Experian Need More Business

[Newborn]

They're switching more to chasing, not just recording. See:

 

Experian switches focus to loan recovery - Telegraph

[flintstones1960]

so they're coming out of the closet not an independant CRA but a full blown DCA.

[vexlitigant]

Hi Flint / Newbie

 

I read the same in the lobby of an office on Thursday, was going to scan the press cutting in, but jammed in my scanner. Anyway - here is the story:

 

Experian to help lenders chase delinquent debts | Business | The Guardian

 

So Flint U R correct. Not so much a credit ref agency now, but a full blown DCA. Judas turncoats!!

 

Vex

[spamheed]

Not so much a credit ref agency now, but a full blown DCA. Judas turncoats!!

 

Vex

 

They're part owned by the DCAs they share the same directors and they've never had the interests of consumers as a priority, they are a business designed to assist and serve the credit industry.

 

That's why only the company recording information with them can remove it, even when it's been proven to be incorrect.

 

I would say that this is a massive conflict of interests and it will cast serious doubts over their credibility as a CRA and will also have repercusions against them further down the line.

 

It's like the old saying "who polices the police" - and as someone far wiser than i once wrote "self regulation is a road to corruption"

[vexlitigant]

I did read a seperate thread on this site where a number of users were trying to establish whether the private details supplied to credit reference agencies by individuals to get copies of their credit files were being sold to CRA's without the applicants permission and breaching data protection legislation.

 

I lost sight of that thread

[Newborn]

Credit data firm to cut 300 posts.

 

Nottingham-based credit information firm Experian is to slash 300 jobs across the UK and Irish Republic in the New Year.

 

BBC NEWS | England | Nottinghamshire | Credit data firm to cut 300 posts

 

Let's hope one or two find their way here and post the dirt.

 

Newborn

[Trilby274]

I feel sorry for the employees that will find themselves out of a job next year. As a credit reference agency, all they do is keep the data updated and make analyses of credit records etc. Certainly, some of them would have an insight into the way things work and may be able to post some useful information for us.

[TheAnalyst]

As a credit reference agency, all they do is keep the data updated and make analyses of credit records etc.

 

Not true, they have a HUGE sales team that travel around all the Debt Collection events around the UK, cold call DCA's, advertise in trade media (magazines, websites etc) selling our personal data to any tom, dick or harry Debt Collection Agency that are willing to pay for it.

 

I do hope we get some moles in the new year though, that would be fantastic!

[Trilby274]

Yes that is correct, but they do not actually themselves make life difficult for the consumer. And as far as I am concerned, if they can make money from DCAs, I'm all for it.

[vexlitigant]

How dreadful

 

I'm just hearing on the 10 o'clock news that Experian are shedding 300 jobs.

 

I had assumed that the state of the economy implied good times for co's like Experian.

 

Perhaps they are using the downturn as an excuse to clear out the dead wood

[sillygirl1]

They are shedding obs in this country and making them in India... they don't tell you that side of it.

 

Experian should be scrapped and the whole credit scoring system abandoned, it has little real meaning now anyway as people have found out it is 'rigged' and as nobody is lending money why do we need this in place?

 

The 'triggers' they have are 'implied' rather than 'factual' and therefore their data mining is definately slewed in THEIR favour, not ours.

[vexlitigant]

Yes its interesting that you say that it has lost its meaning.

 

Wife and a few friends asked me how i felt about 'ruining' my credit ratings by way of contesting some credit card debts. Personally, i felt the 'cost' of not contesting them in order to maintain the vanity of having a 'good' credit score was a false saving.

 

I imagine that the category that Experian may have me in these days is a pretty crowded place.

 

Am i bovvered?

[banker_rhymes_with]

But what is a Good Credit Rating?

 

To Experian, it means someone who is saddled with huge debts, but who is paying them off, and taking on more Debt every 6 Months or so. A perfect mug, ripe for more Debt. Give that man a Golden Rating and snigger at him behind his back.

 

Personally, they can shove their Credit Ratings, or should I say Debt Ratings.

 

It was always a complete waste of time, and just part of that great big banking Fairy Story that we now know was a complete lie.

 

What good has all of the millions of Credit (Debt) Checks made to our present banking mess?

 

I'll tell you, zero.

 

This rotten system was always going to bob around the U-Bend at some stage, and the CRAs have simply increased the size and speed of the big flush.

 

The greedy dull bankers were all too keen to believe that the whole world had a Golden Credit Rating, and so they created number-money in ever increasing virtual piles. They relied upon corrupt and devious CRAs who simply told them what ever they wanted to hear.

 

Time to shut down the CRAs and force the bankers to revert to making real decisions again...hard decisions where they get the sack if they do not do their homework before lending real money.

 

No more Credit (Debt) Checks, time to re-open bank Branches in every town and village, and get the bankers to start working for a living again. Make them do the hard graft again, make them get off their lardy bottoms to get out to meet their Customers, to understand how things work, and to bring back lending in support of their Customers not simply with banking profits in mind.

 

Get rid of all the chinless risk taking cretins in the City, because they never did make any real money, they just blew what the banks made from their real Customers. If you doubt this, then ask yourself why the banks need £500 billion to pay off all the Debts they have been building up all of these years. You can't push Debt into the future for ever, at some stage the Big Invoice pops through your letterbox and lands on your mat.

 

All of the banks have now received their Big Invoice and none of them can Pay it.

 

The UK has got to start making things again, and we must stop buying pointless items just because a Debt based economy requires us to do so.

 

Next time you watch TV, take a good look at all of the Adverts, and try to spot one that is Selling something worthwhile? Most of the Adverts are for things we don't really want, hence the need for the Advertisement to brain wash us into thinking we do.

 

I don't want a new type of Dishwasher soap cube, I don't want any French Perfume, I don't want a new flavour of green gloop to stick in my Bog, I don't want to Compare Dot Con insurance and I really don't want any blurdy panty pads!

 

There's a lot more wrong with our system than the rotten banks. It's the fundamental system that is flawed. This Recession is heading towards a Depression, so we may get a chance to fix a lot of these issues, albeit that it won't be easy, pleasant or painless.

 

But at least let's make it fun by getting rid of the CRAs first!

 

Cheers,

BRW

Edited December 5, 2008 by banker_rhymes_with
Typo

[vexlitigant]

But what is a Good Credit Rating?

 

To Experian, it means someone who is saddled with huge debts, but who is paying them off, and taking on more Debt every 6 Months or so. A perfect mug, ripe for more Debt. Give that man a Golden Rating and snigger at him behind his back.

 

Personally, they can shove their Credit Ratings, or should I say Debt Ratings.

 

It was always a complete waste of time, and just part of that great big banking Fairy Story that we now know was a complete lie.

 

What good has all of the millions of Credit (Debt) Checks made to our present banking mess?

 

I'll tell you, zero.

 

This rotten system was always going to bob around the U-Bend at some stage, and the CRAs have simply increased the size and speed of the big flush.

 

The greedy dull bankers were all too keen to believe that the whole world had a Golden Credit Rating, and so they created number-money in ever increasing virtual piles. They relied upon corrupt and devious CRAs who simply told them what ever they wanted to hear.

 

Time to shut down the CRAs and force the bankers to revert to making real decisions again...hard decisions where they get the sack if they do not do their homework before lending real money.

 

No more Credit (Debt) Checks, time to re-open bank Branches in every town and village, and get the bankers to start working for a living again. Make them do the hard graft again, make them get off their lardy bottoms to get out to meet their Customers, to understand how things work, and to bring back lending in support of their Customers not simply with banking profits in mind.

 

Get rid of all the chinless risk taking cretins in the City, because they never did make any real money, they just blew what the banks made from their real Customers. If you doubt this, then ask yourself why the banks need £500 billion to pay off all the Debts they have been building up all of these years. You can't push Debt into the future for ever, at some stage the Big Invoice pops through your letterbox and lands on your mat.

 

All of the banks have now received their Big Invoice and none of them can Pay it.

 

The UK has got to start making things again, and we must stop buying pointless items just because a Debt based economy requires us to do so.

 

Next time you watch TV, take a good look at all of the Adverts, and try to spot one that is Selling something worthwhile? Most of the Adverts are for things we don't really want, hence the need for the Advertisement to brain wash us into thinking we do.

 

I don't want a new type of Dishwasher soap cube, I don't want any French Perfume, I don't want a new flavour of green gloop to stick in my Bog, I don't want to Compare Dot Con insurance and I really don't want any blurdy panty pads!

 

There's a lot more wrong with our system than the rotten banks. It's the fundamental system that is flawed. This Recession is heading towards a Depression, so we may get a chance to fix a lot of these issues, albeit that it won't be easy, pleasant or painless.

 

But at least let's make it fun by getting rid of the CRAs first!

 

Cheers,

BRW

 

A CLASSIC post

 

"Greedy dull bankers", and "chinless risk taking cretins" - on a par with Martin Samuels sports correspondence in The Times!

 

I'm right with you on the point of a gorging economy that's throwing up the fat its consumed

 

Excellent

 

(tipped your scales too)

[Enron]

Like your philosophy there.

 

The Bank Of England creates legal tender, but what is that backed by - gold, silver, bronze? Answer is nothing.... so essentially we have an entity that creates money out of thin air.

 

Remember an episode of the BBC2 Working Lunch which discussed the bail out of the banks, the presenter asking a guest where the money would come from, the answer was the sale of government bonds to oversea's institutions and from the Bank Of England, the presenter further questioned whether the Bank Of England had infinate funds, the guest after taking a big gulp replied, "Almost..."

 

The only problem is that these bonds will have to be repaid with interest, so the likelihood is that the taxpayer will be burdened with repaying a gigantic sum + interest for decades to come - for money that essentially has come from nowhere.

 

Of course the interesting question above all else, is who benefits from the interest that is repaid?

[sosumi]

Just clicked the link on post 1: Experian's stocks are dropping!

[tonycoates2003]

has anyone experienced a problem cancelling after the 30 free report offer.

[sosumi]

Hi Tony

Yes.

Have you rung them?

[vexlitigant]

If you offered your card details when signing up for the free service, you might need to lose that card and have another one issued. Card number will change.

[SilverLining]

I feel sorry for the employees that will find themselves out of a job next year.

 

I don't feel sorry for them, when they email you they give substandard replies and ignore most questions - seems none of the staff actually 'go that extra mile' which is what good ole fashioned customer services is all about in my eyes........

Just my opinion ;-(

[lickthewallfatboy]

the minions are only doing a job

 

it's the guys at the top you want to see fall......if anyone knows anyone personally who is losing their job,perhaps a friendly word of invitation in their ear might be in order?

 

would come in most useful to have an ex employee here to spill the beans

[Newborn]

Revealed: Labour lords change laws for cash - Times Online

 

"LABOUR peers are prepared to accept fees of up to £120,000 a year to amend laws in the House of Lords on behalf of business clients, a Sunday Times investigation has found. ......................... Lord Taylor of Blackburn claimed he had changed the law to help his client Experian, the credit check company."

 

Newborn

[sosumi]

It's what I expected.:mad:

Excellent post Newborn xx

[sosumi]

The 'corridors of power', eh?

[Newborn]

"Corridors of Power" - yep, google Lord Taylor of Blackburn. Some good reading.