How long have the main UK banks been reporting to the Credit Reporting Agencies

[Devise]

Does anyone know how long the 3 main CRAs have been in existence and when reporting from the big banks began.  If someone knows the piece of legislation that enacted it - I'd appreciate it. 

 

Thank you

[dx100uk]

Well back into the 70's

 

.why is this important, tell us your story.

 

Dx

[Devise]

Hi DX - Thanks for the reply.

 

I've been with my bank since the early 90s. I have a cc and overdraft with them. I recently learned they've never reported my accounts to the CRAs. I'm making an appeal with the FOS.

 

They've found that because there's no legal obligation for banks to report - the bank is in the clear. I've always understood that the banks do report ( and they say it's automatic with new accounts).

 

But the FOS found that the bank wasn't required to obtain my consent to report (or even advise that I needed to consent) because they're under no legal obligation to do report to CRAs. 

 

If I can find out when banks started reporting  - it would allow me to argue that they have an obligation to report or obtain my consent from that date.

 

If anyone knows the exact date I'd appreciate it. 

[dx100uk]

Why do you want them to show?

 

And if you've had issues in the past it might well be that at some point they defaulted you and if thats more than 6yrs in the past, the accounts wont show anyway.

 

Dx

[Devise]

I'm just trying to demonstrate that I have a reasonable expectation that my accts were being reported. I'd like to be able to establish the timeline for when the banks began reporting.  It's some time after 1995.

 

There are no issues with my accts. I've been abroad and literally have just the 2 accts which I've kept active solely for the purpose of creating good credit.

[Ethel Street]

So you expected to return to the UK after living abroad for some years and have in place a good credit record with the CRAs based on two accounts with UK banks which you had been actively using while living abroad. But when you got back to the UK you discovered that the bank hadn't reported your account history for either account while you were abroad. Is that the situation? (Is it one bank or two? Which bank(s)?)

 

So although you are in good standing with the bank(s) as far as the two accounts are concerned, you have never defaulted or missed a payment, the CRAs have no credit history for you. Because of that when you now apply for UK credit, mobile phones etc, you are getting refused or having a lot of difficulty because there's no recent credit history for you at any of the CRAs?

 

If I've understood that correctly I see the problem.

 

I don't know the answer though. You've tried the obvious route of an FOS complaint but FOS have ruled no fault by bank because there's no statutory duty on banks to send credit data to the CRAs. Were you able to check if the T&Cs when you opened the accounts said anything about this? 

 

Is the bank able to give this information to the CRAs retrospectively? Even if only for, say, the last 3 years?  As the accounts are still active are they submitting information now?

 

 

 

 

[Devise]

That's exactly it Ethel. Both accts are with the same bank and in good standing. The say they are unable to backdate the credit reporting  (though I don't know if they're unable or just unwilling). I'm trying to appeal to FOS on the basis of 'fair and reasonable' although I don't have a great deal of hope because they already dismissed my complaint. 

 

I guess I'll just go ahead with the appeal. I doubt I'm the only person out there who's experienced this.

[Ethel Street]

Do you have a back up plan?  How To Build Credit and Credit History | Experian

 

[Devise]

Thanks for the link - I'll take a look at it. I have no other backup plan except to start again. The bank will start to  report my credit if I give consent (just no backreporting).

 

On the slim chance that the FOS fulfill their mandate and decide on the basis of what is fair and reasonable - I'll update.

[AndyOrch]

1996  UK 

 

 

• 1826: Experian’s roots can be traced back to London, England, in the early 1800s, when a group known as the Manchester Guardian Society began sharing information on citizens who failed to settle their debts. This was one of the earliest accounts of modern day credit reporting on record.

 

• 1996: Experian is officially launched. Brian Capital and Thomas H. Lee Partners acquired TRW as Experian. Shortly after, the two firms sold Experian to England-based Great Universal Stores Limited (GUS).
•  
• 2006: Experian de-merges from GUS and, for the first time, is listed on the London Stock Exchange.
•  
• 2017: In March 2017, Experian agreed to pay a $3 million fine for dispersing incorrect credit information to various consumers. The fine was imposed by the Consumer Financial Protection Bureau
•  
• Present day: With headquarters in Dublin, Ireland, Nottingham, United Kingdom, and Costa Mesa, California, Experian reports operating revenue of about $4.5 billion (U.S.) annually. It operates in 37 countries and keeps data on some 235 million U.S. consumers and 25 million U.S. businesses.

[adam1992]

On 21/06/2022 at 15:26, Devise said:

There are no issues with my accts. I've been abroad and literally have just the 2 accts which I've kept active solely for the purpose of creating good credit.

To be fair if you’ve been abroad for years most likely I imagine you’ve violated some terms & conditions of having the accounts potentially open whilst you aren’t a resident in the U.K..

 

I’d imagine regardless you’d struggle with credit history as you won’t have 3 years of U.K. address history too, so it would be at least 12 months before many lenders would probably provide you credit from reading similar articles around it.

 

Just playing devils advocate here…

 

Did you let them know you were abroad or providing an address to send things too in the U.K.?

[Devise]

I've been back for a few years now - I just haven't needed credit before. I travelled back and forth when I was based overseas using my accounts when I was here, abroad and since I've been back. Plus I maintained a residence in the uk while I was away.

 

It's really just a matter of the accounts not being reported.