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CRA's and Banks


mcjohnson
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HI All,

 

Quick question;

 

I checked my credit report today, and noted that my bank (A&L) have reported a missed direct debit as a "Late payment".

 

A - Is this common practice across all banks, to report missed items in this manner to the CRAs?

 

B - Is this legal? I do not have any requirement to make any payments to the bank, surely it is the responsibility of the creditor to report payment discipline to the CRAs, not the banks. I take two issues with this;

 

Firstly is how would the bank know whether you have made alternative arrangements with the creditor to make payment, and thus have still satisfied the creditors requirements?

 

Secondly is this could result, if the creditor also reports the late payment to the CRAs, in the same late payment being reported twice; thus doubling the impact on the Credit scoring?

 

Any advice/thoughts would be much appreciated.

 

Many thanks,

Mark.

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Its becoming common practice unfortunately due to Experian wanting 'credit markers' as an 'early warning system' to all debtors that an individual can't make a payment on time... personally I am contacting two of my regular creditors, via my MP to inform them they can no longer report on me to Experian due to misuse of info in this way.

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