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Credit Reference Scam (maybe)

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I say maybe in case I get sued!


Ok, here it is. I used to subscribe to all 3 credit reference agencies (CRAs) in order to keep track of things and because I was taking a former bank to court, so needed access to my files.

Once that was over (I didnt win or lose, but got what I wanted, after 3 years), I opted out of paying these guys and suspended the accounts. I should mention that during the 2 years I had regular access to the CRA reports, I spent a huge amount of time having things corrected. I would say they were only about 75% accurate at any given time.


Fast forward a year or so and I need to see my reports again. Lo and behold, the innacuracies are pretty amazing. I feel that this could be isolated to me, but I'm not so sure. This time around and I'm correcting so much information again, it's not even funny.


There seems to be a co-dependency between the financial institutions and the CRAs that benefits only them and not the consumer. If we get declined for credit, they dont tell us why, but ask us to access our report, which we have to pay for. Why cant they just tell us the reason? There's no legislation that suggests they cannot be transparent about this.


So now I'm running around asking the CRAs to correct various bits of information, for them to go back to whichever clown got it wrong and ask their permission to change it! It doesnt make any sense.


The reason I went to court years ago was because there was false and damaging information on my credit file. The CRA refused to remove it, despite me showing them evidence it was wrong. The bank refused to change it, despite being unable to prove it should stand. 3 years later we end up in court and the judge recommends we come to an agreement or go to full hearing. Only then did the bank back down and correct the information. It could have saved everyone thousands if they'd taken a common sense approach and corrected the info.


I'm rambling, but I'm sick of this $h/t, spending hours correcting errors from the banks which make my credit profile look bad. The system needs reviewing as it heavily favours the CRAs and banks, and leaves us scratching around with little idea of how to change things.



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Ask your MP to sort it. Meanwhile, each time your credit rating gets wrongly annihilated, sue in the small claims court for £5K. It sounds like you'd make a fortune.


Quote my case. Durkin v DSG & HFC.


Politicians are very slow. You need to insist they approach the ministry. If 400 MP's were all to ask the same question, something should get done.

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