Savings Accounts

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Hollyharvey
Hollyharvey Posts: 1,939 Forumite
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in Credit file & ratings
I have noticed on my credit reports that my savings accounts with the Halifax are not reported.

Do any of the banks report on savings accounts?

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  • System
    System Posts: 178,094 Community Admin
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    No. A credit report only contains identity information and information on borrowing and applications for borrowing. As you're not borrowing anything with a savings account what would they report?
  • sargeantsalt
    sargeantsalt Posts: 72 Forumite
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    Tarambor wrote: »
    No. A credit report only contains identity information and information on borrowing and applications for borrowing. As you're not borrowing anything with a savings account what would they report?

    It's not so black and white anymore because reporting non-credit is creeping in such as with water bill s (even paid in advance) and basic bank accounts (current account with no overdraft). I would like clarification.

    Certainly the terms and conditions of savings account mention credit reference agencies. Your details will be checked when you apply. I have not personally had any savings accounts listed on my own credit file but I am unsure of whether change of address, etc may be reported to CRAs for savings.

    Does anyone know?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Basic bank accounts will still check you in case you're notorious for for building up debt then ditching it.

    It's to cover the bank and also protects you from potentially getting more and more in debt
  • Kim_13
    Kim_13 Posts: 2,434 Forumite
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    They shouldn't be, but I did read about a case on here once where one had been reported in error.

    Savings providers can check your file for ID purposes when you apply for a savings account.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
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    Not sure if OP was thinking it would be a good thing if they were reported but seeing as the actual balance of the account is not reported I cannot see what difference it would make.
  • nic_c
    nic_c Posts: 2,928 Forumite
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    BoGoF wrote: »
    Not sure if OP was thinking it would be a good thing if they were reported but seeing as the actual balance of the account is not reported I cannot see what difference it would make.
    Average age of accounts, which I know is minor.

    I would think that with bank accounts you could go into an unauthorised overdraft, where as you can't with savings. Again Water can effectively be credit if they supply more before they bill
  • tenchy
    tenchy Posts: 486 Forumite
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    nic_c wrote: »
    Average age of accounts, which I know is minor.

    I would think that with bank accounts you could go into an unauthorised overdraft, where as you can't with savings. Again Water can effectively be credit if they supply more before they bill


    Even if you don't have a water meter and pay up front? No. The water companies, like a slew of other organisations nowadays, have cottoned on to the fact that they can use credit reference agencies to threaten their customers. There's yet another case in today's Telegraph, where npower have prevented someone getting a mortgage.
  • nic_c
    nic_c Posts: 2,928 Forumite
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    tenchy wrote: »
    Even if you don't have a water meter and pay up front? No. The water companies, like a slew of other organisations nowadays, have cottoned on to the fact that they can use credit reference agencies to threaten their customers. There's yet another case in today's Telegraph, where npower have prevented someone getting a mortgage.
    Surely they have only prevented due to not paying the bills? If you pay, then there is no threat there to be had. If there is a disagreement with the bill then there are ombudsmen options
  • tenchy
    tenchy Posts: 486 Forumite
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    nic_c wrote: »
    Surely they have only prevented due to not paying the bills? If you pay, then there is no threat there to be had. If there is a disagreement with the bill then there are ombudsmen options


    They are CREDIT reference agencies, not BILL PAYING reference agencies. You can, of course, stretch the definition of borrowing money, to include obtaining services in advance of paying, which is what the energy, phone and water companies, have now done. The problem seems to be, there are many different reasons why bills don't get paid, and many of them don't relate to the 'can't pay/won't pay' situation. Nevertheless, the companies now feel obliged to report all instances of non-payment, whatever the reason, even if they, they company, turn out to be at fault. The hapless consumer is then left having to clean up his files (to which he has no direct access and is dependent on others to do it), or at worst, not getting a mortgage. This board is full of cases like this, and I referred earlier to the latest on in the Telegraph. It seems to me the credit reporting business does not always operate in the best interests of the consumer.
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