First Direct

msaquib

Not a very good news. Just checked my credit expert report and the following message appeared:-

If you have an account with First Direct, you may get an alert about this account from CreditExpert in April or May. Don't worry – it’s actually good news.

Banks are providing new data to Experian, the credit reference agency behind CreditExpert. They have decided to share the details of more accounts in an effort to support responsible lending. When the information is added to your credit report it will trigger a new account alert, even though this may be an account you have held for several years.

A more detailed credit report will help you to build a clearer picture of your financial situation.

For more information about account information please see the Frequently Asked Questions on the CreditExpert web site.

SM

The_Boss

Why is that not good news? Because you dont want lenders to see if you have an overdraft? It is going to help lenders make responsible decisions so cant see anything wrong with it.

Rafter

Works both ways.

People with HSBC accounts (including first direct) have often found it hard to get credit elsewhere because their primary banking arrangements are invisible to other lenders (unless they are in arrears)

However, people with large credit card limits on HSBC products will now be visible to other providers, so the credit limits you may get offered in the future will reduce.

I'm sure the 'new account alert' in itself will not be a problem.

R.

The_Boss

My NatWest bank account is invisible to other lenders and never had a problem getting credit. I also had a NatWest credit card that would have shown 8 years of perfect history that was invisible due to the start date. If I had have realised this I might not have cancelled it!