Why Credit Reference Agency Disputes are Unfair to Customers

unfair information on credit filesCredit reference agencies like experian and equifax claim to help us as customers dispute any information they see as ‘wrong” on the credit files which they hold. This process involves us raising a dispute, the credit reference agency then queries the information with the lender on our behalf.

While that’s all very well and good it really isn’t enough!! Our latest dealing with both of these credit reference giants has shown a serious flaw in the way the dispute the information on our behalf, and yet refuse to remove it.

Example of the poor disputes process by experian and equifax

Recently a customer of experian’s credit expert and of equifax who pays their £14.99 charges every Month to be a member with all it’s alleged benefits had a default registered on their credit file, by a company they had never heard of. She raised a dispute with both companies, and both asked the lender to see of the information was correct.

The company whom reported the default stated the information was correct and should remain on file. The credit reference agencies told the customer the information was correct, and wouldn’t be removed, they also advised them to contact the lender, or in this case debt buying company!

The customer contacted the company (a debt purchaser) who had to go back to the original lender to get proof of the debt, so the agencies had no proof when they disputed the info, and either did the company who reported the default!

The debt buyers didn’t have any paperwork, agreements, contracts or applications in relation to this alleged account until almost 3 Months after the credit reference agencies “took their word for it” and refused to remove the default.

So at the time the credit reference agencies refused to remove the derogatory information and were told it was correct, the company that reported the default didn’t have proof it even existed and had to ask elsewhere, so how did they know it was real? How could the credit reference agencies just accept their word against a customers?

This shows a blatant disregard for customers of the credit reference agencies. Although lenders sign up to the credit reference agencies terms and conditions, and are supposed to report accurate information, it’s obvious they are NOT, and the agencies just accept it.

Experian claim to make over 350 DETAILED CHECKS and invest Millions of pounds every Year to do everything they can, to ensure the information is accurate and up to date.

The only check they appear to do when info is disputed is ask someone else, who doesn’t even know themselves!

At this time the information is still on the customers report, the paperwork the debt buyer has provided is a disgrace and is being reported to action fraud. The person in question had also issued a court claim to the debt purchaser, and has issued letters before action to the credit reference agencies and will be taking court action for compensation for failing in their duty, defamation, and most likely libel depending on solicitors advice in the coming few days.

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