A client thinks he has some old credit cards his name which were used to transfer balances and we want to cancel them. What is the best report to obtain which will show this information? I am assuming it is a credit report? Free? Best company to use? Thank you!
If memory serves, there are three main suppliers of credit reports - Equifax, Experian and, erm, the other one. I don't think they're free, but they're certainly only a small number of squids, and these days they should probably be available online fairly soon after paying, possibly even instantly.
However, I wouldn't guarantee the credit cards your client has will show up on them. You'd expect them to, but the last time I did a check on myself, two of my cards didn't show up on any - and these were cards with quite significant balances.
I would have thought that if he still has the cards in his name, presumably without physical cards in his hand which is why he only thinks he has them, then all he has to do is wait: At some point, a card he has (but doesn't have!!!) will expire and a new one will be issued - in which case, he can cancel that card then.
There are two obvious flaws that immediately spring to mind with that approach, of course:
One is the potential that, because he isn't sure and doesn't have the actual card(s), he is at risk from fraud - those cards must be somewhere. In which case, if fraudulent transactions are made, he'll get a statement - at which point he know there's a card in his name, and he can do what's necessary (including disputing any such transactions).
The other is if there have been any changes of address - in which case any newly issued cards might go to an old address (as would any statements), so he wouldn't find out by just waiting, and the scope for fraud is opened still further.
So, all in, it's probably a good idea to do a credit check - but bear in mind that any such cards *might not* appear. And slap your client with a wet kipper for not keeping adequate records of such things.
-- Edited by VinceH on Wednesday 20th of February 2013 02:54:44 PM
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Good point. I hadn't thought of the payments being made from the bank statements. However, even that might not necessarily show enough information. My bank statements, for example, show the payments going to the card issuer, but no other information than that. This might be because I pay by direct debit, though.
If, as the OP said, the client had applied for the cards for the purposes of balance transfers, it may well be the payments were by a monthly direct debit of the minimum amount, or perhaps a fixed amount over the interest free period, in order to benefit from that period and reduce the balance as much as possible by the end. If so, and if those direct debits are like mine, they'll at least show who the card was with. But as you say, with such scant information, those hoops will indeed be burning.
And then, of course, there's always the possibility he chose to pay by other means - such as taking the cash and the payment slip to the counter of the bank... and then not bothering to keep a record (such as that payment slip).
I know people who do this.
I want to slap them.
With kippers.
-- Edited by VinceH on Wednesday 20th of February 2013 03:50:52 PM
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
If the person has the bank statements from which payments to the cards were made then the payment will invariably be recorded with the card number even though they may not say who the card company was (likely to just say Mastercard or Visa or similar)
The first digit is the card type (Mastercard (5), Visa (4) etc.), the next 3 identify the issuer, characters 2-13 are the unique identifier of the card (inclusive of the issuer identity).
If you have the first four digits then you can find who the issuer is and give them a call in order to calcel the card.
Be prepared to jump through burning hoops to prove who you are.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I think that I need a ready supply of slapping kippers for some of the people who cross the threshold of my office.
personally whilst I no longer have every paying in slip (even I have a clear out once a year(#1) of useless, non business related stuff more than 6 years old) I do however still have every bank and credit card statement filed sequentially back to 1979!
Peasie will be so proud of me, lol.
Shaun.
#1 the clear out is on November the 5th as its the only date that I can burn anything in my smoke free area.... lol, it was only last bonfire night that I actually disposed of the last of the old style credit card receipts (remember the ones where they used to be lain on the machine, imprinted and then you would sign them... God, that seems a lifetime ago.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I remember the banks used to return the processed cheques to you with the monthly bank statement - knowing me I probably have my own stored somewhere.
I see me now in Farmfoods asking for a receipt even if I've just bought one carton of milk and paid by cash.
So I have every bank statement and credit card statement since 1987 (yes - proud of you Shaun). Now they (and utility/telephone companies) have the statements online so I have to save the pdf's to my computer. Just in case one day they decide to only store the previous three or four months.
Ahhhh - if only everyone was like me how much easier it would be for bookkeepers the world over.
PS - I still have those old slips from the c/c company. Just can't bear to throw them out.
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Never buy black socks from a normal shop. They shaft you every time.
