Current bank accounts not listed on my CRF's ?

[Winnie Wotsit]

I decided to have a nose into my credit reference files . My mobile phone and credit card accounts plus a settled bank account from 2005 are all listed. But my current bank accounts ( with overdraft facility's ) are no where to be seen ?

I would have thought current accounts would be listed ? Good, bad or what ?

[duckfeet]

I've a similar situation. I have been registered with Credit Expert for years and my reports showed most my financial records. However I noticed when I took an American express card this never showed up.

 

In June 2008, 2 and a half years ago, whilst overseas I couldn't keep up with my loan payments / debt and accepted that bank bankruptcy was inevitable. I ignored all letters but didn't proceed with bankruptcy thinking it would be forced on me.

 

I recently decided to call the courts and see if I have been made Bankrupt. I have not. Therefore I thought i would reassess my debt to consider if there is a way out.

 

My Experian report does not show my American express card, Barclay Bank account which is over drawn, Barclay loan or Vodafone account.

 

Where are these debts ? I've noticed my credit score has recently marginally increased.

[Winnie Wotsit]

I

 

Where are these debts ? I've noticed my credit score has recently marginally increased.

 

It sounds like the Con-Dems have stole them LOL !

 

 

I'm aware savings accounts dont show up ( i.e my ING & A&L saving accounts ). But I had an Halifax current account very briefly some years ago and that is present on both Equifax and Experian.

 

Then last year I re-opened another Halifax ( HBOS ) current account, but that doesn't show on any of the three credit agency files.

 

It appears no one seems to have a clue, I've tried asking a few consumer credit sites and keep drawing a blank

[duckfeet]

Yes I've also extensively googled this and not found many threads or sources of help. Can anyone suggest where I get further information ?

 

To be honest, I'm rather happy they are not there but afraid they may appear at a later date...

[Seminole]

Some bank current accounts do show up on credit reference reports (the Coop and Nationwide spring to mind) but most don't. I think this is because current accounts aren't credit agreements as such. How does the up to date/ in arrears terminology apply to current accounts?

 

This is a pretty clear (albeit fairly benign) example of how the financial services industry and the credit reference agencies make it up as they go along. There are no rules and so they do whatever the hell they like. Another example is how CRAs display "defaults" on mobile phone agreements. These completely trash credit ratings but are not technically defaults as the credit agreements aren't CCA regulated.

 

The CRAs are out of control.

[buzby]

Er, Mobile phone accounts are not credit agreements, but they appear without fail.

 

It is up to the bank(s) to decide. However, I opened my accoit several years ago and this pre-dated the change in T&Cs to permit disclosure. However, the fact you HAVE an account is not the issue, but whether you have defaulted (which is).

[Lee Vodafone Company Rep]

I've a similar situation. I have been registered with Credit Expert for years and my reports showed most my financial records. However I noticed when I took an American express card this never showed up.

 

My Experian report does not show my American express card, Barclay Bank account which is over drawn, Barclay loan or Vodafone account.

 

Where are these debts ? I've noticed my credit score has recently marginally increased.

 

Hi duckfeet,

 

It's certainly strange that your airtime account isn't showing up on your credit file with Experian and without being able to access the account in question I'm not really able to advise why this would be the case.

 

However, I'm happy to take a closer look at this for you if you're able to email the details across to me by following the information in our pinned thread here http://www.consumeractiongroup.co.uk/forum/showthread.php?213340-Vodafone-Webteam-for-Customers-With-Problems

 

After sending your email you'll receive an automated reply with a reference number. Could you update the thread with this so I can make sure it reaches us and I'll come back to you as soon as I can?

 

Kind regards,

 

Lee

 

Web Relations Team

 

Vodafone UK

[Spit]

My Coop does but Natwest does not!

[buzby]

I'd suggest not having your details displayed by a CRA is NOT an error to be corrected. If there is a data glitch (or more likely, it has been allocated to someone else by mistake with a similar name), that is not of your concern.

[Silky444]

Er, Mobile phone accounts are not credit agreements, but they appear without fail.

 

It is up to the bank(s) to decide. However, I opened my accoit several years ago and this pre-dated the change in T&Cs to permit disclosure. However, the fact you HAVE an account is not the issue, but whether you have defaulted (which is).

 

Contract mobiles are credit agreements

[buzby]

Live in your own little world if you like. Mobile contracts are not credit agreements, and neither are they regulated under the CCA. They ar service contacts. Afraid you're talking nonsense!

[Silky444]

http://www.creditscore.org.uk/node/9

 

"What most people don't realise is that a mobile phone contract is infact a credit agreement, and as such is applied for and considered in the same way a credit card application would be - with the same implications for your credit score."

 

I'll go back to my own little world now

[buzby]

Absolute Tosh! Just ask yourself this - what benefit foes this firm have in scaring you in this way? The SELL their services on the back of scaring punters - to a vested interest in muddying the waters is their ultimate goal. If you want to do something useful, report them to the ASA for mind-bending inaccuracy. Providing you give your permission, ANY firm can provide your financial history to add to your 'Credit File' - however, there is no requirement for any credit agreement in order for the data to be supplied - a mistake that caught many out unawares.

 

A credit card application may be considered 'in the same way' - in that someone or some computer has to make a decision to accept or decline, but that's one heck of leap to get from that to a Credit Agreement. Credit agreements are required for the loaning of money. Mobile contracts don't - they need to be paid off in full each and every month.

 

To state the facts, a mobile contract is a 'contract for service' and nothing else. Just ask those who sent CCA letters to their networks only to be told they're wrong.

[Silky444]

When you apply for a mobile contract, you are agreeing to pay so much per month say £25 for 24 months, that's £600 that you are commiting/promising to pay back in 24 months, I believe this is regarded as 'Credit', plus you agree to pay back what you use on top of the agree'd amount.. and if you don't pay it back the same happens as would you fail to pay back a loan or credit card... That's how I understand it anyway

 

At the end of the day it's still credit

Edited December 16, 2010 by Silky444

[bigshoes...bigsocks]

When looking at the big picture; does it really matter? Depending whom you talk to and where you look it is both a credit agreement and also a service agreement. Yes; credit is involved which makes a lot of people think it's a credit agreement, but personally I think it's a service agreement. But it will appear on your credit file and is not applicable under CCA requests.

 

I really don't think it's worth discussing or arguing about.

[LostAtSea]

I have a pristine report from credit expert and poor ones from the other 2... I've cracked it. The CRA's might be running a huge [problem]. 1 gives you a clean bill of health and sends you lots of emails about your best loan and CC matches (My spam box is full of them). You think cool and apply for the Gold card with 0% on balance transfer for 50 years , a Porsche 911 GT3 and £50 cash back. for which you are turned down because the imperial bank of evil has carried out a search with at least 2 CRA's, unlucky sir try again and its Kerching for the CRA'a.

Edited December 19, 2010 by LostAtSea
Put DCA instead of CRA, freudian slip ;)

[wcr?]

Lots of banks and building socieities don't update the credit reference agencies with bank accounts unless/until they have an agreed overdraft which has been used.

 

With regard to mobile phone contracts, I believe they are classed as credit agreements because you make calls on the phone throughout the month but don't actually pay for them until the end of each month. This is similar to a credit card in that you can buy things on the card and pay for them later. The only difference with a mobile phone is that you have to pay the bill in full each month.