Lloyds and Experian

danielanthony

I applied for a £250 overdraft on my Lloyds current account in order to get some more green '0's on my credit report: I dont currently have an overdraft and have my savings with Lloyds.

I applied on line and was given a number to call, which I did. The man on the end of the phone said that I was rejected as my credit report said I had an adverse credit history. I asked if this was on Experian, which he said it was, and I told him that I have no defaults, missed payments or CCJs/IVAs on there and my score is 953. I did have 4 defaults removed on 28/05/09 but as it is now 02/06/09 so they are gone, I have checked this myself as I subscribe to Experian and they are not showing on my credit file.

He told me to print off my credit report and take it to a branch as they could verify this and give me the overdraft if what I told him was true(!) So... If Lloyds did a credit search on me today they would not have seen the defaults, so how old is the data they are using or can they see defaults which are older than six years?

Brian_The_Lion

danielanthony wrote: »

I applied for a £250 overdraft on my Lloyds current account in order to get some more green '0's on my credit report: I dont currently have an overdraft and have my savings with Lloyds.

I applied on line and was given a number to call, which I did. The man on the end of the phone said that I was rejected as my credit report said I had an adverse credit history. I asked if this was on Experian, which he said it was, and I told him that I have no defaults, missed payments or CCJs/IVAs on there and my score is 953. I did have 4 defaults removed on 28/05/09 but as it is now 02/06/09 so they are gone, I have checked this myself as I subscribe to Experian and they are not showing on my credit file.

He told me to print off my credit report and take it to a branch as they could verify this and give me the overdraft if what I told him was true(!) So... If Lloyds did a credit search on me today they would not have seen the defaults, so how old is the data they are using or can they see defaults which are older than six years?

I'm in a similar situation at the moment regarding dates on files. I was led to believe that defaults, etc should come off after 6 years, etc but my current experience suggests otherwise.

I was declared BR on 20.05.2003, obtained my credit reports dated 22.05.2009 and both experian and equifax have information on there that should now be removed? Im currently trying to find out how they get removed. I thought it would be down to an auto expiry but obviously I was wrong. Im just hoping I dont have to wait for creditors and DRA's to update my files, I could be waiting a while!

danielanthony

My Equifax and CallCredit files were updated the day after the 'default date' passed, so my defaulted accounts dated 28/05/03 were removed on 29/05/09. This was automatic. Equifax have been different and although having the correct dates it takes 3 working days for 6 year old entries to be removed. I had to phone them twice to confirm this.

So, as I know that my Experian credit file (which I generated today) has no defaults, how come Lloyds could see some adverse credit?

danielanthony

Brian_The_Lion wrote: »

I was declared BR on 20.05.2003, obtained my credit reports dated 22.05.2009 and both experian and equifax have information on there that should now be removed? Im currently trying to find out how they get removed. I thought it would be down to an auto expiry but obviously I was wrong. Im just hoping I dont have to wait for creditors and DRA's to update my files, I could be waiting a while!

I suggest you make sure the 'default date' is set to 20/05/03 as it took me months to get all my creditors to correct their entries to show the date my IVA was set up. If the default date on the accounts on your credit file are correct then I suggest you email Equifax and Experian to ask why they have not been removed.

chris_mc_1266

Hi guys... i work for Lloyds TSB telephone banking and deal with the IBODS (internet banking overdrafts) you are not creditscored for an overdraft with Lloyds TSB. We use an internal system that calculates an internal score based income trends etc. Try leaving more money in the account. The ststem updates every 30days so you might want to try again nect month. Oh and lloyds tsb dont update green ticks on credit reports for od only loans and cards

danielanthony

chris_mc_1266 wrote: »

Hi guys... i work for Lloyds TSB telephone banking and deal with the IBODS (internet banking overdrafts) you are not creditscored for an overdraft with Lloyds TSB. We use an internal system that calculates an internal score based income trends etc. Try leaving more money in the account. The ststem updates every 30days so you might want to try again nect month. Oh and lloyds tsb dont update green ticks on credit reports for od only loans and cards

Thanks very much for the info! A couple of questions though:

1) Why would he suggest I take my Experian file to the branch?
2) I dont have any loans, OD or CC with Lloyds, I pay in about £2500 salary per month and have £2000 in savings with them. Why are they not falling over themselves to give me a simple OD?

chris_mc_1266

Hi Daniel

1) The system can be manualy updated your experien report would get sent to PLSC the personal lending service centre for the update if they feel it is justified.

2) Your internal profile was created when you opened your account and as you say your credit report had a few things on there before you got them removed this will deffo have an impact on your internal score - the score is updated on a monthly basis but if the system added "Credit Policy Decline" on your internal score this will decline all future lending until you are externally scored again ie with a credit card or loan application.

I understand thay you pay in a good amount of money and have savings in your account but if the system says no it is a decline regardless if you have £3million in your account.

Next time you are in the branch ask to see your risk band ( the lower the better ) if they do it infront of you try and look at the screen to see what it sees next to
overdraft - if it says "credit policy decline" or " Credit Bureau Data" it is 100% due to the fact that the red flags where on there before they got deleted

danielanthony

Brilliant! Thanks for your help, its nice to get advice from someone on the inside

Would it be worth while applying for a credit card so that they do an external search on me to update my internal score to reflect my current Experian score? Or just take my report down to the branch (a bit more of a ball ache but willing to do so if it improves my standing with the bank)?

jonesMUFCforever

Hang on a minute please.
They only update your score once a month so until June 21 or thereabouts you will still have those adverse marks on there until they do the next check.
A little patience is all that is required.

danielanthony

jonesMUFCforever wrote: »

Hang on a minute please.
They only update your score once a month so until June 21 or thereabouts you will still have those adverse marks on there until they do the next check.
A little patience is all that is required.

BUT, there are no searches on my Experian file from Lloyds in the last year. I think Chris is referring to the internal score being updated monthly, and as my original credit search when I opened the account 6 years ago with them had defaults this will negatively impact my internal score until I 'force' them to do another external check by applying for a loan or credit card - neither of which I have ever done.

chris_mc_1266

see to be honest lloyds only update external credit files if you !!!! them about - only way you would get internal to improve would be by applying for something even a new current account NOT AN AVA (added value account)

cheers