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Credit reference agencies are taking months to correct inaccuracies on files, leaving consumers unable to secure loans or mortgages. The agencies, which are used by banks and credit card companies to assess a borrower’s ability to repay, are becoming increasingly powerful as lending criteria are tightened.However, an increasing number of people are finding errors on their files, meaning they miss out on the best deals.

 

The Financial Ombudsman Service said that complaints about credit reference agencies providing incorrect information had increased by 40% over the 12 months to the end of September. Agencies promote the ability to check files and correct inaccuracies but there is evidence this is not as easy as it seems. Gavin Pearson, 42, a store manager from Kent, had to wait six months for the information on his Equifax file to be corrected. It meant he was unable to secure a loan from Sainsbury’s and was refused car hire when in Turkey this summer.

 

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Can we trust the credit agencies? - Times Online#


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This article is a welcome start but it only begins to touch upon the scandal of this under-regulated and mainly out-of-control industry. One of the problems which is highlighted in this article is the difficulty in identifying the responsible party. The setup at the moment allows the agencies always to pass the buck.

Access by subscribers to the agencies' databases is unfettered and uncontrolled. Ordinary people think that there is some scrutiny exercised over credit file entries before they are entered onto the database. There is not. Access by any bank, debt collector or other subscriber is made directly through their own computer terminal. The credit reference agency does no fact checking or any other quality control to make sure that the entries aren't innaccurate, duplicate, out-of-date, in respect of the wrong person etc.

People who take up one of these free offers to check there credit files should be aware that their application details are merely added to the agencies' database and then shared routinely with subscribers who wish to do a search on them. It makes sense, doesn't it. People who want to check their credit files are more likely to have debt problems and the agencies have a greater interest in making sure that they have the most recent information - including present location - about those people. The free credit file check is a nice little baited hook.

By the way, people may be interested to know that a Scottish Court last year awarded £116,000 to a claimant who was subject of inaccurate data on the credit reference agencies database.


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My credit file is a tissue of lies, and there seems to be very little I can do about it. We need somebody with real teeth to check this lot. One bunch of clowns has attemted to 'restart the clock' on a nigh on statute barred debt by 'selling' it to their in-house DCA who has changed the original default date to the day they bought the debt... illegal or what!

 

I've also got a CCJ on there which should never have been recorded as I paid within the month, everyone concerned says they are 'very concerned' about this but there is nothing they can do... I'm now going to take the original creditor back to court to explain why THEY (it can only have come from them) have breached the courts processes... don't know how long that will take though. In the meantime Experian have said they can put a 'notice of dispute' on my file but that is not good enough.

 

The whole system needs resetting and regulating by regulators - the Australian system seems to be much better, why don't we adopt that one instead of three hand-in-hand clowns who constantly breach data protection.

 

I'd also like to have a law which stops a company from continually credit checking you - another bunch have performed 12 checks in a month via 'online sources' which must be wrong and illegal - but of course again nobody wants to know. "You gave the info, you knew it would be checked"

 

I also find it gaulling that people now have their whole lives governed by these checks, good rating = good job, bad rating = no job, surely there is no sense in that at all!

 

Off soapbox now.

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The power held by credit reference agencies, and financial institutions is scary and needs tighter regulation.

 

I have a perfect credit record, and a secure well paid career. However, while I was a student Lloyds TSB charged me ~ £1,900 in banking charges on my "student account" despite never being over my overdraught by more than £12 at any one time. This is a facility that is supposed to help students during their financially insecure years and not exploit them!

 

Despite my protests Lloyds were unsympathetic so I claimed back the charges as the courts had declared these charges illegal. Due to their appeal they said they did not have to refund my charges so I wrote and asked them to freeze my bank account which had an approved over draught balance of £1,900 pending the outcome of the appeal. They refused and defaulted my account.

 

Now I have a default registered against my name, which I dispute vehemently. It was Lloyds who defaulted on our agreement not I, these charges are still elicit. Despite my dispute I have no power in preventing this detrimental information from being added to credit reference agency's records. It is totally unregulated, and banks can do what they wish. I cannot enter any information about their financial misconduct, it is totally one sided.

 

The upshot is that I cannot get a car loan or mortgage, cannot get a new bank account, and cannot rent a house through an estate agency. The life of my wife and 2 kids has been seriously affected and I can do nothing about it. Something needs to be done!

Edited by Fizzwizz

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perhaps there should be statutory fines and penalties in place for them and a prison sentence if they offend persistently.

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The rotten to the core Debt Industry pulls all the strings on this, so it's no surprise that the whole twisted system works for their sole benefit.

 

It is not a Credit Check, it's a Debt Check.

 

You don't have a Credit Rating, you have a Debt Rating.

 

Someone who has a poor rating, is more than likely to be someone who they know nothing about. They hate not having any Data to poke about in, so lose 250 Debt Check points straight away (whatever they are).

 

Someone who has a high rating, is more than likely to be someone saddled with Debt, who is close to either a nervous breakdown or a heart attack, or both, who just so happens to be managing to keep all twenty five Debt balls in the air, somehow, without dropping any, yet. Give that man another Loan and chuck another ball in the air for him to juggle. Gain another 150 Debt Points for being a sucker.

 

Millions of Debt Checks did not stop the banking crisis, proving once and for all that they were all utterly pointless.

 

The bankers don't need Debt Checks to be made safe from us, we need Dull Banker Checks to keep us safe from the bankers.

 

The system is back-asswards. If you possibly can, my advice is to try and avoid being a part of it. Don't agree to your Data being shared. Use Cash where possible, and avoid Debt of all kinds like the plague.

 

It is hard work but, in time, the benefits will start to become very clear indeed.

 

The best way to deal with this, by far, is for us all to gradually starve these cretins of the very thing they need to survive, and that's Debt. They need us, we don't need them. Their world will fall apart at the seams if we stop playing their nasty grubby little money-lending Data peddling game.

 

Cheers,

BRW

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Hi all,

 

 

I have an urgent question?

I took out a loan with a Bank (UK) in 2006, having checked my records I noticed that the Bank did not print a search against my name or did they record the loan account against my name on my credit files.

 

Also, this Bank have lost the loan agreement and they also failed to set up a direct debit agreement and no record of a repayment schedule exist.

 

Can they affect my credit history with a default notice if nothing exist?

 

 

Many thanks,

 

Mightymind

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116,000 awarded is their any case details what was it for....

 

what laws do these companies hide behind what legal right do they even have to hold, share and sell our data.... why do caggers go missing when they take CRA's to court uk26, surelybonds etc....


Only direct action by the masses will work....

 

Look at all successes they have never come from negotiation!!!

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anyone?


Only direct action by the masses will work....

 

Look at all successes they have never come from negotiation!!!

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