Credit checks when opening a Unit Trust investment or ISA?

Broke_American_Chiquita

Do they do a full on credit check, or just an Identity check?

Thanks

American

Aegis

Should just be an identity check really, unless they're offering you a credit facility to go with it. Some stockbrokers will effectively allow you an overdraft facility that needs to be settled within a few days of making purchases, I assume that CFDs and spreadbetting companies would do the same. However, for simple unit trust investments there shouldn't be any need to do a credit check.

savit4l8er

Typically they say something along these lines when identity only.

"The Society may make searches about you at credit reference agencies who will supply information, including information from the Electoral Register, for the
purpose of verifying your identity. The searches will not be seen or used to assess your ability to obtain credit. The agencies will record details of the search
whether or not this application proceeds. The Society may use scoring methods to assess this application and to verify your identity.

By signing this application form I/we agree that the Society can use my/our information in this way."


The statement in italics is the bit to look for.