Amex to Obtain Credit Reports

[lovestotravel]

Okay, now after reading about how Amex has treated some long term customers in the USA during the GFC I noticed this on my latest statement...


" From time to time we may obtain credit reports about you from a credit reporting agency for use in connection with your account as permitted under the Privacy Act 1998."

I wonder if they are going to start poking around peoples accounts more than they used to and then shut off account of people who they deem to be "high risk" after looking at your credit file.

I would probably fit in that category as I chop and change credit cards often to suit the latest promotion and to move balance transfers around.

Never paid a bill late but lots of credit card applications. I am sure many of us on here do the same thing

Thoughts :shock:

 

[Dave Noble]

Sounds like a sensible policy to me. This way they may find information about activities such as defaults on other accounts and be able to take action to protect themselves accordingly. Will also be able to tell if there are more accounts being opened which increases the possible indebtedness of the customer which increase the risk to the company

Unlike the US however, there is still no ongoing reporting of accounts that they can read in general ( such as balances , limits and payment history ) nor a screwed up scoring system

Dave

 

[one9]

Okay, now after reading about how Amex has treated some long term customers in the USA during the GFC I noticed this on my latest statement...


" From time to time we may obtain credit reports about you from a credit reporting agency for use in connection with your account as permitted under the Privacy Act 1998."

I wonder if they are going to start poking around peoples accounts more than they used to and then shut off account of people who they deem to be "high risk" after looking at your credit file.

I would probably fit in that category as I chop and change credit cards often to suit the latest promotion and to move balance transfers around.

Never paid a bill late but lots of credit card applications. I am sure many of us on here do the same thing

Thoughts :shock:

I think you are too late. Around a year or more? ago Baycorp introduced a new service that allows credit providers to be alerted immediately to changes to subscribed credit reports. Citibank & Amex both use this service.

So if you got a credit default listed by another credit provider, the next morning Baycorp would notify Amex about the change. I don't know if Amex would do anything like close your account, but I suspect that at the least they would mark your account to ensure that you did not receive any credit limit increases for the next 5/7 years.

 

[Mal]

Indeed it's been going on for a while. See:
http://www.frequentflyer.com.au/community/american-express-rewards/amex-credit-checks-15702.html

 

[oz_mark]

I think you are too late. Around a year or more? ago Baycorp introduced a new service that allows credit providers to be alerted immediately to changes to subscribed credit reports. Citibank & Amex both use this service.

..or Veda as they now call themselves.

Earlier this year American Express registered their interest as a credit provider to me, so I assume this is all part of that.

 

[lovestotravel]

This actually makes some sense now and explain why Amex were hounding me for a payment that was not even due a few months back....

Applied for a credit card with ANZ and they declined me..... Just didn't meet their criteria........

About a week later Amex was calling and calling me asking when the $25K that was due on the Plat Charge card would be paid as it was now overdue and I cannot use my card anymore until it was paid... I ususally spend this amount on the charge card per month and always pay it a few days before the due date...

Upon checking my statement the balance wasn't due for another week, however, the rep kept arguing with me. I said I will fax him my statement and circle the due date for me if his system is showing different information.

In the end he just said "You won't be able to use your charge card until you pay the amount that is due"

I told him "that's fine I have $27k available to spend on the Plat Credit card so I'll just use that in the meantime and I'll pay the Charge card when it is actually due" and then I just hung up.