Failed mortgage application (Natwest=useless liars!)

jill2002

Mr_Zenith wrote: »

And I thought the same as you with the credit report, it should leave a footprint to show who has checked the report.

Are you sure that you checked with the correct credit reference agency. I don't know who NatWest use, but it could be Experian of Equifax - have you checked them both?

Please understand - the Decision in Principle is not guaranteed with any bank, so I personally do not think it is a good idea to do the valuation before an actual decision is made. I know some banks do the survey first and if you have to pay for it - it could be a waste of money if the final decision has not been made.

Mr_Zenith

jill2002 wrote: »

Are you sure that you checked with the correct credit reference agency. I don't know who NatWest use, but it could be Experian of Equifax - have you checked them both?

Please understand - the Decision in Principle is not guaranteed with any bank, so I personally do not think it is a good idea to do the valuation before an actual decision is made. I know some banks do the survey first and if you have to pay for it - it could be a waste of money if the final decision has not been made.

Hi,

no I haven't checked them both, but I fail to see how an excellent rating on one of them can possibly be a poor rating on the other.

I was also under the impression that no matter which one was checked, the credit check would show on the other- I thought that was the whole point of them....?

jill2002

Mr_Zenith wrote: »

Hi,

no I haven't checked them both, but I fail to see how an excellent rating on one of them can possibly be a poor rating on the other.

I was also under the impression that no matter which one was checked, the credit check would show on the other- I thought that was the whole point of them....?

No, they are two seperate companies that do not mix the information. They may both have the same information, but only if the companies providing the account data have given it to both.

Hopejack

Erm, sorry for butting in, but doesn't that belittle the point of credit files??? If one is only as good as the data on it then that's a bit silly! What happens if one file isn't great with one but is better with another because data is missing? Very odd world we live in these days!

Conrad

I keep reading on here that people have an excellent score on Experian etc, but you should all understand lenders use thier own internal systems that bare little in common with those generic platforms.

Take for example Nationwide; Recently they made thier scoring system tighter because they were getting too much business (they have limited funds available to lend).

Those generic public scores are pretty much irrelevant no matter what those companies might tell you.

Above all else lenders scoring system alogorithms take into account general stability. Address hoppers are seen as very high risk, and any kind of name or address discrepency can have a big negative impact.
You should always give a work and home landline number. A study of arrears cases showed a very common traite was that defaulters only had a mobile phone number.

FraudBuster

As above and:

When you apply for a product, it isn't just a case of assessing whether you're desirable, but also checking that the application is legitimate. Therefore, as well as the credit reference agencies, lenders also use completely separate anti-fraud agencies to try and weed out problems. The two big ones work in very different ways

http://www.moneysavingexpert.com/loans/credit-rating-credit-score