Petition to Jeremy Corbyn MP, Theresa May MP, Sadiq Khan, Nicky Morgan MP, Amber Rudd MP, Vince Cable MP, Nicola Blackwood MP, James Wharton MP, Mark Dreyfus QC MP, James Morris MP, David Laws MP, Mary Macleod MP, George Eustice MP, Stella Creasy MP, Anna Soubry MP
Make credit agencies accountable for their decisions
I want to change the criteria for how people get credit. I feel that the population, as a whole, are held to ransom by credit agencies. My first experience with credit agencies was when I was a student studying at University. I wanted to change my bank over to one where I could have a student overdraft. I made an appointment, and went through all the necessary details. I was then told they would need to run a credit check on me. I was not overly familiar with what a "credit check" was, I had only seen adverts on the television telling advertising free credit check, none the less I agreed to it as I was told it was policy in order to be eligible for a student overdraft. I was declined. I was mostly confused as I really did not know why I was declined. From there, I then entered into the highly contradictory world of credit agencies and how their system works. How can someone be denied credit because they have not built up their credit? If you miss a payment on your phone contract (IT HAPPENS TO EVERYONE) you are then penalised because your credit score has been dropped? What I and many others find incredibly perplexing is that you can be denied credit by one agency and then accepted for credit by another! Surely the criteria should stay the same? There are millions of people across the UK that would not have the money upfront to pay for items such as washing machines, fridges, freezers and the list goes on. Getting these items on finance is a wonderful solution, enabling everyone to spread the cost of payments and especially people that perhaps can not afford to pay it all in one go. But of course what stands in your way - a credit check. On the 18th October 2016, I accompanied my mum to a store to purchase a new bed. My mum has bought two beds previously from this store both of which she purchased on finance. She never missed a payment, nor was ever late with a payment and on one occasion even paid her credit off early. However, today she was denied credit, not by the store itself, but of course by the credit agency despite her excellent record of payment as a loyal customer. This makes no sense whatsoever and highlights the illogical decision making of credit agencies. I might not have endless knowledge about credit checks (who does) and know the ins and outs of how it all works, but I do see a system that does not work and needs a major overhaul. Members of the public are penalised by credit agencies and often not even told the reason unless they pay for a report. Society in general, whatever their background are at the mercy of credit agencies. I understand that credit checks are a fact of life today, however getting penalised for missing a payment and different credit agencies working to their own rules, that often differ with other credit agencies. The whole system is illogical. I would like to bring this situation to the attention of all the political parties, with a view to this matter being looked into and a much needed change to the system.