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Welcome Finance - Obliged to report information?

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Having a bit of a problem with Welcome Finance as it appears most people do!

 

Hope i'm in the right place to ask this question.

 

Have a Hire Purchase Account with them, the account is near conclusion and i have never missed any payments.

 

The account at inception was being reported to the Credit Reference Agencies Experian, Equifax & Call Credit (I obtain a copy of my report via Experian on a bimonthly basis) and was therfore appearing on my Credit File.

 

Around a year into the running of the account this information stopped appearing on my credit file.

 

I have contacted Welcome Finance in relation to the above and have received a rather unhelpful Final Response Stating it has Rejected the Complaint I don't remember actually complaining in the first place, only asking for help, and saying it is still reporting the file to all 3 credit reference agencies.

 

I intend to make a complaint via the Financial Ombudsman Service if only to serve some slight inconvenience to Welcome Finance.

 

The account is still not being reported on my credit file Not at all helpful as i require this account to be reported on my credit file as it was helping to repair my credit score

 

My question relates to the wording of my complaint when i approach the Financial Ombudsman Service

 

In it's Final Response Welcome Finance states ' Welcome Finance is obliged to report account information on a monthly basis' Is this true, and if so which act/section makes it a requirement? I have been searching all day with no joy!

 

I would also appreciate any ideas on the best way to word the complaint to the Financial Ombudsman Service

 

 

My goal is to have this account, again reported on my credit file.

 

I hope i have made sense and would really appreciate any assistance.

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Lets Fight Back, Welcome to the Welcome board!

 

Theres not an act that states specifically that the companies have to report it, although it comes under the companies obligations to the FSA.

 

The FSA govern Welcome under the FSMA 2000 (Financial Services and Markets Act 2000) so in a round about way if you want to quote an act then it would be this one.

 

In wording your complaint I would mention your suspicion of fraud and account manipulation and how it is not reflective as your standing as a borrower and therefore adversley effecting your credit score by not reflecting that you are a paying debtor and that this is impacting your ability to gain credit and in effect preventing you from living a life that you would be able to if they recorded these things properly. It is almost a defamation of character and therefore could be classed as libel!

 

 

Main Entry: 1li·bel

Pronunciation: \ˈlī-bəl\

Function: noun

Etymology: Middle English, written declaration, from Anglo-French, from Latin libellus, diminutive of liber book

Date: 14th century

1 a : a written statement in which a plaintiff in certain courts sets forth the cause of action or the relief sought b archaic : a handbill especially attacking or defaming someone

2 a : a written or oral defamatory statement or representation that conveys an unjustly unfavorable impression b (1) : a statement or representation published without just cause and tending to expose another to public contempt (2) : defamation of a person by written or representational means (3) : the publication of blasphemous, treasonable, seditious, or obscene writings or pictures (4) : the act, tort, or crime of publishing such a libel

 

Am interested in the response to this, the FSA are investigting credit report manipulation and have advised me that they are looking into things but on a bigger scale cannot directly answer my general query as its part of a larger ongoing investigation of the firm, however an individual case such as yours would need direct answers!

 

Good luck!

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Major Player, many thanks for the reply and warm Welcome!

 

I am very interested in your response, it has put into very descriptive terms the points that i want to make sure i get across when i complain to the FOS.

 

The term 'Account Manipulation' is not one that i have heard before, could you possibly point me in the right direction to learn more?

 

I will, of course, keep you updated as things develop.

 

Thank you for your time!

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Account manipulation = accounts not reflecting actual status of the loan, therefore, say if you hadn't paid for 6 months then you may show up to date on credit file so their (Welcome) books look better and the company results look better than they actually are. In your case non appearance could be hiding of accounts for some reason.

 

Basically creative accounting like Enron!

 

Another option would be to contact the credit agencies direct and raise a complaint via them.

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You Say The Loan Is Nearly At An End

 

Ask For A Settlement Figure

 

You Will Be Shocked At How Much They Will Say You Still Owe

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Why the angry faces Major, lol . . .


I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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when they installed new software in march 08 a lot of customers accounts stopped being reported. i take it this was when yours stopped letsfightback?

its pretty easy for them to get this recorded again so them rejecting your complaint doesnt make sense, give them hell!!

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So, have today lodged a complaint with the FOS. I will keep the post updated as to the progress of my complaint as and when i hear!

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Shocked in a good or bad way, postggj?

 

 

bad way, majority of people find theres alot more owing than they thought


I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Just a thought, have they sent statements to you every six months?

 

Also there is a possible route to complain via the credit reference agencies direct, Welcome don't particularly like this as it shows them in a bad light to companies where they have a contractual relationship with.

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Just a quick update.

Had a phone call from the FOS this afternoon. they have assigned an adjudicator to my complaint today, however the person who they have to deal with at Welcome Finance is on holiday! Typical! Will continue to keep the post updated.

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subbing with interest. I have a problem with welcome and CRA's but slightly different to yours in that they agreed to show our accounts had no late payments, changed some of the CRA's and then changed them back again to show late payments on one account, up to date on the other.

Now our local collections office has closed and Compliance are refusing to amend CRA's.

Having had two final repsonse's from them I am about to begin FOS complaint.

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