Equifax Adding Property Valuations

[angry cat]

I just thought that I would let evryone know;
Equifax are now adding property valuations onto individuals credit files!

Deed Date
Price Paid
Property type
Tenure
New Build

The source is property valuation data produced by the Land Registry.

I personally think that this is an utter outrage!

Yes, I know that the information is available on the Land Registry website (for a fee) but what right do Equifax have to process this data in association to individuals credit files...

Where will all this end?

AC

[BeauBrummie]

Totally agree angry cat,

Debt Collection Agencies will be able to quote this at unsuspecting creditors with even stronger threats than they already use, for the implementation of CCJ & Charging Order route.

Bad news indeed.

BB

[2Grumpy]

How does that fit in with "data must be relevant to the purpose"?

How does it help a creditor decide whether to advance an unsecured loan (because they wouldn't take experians word for it for a secured loan)?

That sounds like a piece of data too much ...

[2Grumpy]

But does it say who the owner is?

That sounds like the type of data that is available on estate agent's websites. By not identifying the owner that might land them in as much hot water as tarring all residents of an address with the same bad credit score a decade ago.

Maybe there is some scope here for CRA / DCA bashing when they get that link wrong ...

My son has already had AIC threatening to get a charging order on my house. I wonder how often that will start to happen?

A little knowledge is a dangerouse thing ...

[foolishgirl]

Not sure if it would help a creditor anyway - the Land Registry info. doesn't identify the owner of the property sold does it? Therefore the resident of the property could be renting & the property not available for COs etc.

[dorisb]

hello
yes the same ting was on my husbands report and i rang them up to ask them to remove them , and they said it wouldnt hurt my husband credit report, so i told them that he has not lived at that address for the past 10 years, so why did they have it on his report, and they said because he use to live there, i dont think this is right that they can put these address on his report, because if that was the case then why havent they put every single address that he has lived at all his life from he was born,
can some one tell me am i right or wrong
many thanks
dorisb

[angry cat]

I agree it is neither right, nor correct-
However, Equifax appear to be unstoppable!?

AC

[sillygirl1]

I think Equifax are now going against the law of the land too much and becoming 'big brother' through the back door. Shall we get a petition up on CAG as nothing has been said about this in the media - it's adding data where the benefit of that data is dubious. It would say that I own a property (which I dont as it was reposessed) because GMAC haven't registered change of ownership with the Land Registry. I could then get GMAC on defamation as well as Equifax.

I wonder what it would do with people who own lots of properties and rent them out, they would suddenly end up with a massive file - the next 'logical' step would be to link everyone at the addresses again...

[Allwood]

Originally Posted by sillygirl1

I think Equifax are now going against the law of the land too much and becoming 'big brother' through the back door. Shall we get a petition up on CAG as nothing has been said about this in the media - it's adding data where the benefit of that data is dubious. It would say that I own a property (which I dont as it was reposessed) because GMAC haven't registered change of ownership with the Land Registry. I could then get GMAC on defamation as well as Equifax.

I wonder what it would do with people who own lots of properties and rent them out, they would suddenly end up with a massive file - the next 'logical' step would be to link everyone at the addresses again...

We should get a petition up and going on CAG regarding Equifax as they are definitely going outside the law.

Petitions should be posted as a sticky as people will see it as soon as the log on to the site.

[finlander]

there is a petition on this thread about credit reference agencies I urge you all to sign

Campaign to the OFT against unfair CRA practices.

[dorisb]

count me in
i dont think any of the cras sould be able to keep anything on your report only data over the past 6 years (IF THEY MUST) and to make sure that it is right
and i also think that they should write to the person of there report and ask if the details a right before they put data on, and if the dcas say it is right for them to have prove it is right
well next april the dcas will be in for a hard time when the law changes
so then hopefully that will make life a little bit easyer for us with the cras,

[postggj]

may be relevent

when you apply for credit, the agreement asks if you own your own property.

if you say yes, is this the data equifax are storing

[misterm]

Sorry But what Law is changing next April That will impact the DCA's and be more helpful to us ??

[JonCris]

Once again we have a CRA in it's desperate quest for profit doing something which could backfire & have serious consequences for consumers in general

Just suppose you have decided to build an extension & you decide to increase your mortgage. You get a valuation but find that the 'valuation' held by the CRA falls well short of the present true value & as a consequence after doing a credit check the lender refuses to advance any funds

Also what if you apply for ordinary credit & a search by the lender reveals that although you are well able to meet your commitments your property asset doesn't cover your liabilities will you be refused credit?

& don't think it won't happen otherwise what's the point of adding that info automatically

Who to sue next!!