Credit Searches

samj16

Hi, I'm wondering if anyone can help me with registered searches on your credit file. I have recently checked my credit report on both Experian and Equifax and have no major problems (apart from a few late payments on a loan which was settled in 2002), otherwise I have plently of good references from my credit card lenders (no late payments), mobile.. etc. I even decided to find out my credit rating with Equifax which was 500 (on a scale of 0 to 475+), so it says I'm well into the 'Excellent' category.
The problem is, I recently applied (online) to Northern Rock for a loan, and it was declined?! They say they can't say why (and the customer service rep gave the impression she didn't want to speak to me anymore when I told her it had declined me), but they said I'd get a letter in the post. Well, it's been 2 weeks and I've had no letter.
I called to find out if there were any problems with the online application and something went wrong, but they have confirmed it was actually declined.
The bit I'm more concerned about now, is the fact that I've got a registered credit search on my file from Northern Rock, and whilst they don't display whether the credit was accepted or declined, it doesn't look very good.
So... My questions...

Is there anyway I can get the searched removed (by complaining to NRock)?

Is this search going to cause problems if I try to get the loan from another lender? Maybe one like Abbey, who I currently have a mortgage with?

Thanks

jonnyb

I should say at the start that I work for Experian on the business information side, but I know about the credit info side.

You cannot get the searches removed. The credit ref agencies have a legal requirement to record every search made against an individual. They are generally shown for 12 months.
A few searches on your file should not be a problem - there are lots of other threads on this site that cover credit files in more depth. The search itself should not cause problems applying with another lender.
I would expect your mortgage lender to be more positive about lending, as they know more about your finances already. I'd give them a go if I was you.

Each lender will have their own lending criteria, and probably bespoke scorecards, so Northern Rock will have seen a different score to the one Equifax gave you. In my personal opinion, the scores which Experian and Equifax give consumers through products like CreditExpert are a waste of time, and can be misleading. There have been press articles where Elvis, or Napoleon got positive credit scores at an address (only from Equifax) !!!

Good luck.

grumbler

samj16 wrote:

...The problem is, I recently applied (online) to Northern Rock for a loan, and it was declined?! ... The bit I'm more concerned about now, is the fact that I've got a registered credit search on my file from Northern Rock, and whilst they don't display whether the credit was accepted or declined, it doesn't look very good.

There is no information on your file(s) that your application was declined. The same result could be if you applied for a loan, but (for any reasons) decided not to proceed with it. One recent search on your file(s) does not have a big impact on your credit rating. Only several searches during a short period of time can damage you rating for about 6 months. AFAIK searches are listed on credit files for 1 year.

Your Credit Rating: How they decide and how you find out for free Martin's article.