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How does the CRA get/use our data?


debt_mountain
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Can anyone in the trade explain.

 

From what I understand

 

1 - Consumer opens account

 

2 - OC can then share data if they want to

 

3 - Consumer misses payments

 

4 - OC reports badness to CRA

 

5 - Consumer still doen't pay

 

6 - OC defaults and then sell on to DCA

 

7 - Consumer now fights back and pushes DCA for proof.

 

At which point does money change hands between OC/CRA and DCA

 

A- The OCs use the CRA to search on new customers so they probably pay for this (or do they as they also supply some of said data to the database)?

 

B- The OC starts to report badness, do they get paid for reporting badness? it is worth more to the industry as higher interest rates can be asked for?

 

C- DCA buyes debt and right to share consumer data (or so they think), do they now get paid to share this data as it is good for the industry?

 

Why do the CRA and DCA's fight so hard to keep all this data on there? it is not for the good of man kind? they are a private company and making profits?

 

Just interested.

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Debt mountain I'm not sure that a DCA can lawfully do a credit search - only a credit enquiry.

 

What is the difference between a credit search and an enquiry?

 

A credit search is a search carried out for lending purposes. An enquiry is carried out for other non-credit purposes, such as employee vetting, tenant vetting and Electoral Roll checks (not related to credit applications). Credit searches and enquiries remain on our files for two years from the date of the search.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Debt mountain I'm not sure that a DCA can lawfully do a credit search - only a credit enquiry.

 

What is the difference between a credit search and an enquiry?

 

A credit search is a search carried out for lending purposes. An enquiry is carried out for other non-credit purposes, such as employee vetting, tenant vetting and Electoral Roll checks (not related to credit applications). Credit searches and enquiries remain on our files for two years from the date of the search.

 

There is no difference, they both need your concent. The CRA data is your data not anyone elses.

 

But you answer doesn't help me understand the ecconomics of the OC/CRA/DCA

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LFI, thanks but do the lenders also earn money from passing on the info to the CRAs or for each account passed to them is a credit for them to perform a search. I don't think the banks will supply this info for free.

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