Which credit agency do Egg use?

caro69

Do any of you guys know which credit agency Egg use?

Wishing everyone a Merry Christmas and Prosperous New Year.

Caro69

angelica

Caro69,

Have a look at this Martin's article

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1129725802,83707,

Egg uses both Equifax and Experian.

caro69

Now, thats very interesting, thank you.

My husband has had several loans with Egg over the years. He has always made repayments on time and has often made overpayments with their flexible loan. When he took these loans out he was a self-employed driving instructor. The loans were for cars. No questions were ever asked.

On applying for a loan this week, he was accepted, then as he was about to finish his call to Egg he was told that he would need to speak with the underwriter. The underwriter asked if the car was ever used for business purposes, to which he replied of course it was. The underwriter then refused the loan.

He has never been refused credit before and has an exemplary credit record. Does anyone know how this refusal will affect his credit rating. Obviously the refusal has nothing to do with late payments or anything like that, and it all seems rather unfair.

The_Boss

Yes. Some lenders say you cant borrow for cars for business purposes, to consolidate other debts and a few other things. I've done a fair bit of searching for loans over the past few days and have discovered that quite a few companies specify this. So its the purpose of the loan rather than a credit score/rating that has caused the rejection.

caro69

Thanks, The Boss.

Do you know, or does anyone know, how this rejection will appear on my husband's credit report. Is the lender likely to specify the reason for the rejection, or does it just appear as a rejection? Or maybe we have no need to worry as all current payments are up to date.

The_Boss

If they already did a search, then that will still show and there will be no information on why it was refused. But lenders will be able to work out that it was refused because they will see a search recorded, but no active account.

Shame they couldnt tell you this before the search really.

caro69

The point is, should we contact the credit reference agencies and ask for the reason to be put on the report, or should we complain to Egg about the way they have handled the loan application, or should we simply let the whole thing go and hope it has no impact on future loan applications?

The_Boss

I think you can do that - so your comment will appear beside it. It might take a while, but I'm sure I've seen that option on Experian's site. Definitely query it.

Catch_A_Fire

Caro69,

The only things which appear on your file are searches *not decisions*, actual agreements (credit cards, mortgages etc.), CCJs etc.

I would suggest that you don't register a 'Notice of Correction' to explain the search - there's nothing it can do! Unless there are significant extenuating circumstances NOCs do nothing aside from slowing your application (someone has to look at it manually and read your NOC).

A search isn't a bad thing; too many searches are.

Any future lender will only see the search Egg did, they will not know whether you were accepted and didn't take up the account or were declined (they can usually tell if you take the account by looking at account start dates; but rarely do - it doesn't tell them much the computer hasn't already calculated!).

Don't worry about it!

Hope this helps.

caro69

Thank you Catch A Fire for taking the time to clarify this for me. You have put my mind to rest.

Wishing you all a very Merry Xmas and Happy New Year.