is usually their own information that is then used to decide whether they should increase your credit limit or offer you a lower rate balance transfer.

Regarding your question about what employers see when checking your file, I have no experience of this. Maybe JohnnyB could answer this for you?

YorkshireBoy

jonnyb wrote: »

(standing committee on reciprocity - I think)

'Steering', but I'll let you off.

http://www.experian.co.uk/downloads/newCompliance/reciprocityDataSharing/porInformationSharingV27.pdf
(Warning: It's a bit heavy!)

Counter55

Obe_one wrote: »

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'.

Well your earlier posts seem to have gone off the board - some are quoted in posts 343 and 344 - before your first post currently existing.


Quote:
Originally Posted by vikingaero
Oh how I'm going to enjoy making a FOS complaint on her behalf.:T

Obe_one:
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.

If I get a letter my complaint wouldn't be that Egg didn't have the right to give notice to close the account without reason, it would be that Egg gave a reason to the press and that reason was damaging and false.

Interesting to see the way the story is being reported -
http://www.theretailbulletin.com/news/debt_laden_customers_banned_from_using_their_egg_credit_card_02-02-08/
and
http://www.customerthink.com/blog/internet_bank_egg_fires_161_000_customers

jonnyb

Just thought I would give my opinion on the actions by Egg.

I think that those customers complaining, who have cards that they have not used for ages, or those who pay the entire balance in full every month, should stop complaining. Egg's actions have not caused them any hardship; at most they will lose the tiny amount of credit interest they would have earned on the cash that would be used to pay the balance in full.

Egg have the right to do this, just as their offended customers have the right to try to apply for other credit cards it they are not happy.

American Express recently reduced my credit limit from £5500 to £700. I was offended at first, until I realised that it won't impact on me at all, as I only spend a few hundred quid per month aand settle it in full each month.

They have actually done me a favour, by reducing my potential credit, so that other lenders might accept future applications from me. Indeed, Egg have just offered me an anniversary BT for £2000, which is now sat in my ISA.

Bismarck

obe-one & jonnyb.

thanks very much. You probably don't realise how important this has been for me...sometimes it's the small things...

the Egg thing has made people huff and puff and I have been a bit jealous I suppose that they can stooze away with spare cash that I've not got. The Egg decision was perfectly sensible, just badly handled.

Your insights into the other side of the desk have been really appreciated. thanks