Why have Natwest changed my income figure

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  • badger09
    badger09 Posts: 11,201 Forumite
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    bazzyb wrote: »
    Correct.

    There are various income verification services. Callcredit have one that is widely used, Equifax and more recently Experian have also introduced similar. The main information lenders tend to verify is known as CATO (current account turnover).

    By 'current account turnover', do you mean the total of deposits made to a particular, or to multiple current account(s)?

    If so, then for many regular posters on here, the resulting imputed income is going to be way in excess of their actual income:cool:
  • Flobberchops
    Flobberchops Posts: 1,279 Forumite
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    Not the foggiest. I work for a bank (not Natwest) and about the only thing we use self-declared income for is to establish eligibility for the Premier account. Turnover as evidenced by actual account usage is used in affordability calculations for lending products. Possibly if you declared regular outgoings they may have used this to get a net figure, but the simplest thing would be to ask Natwest where the figure came from and if they don't know, to correct it.
    : )
  • youngretired
    youngretired Posts: 581 Forumite
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    My sister also had this problem, she is self employed. She rang them up and they told her to just amend the figure on the form and send back.
  • realaledrinker
    realaledrinker Posts: 1,661 Forumite
    Combo Breaker First Post First Anniversary I've been Money Tipped!
    Of course none of these measures of 'income' reflect potential drawings from savings and investments or amounts that can be released as dividends from a Personal Service Company. Still plenty of black holes to be filled in by these applications.
    Ethical moneysaver
  • bazzyb
    bazzyb Posts: 1,584 Forumite
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    realaledrinker wrote: »
    Of course none of these measures of 'income' reflect potential drawings from savings and investments or amounts that can be released as dividends from a Personal Service Company. Still plenty of black holes to be filled in by these applications.

    Indeed - it allows lenders some ability to check people aren't exaggerating their income, but on the flip side there will be many people whose account turnover shows a much higher figure than their 'true' income. This will typically be just one affordability measure used in assessing applications.
  • Abbey1991
    Abbey1991 Posts: 159 Forumite
    Thanks for the answers.

    I did ask Natwest and they didn't know. They didn't know who National Hunter was, or Callcredit, or why I was asking.

    No doubt someone reading this thread will know the process, maybe even Martin will reply.
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