zopa

dixdixon

have any readers tried zopa for either a loan or to lend and if so how did you get on, what did you think ?

newmoneyuser

There is a long thread here

http://forums.moneysavingexpert.com/showthread.html?t=34667

I've been adding a few comments at the end from the point of a lender.

vwman_3

I have found out recently this outfit did a search on me with Equifax without my permission........

newmoneyuser

>>I have found out recently this outfit did a search on me with Equifax without my permission........

You should be more worried about the fact that it looks like someone entered your personal details on the web site to try and set up an account. You may like to call them to confirm that the checks they then did not allow the account to be opened. This would be no different to someone creating a set of fake utility bills with your details and trying to get credit at a shop.

vwman_3

I spoke to a 'Manager' told him that his company were well out of order and also contacted the CRA about it it's still shown as a search tho.............

newmoneyuser

Zopa have the following information about searches badly placed on their web site, so while you now have a search listed, it should not mess up your credit score. This means that it does you less harm than someone trying to use you details in a store as this this involves a credit application search.

Zopa's first check is used for getting the score they display and for validation as you are then asked more details about your past expenditure which is held by the credit agency, so if someone try to use your details they should have been stopped at the questions (unless they know you very well).

The big problem is that more and more companies (like Zopa) are now using credit checks as a way to prove your identity, which is going to mean a lot
more searches turning up. The real issue is that the agencies involved seem to make money by charging for these searches and then charging the individual to see what is going on.

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From Zopa's web site

Initially Zopa requests a "Credit Quotation" and an Identity Verification search. These types of search, whilst visible on your credit record, do not impact on your credit score. Other types of search, such as a Subsequent Enquiry search - also do not impact your credit score.

The only time that your credit score is impacted at Zopa is when you actually borrow. In this instance, a Credit Application search is made - and this search is visible to other credit providers in the country. This is the same as a Credit Application search made via any other bank - as all companies accessing credit records on behalf of individuals must subscribe to a standard set of rules and procedures laid down by SCOR (the Standing Committee on Reciprocity).