Experian in 'untested waters'!

[sosumi]

Interview: Experian's chief financial officer Paul Brooks outlines how the business has changed since the credit crunch hit and warns of a tough year ahead.

Best read it now, while it's there

[Monty2007]

Interview: Experian's chief financial officer Paul Brooks outlines how the business has changed since the credit crunch hit and warns of a tough year ahead.

Best read it now, while it's there

 

Interesting interview. I did not realize the insurance companies were using the CRA to correlate potential fraudulent claims versus credit ratings.

 

The credit rating on-line check is marketed on building a climate of fear that your identify may be at risk, check your credit files is one thing but they charge a fortune for this and getting your credit number.

[sosumi]

I agree Monty. Experian's ad seems to be everywhere lately, and frankly I think they're just harvesting our information. The only consolation (I hope) is that the companies they're selling us to are in a worse state than the rest of us.

[cerberusalert]

Experian - at the forefront of the financial services industry - found itself at the eye of the storm very early on.

 

Oh deary me what a shame.

 

"It first had an impact on us in September, 2007," chief financial officer Paul Brooks told the Evening Post.

 

"So while the rest of the world had hardly noticed, it was already affecting us.

 

So you realised there were problem a coming?

 

The speed with which the world economy has slowed down has caught many people out. Despite having its own economists and analysts, Mr Brooks admits the business did not see the recession coming.

 

Mmmm...so you didn't it coming then?

 

Whatever happens, there has been a shift in emphasis inside Experian. The glory days of helping banks lend money to new customers are over.

 

So you'll concentrate on clawing it back then?

 

It is also doing more work for central and local government: "When people seek to secure some form of Government benefit the department can use our credit records to perform authentication checks.

 

So you'll be able to update your database for free too?

 

Just as it has been a tough time for the business, it has also been a tough time for Experian's employees. Economic change has cost them their jobs.

 

My oh my what a cruel cruel world:rolleyes:

 

In the words of Captain Mainwaring "You stupid boy".

[lickthewallfatboy]

experian couldn't ever have enough problems to deal with......the more the merrier

[blind-as-a-bat]

Interesting interview. I did not realize the insurance companies were using the CRA to correlate potential fraudulent claims versus credit ratings.

 

The credit rating on-line check is marketed on building a climate of fear that your identify may be at risk, check your credit files is one thing but they charge a fortune for this and getting your credit number.

 

It is also doing more work for central and local government: "When people seek to secure some form of Government benefit the department can use our credit records to perform authentication checks.

 

 

Hmmm, i may be being pedantic here, but dont most credit agreemants state " by signing this you allow us to share your data with CRa's for the benefit of other LENDERS to ascertain your credit worthines" or words to that effect?

 

so when did Joe public give permision for there data to be used like this?

[Wilma Shoozfit]

It's now a requirement to update MID report on vehicle insurance -This is done through Experian - so not only do they know who you're insured with - they know what car you're driving!

[ScarletPimpernel]

No mention of Experian's little helper in the Lords, I see...

[esmerobbo]

They also know you do the lottery I bought 3 tickets online and next half hour there was a search by camelot on my Experian CRA report.

 

Name: Esmerobbo

Address:1 Keep lookin Street

Date of birth:32/13/1858

Searched on:07/01/2009Searched

By:CAMELOT GROUP PLC

 

Maybe like me they are hoping I win so they can claim their money back:D

[the_shadow]

I work as a contractor in local gov and the recovery section in the revs/bens department use experian to check "clients" before issuing court procedings and arranging balliffs.