The Sub Prime Credit Thread - Part IV

never-in-doubt

ElkyElky wrote: »

It's shocking to see how easy it is. A fraudster could have a massive credit limit with AMEX with a little patience.

AMEX are one of the few companies to use salary competencies mate. This means they will check a central database of other employees and see the average salary so make sure it is in relation or they will have you! i.e. pointless saying you are an office manager of £60k, this just doesn't happen! They will ask for proof.

Also, any changes to salary with AMEX require you send in payslips.

ElkyElky wrote: »

I assume the police would be involved if this type of fraud was detected, perhaps because the fraudster slipped up somewhere along the line?

Nope, its not woth the time and expense for the lender, unless you deliberately stole thousands as a result then no, the police would not get involved mate.

ElkyElky wrote: »

It should be compulsory for lenders to verify income and job status in every application to stop this type of fraud.

Not possible, some lenders (such as Tesco) don;t require a salary/job so wouldn't work. The salary bit is a scoring part for the lender, its it up to them if they score it high or low. Basically, each lender scores this differently and there are bigger fish to fry than the odd salary cheat!:D

never-in-doubt

Cash_Flow wrote: »

I have just had another look @ my credit file and Cap One searched my credit file in Feb 2009.

Cap 1 don't use Experian mate - they must have had a null result from Equifax. That would be the only reason.

The screen print shown little, could be a search for credit limit increase or anything!

Cash_Flow

Cash_Flow wrote: »

I have just had another look @ my credit file and Cap One searched my credit file in Feb 2009.

I think you may be slightly mistaken matey with regards to cap one only having just started sharing data with experian as I can prove they have been sharing data for years;)

I have been declined for a credit card before - does this mean Capital One will decline me?

Not necessarily. Capital One takes all the information you provide on your application form - and a decision is then made based on that information and also information of your previous credit history. If you are unsure why you have been declined now or in the past you can get a copy of your credit file from the credit reference agencies which Capital One uses: Experian and Equifax.

:rotfl:

Cash_Flow

never-in-doubt wrote: »

Cap 1 don't use Experian mate - they must have had a null result from Equifax. That would be the only reason.

The screen print shown little, could be a search for credit limit increase or anything!

My Equifax is fine mate there is plenty of information on my file.

The card is a cap one clasic for which you can not request a credit increase.

The screen print means everything as I have no reason to lie.

Why would capital one not use the biggest CRA in the uk:rolleyes:

Why do you think barclays use Experian for current accounts?

why put all your eggs in one basket?

never-in-doubt

Cash_Flow wrote: »

I have been declined for a credit card before - does this mean Capital One will decline me?

Not necessarily. Capital One takes all the information you provide on your application form - and a decision is then made based on that information and also information of your previous credit history. If you are unsure why you have been declined now or in the past you can get a copy of your credit file from the credit reference agencies which Capital One uses: Experian and Equifax.

:rotfl:

Can you stop quoting the screen print - its too big!!!

For the third time (lets hope you pick ip up this time) Cap1 use Equifax, they would only ever use Experian (same as Barclays) if they get a null report from Equifax. What is your point, this is a fact and proven beyond doubt.

There is always the odd case where a CRA may be used out the norm, like my recent Ulster Bank CC application - ONLY searched CallCredit - !!!!!!? That stumped me. No trace on the big 2, why is this I wonder?

So I get told by my mate at RBS that if they have performed a search in tha last 3 months they may use the same data and just pay for a CallCredit update.

Who'd have ever figured that out?

My point remains, Crappy1 search Equifax as they have a controlling interest in them!

When I refer to a null report, this could mean anything - i.e. you have an account with them, they searched equifax and then you apply for an increase and they decide to use Experian. Or maybe an additional card holder, they can then search you across all 3 to check for links. There are too many reasons, but the point i'm making is that they primarily use Equifax and still do to this day - for new customers!

Cash_Flow

never-in-doubt wrote: »

Can you stop quoting the screen print - its too big!!!

For the third time (lets hope you pick ip up this time) Cap1 use Equifax, they would only ever use Experian (same as Barclays) if they get a null report from Equifax. What is your point, this is a fact and proven beyond doubt.

There is always the odd case where a CRA may be used out the norm, like my recent Ulster Bank CC application - ONLY searched CallCredit - !!!!!!? That stumped me. No trace on the big 2, why is this I wonder?

So I get told by my mate at RBS that if they have performed a search in tha last 3 months they may use the same data and just pay for a CallCredit update.

Who'd have ever figured that out?

My point remains, Crappy1 search Equifax as they have a controlling interest in them!

When I refer to a null report, this could mean anything - i.e. you have an account with them, they searched equifax and then you apply for an increase and they decide to use Experian. Or maybe an additional card holder, they can then search you across all 3 to check for links. There are too many reasons, but the point i'm making is that they primarily use Equifax and still do to this day.

Barclays use both Experian and Equifax

Cap One use both Experian and Equifax

You seem to have friends that work for every Bank/Lender in the country lol

ElkyElky

never-in-doubt wrote: »

AMEX are one of the few companies to use salary competencies mate. This means they will check a central database of other employees and see the average salary so make sure it is in relation or they will have you! i.e. pointless saying you are an office manager of £60k, this just doesn't happen! They will ask for proof.

Also, any changes to salary with AMEX require you send in payslips.

Nope, its not woth the time and expense for the lender, unless you deliberately stole thousands as a result then no, the police would not get involved mate.

Not possible, some lenders (such as Tesco) don;t require a salary/job so wouldn't work. The salary bit is a scoring part for the lender, its it up to them if they score it high or low. Basically, each lender scores this differently and there are bigger fish to fry than the odd salary cheat!:D

Obviously the income would have to be realistic. No one is going to say they earn 100k working in a bar. :rotfl:

Again, fraudster could cheat the payslip thing. If a fraudster obtains the card by deception... then, perhaps a year later they actually get a job with an income that would qualify for the card, then there'd be no problem sending AMEX the employer information and payslips.

never-in-doubt

Cash_Flow wrote: »

Barclays use both Experian and Equifax

Cap One use both Experian and Equifax

You seem to have friends that work for every Bank/Lender in the country lol

We're going round in circles, each lender can use any of the three CRA's as they see fit. For the norm though, we'll assume the facts and those are that both Barclays & Crappy1 primarily use Equifax; as we know RBS/HSBC use Experian. Now, that aside the lender can at their choice, use another CRA and this must have happened with you. Lets use this example.

I apply to Crappy1 and they search Equifax, they see I have a NoC on my file. They want to prove the facts and so search Experian. Alternatively, I applied to Crappy1 in Jan and got declined. I reapply in July and they decide that the search from Jan will suffice alongside an Experian one.....

You're confusing banks/credit cards mate - barclaycard use equifax. their bank division use both, mainly Experian. As you say, they don't keep all their eggs in the same basket.

I work in internal fraud (for the banks) so yea, I do actually have 'acquaintances' in all the main banks cos I work with them on a daily basis and the info I get told is very basic, not like the secrets of the industry!

I am a sub contractor to the banks and insurers, i.e. high level internal fraud. Questioning my integrity isn't the best way forward, I do actually know a lot of people in the financial sector.

Cash_Flow

never-in-doubt wrote: »

We're going round in circles, each lender can use any of the three CRA's as they see fit. For the norm though, we'll assume the facts and those are that both Barclays & Crappy1 primarily use Equifax; as we know RBS/HSBC use Experian. Now, that aside the lender can at their choice, use another CRA and this must have happened with you. Lets use this example.

I apply to Crappy1 and they search Equifax, they see I have a NoC on my file. They want to prove the facts and so search Experian. Alternatively, I applied to Crappy1 in Jan and got declined. I reapply in July and they decide that the search from Jan will suffice alongside an Experian one.....

You're confusing banks/credit cards mate - barclaycard use equifax. their bank division use both, mainly Experian. As you say, they don't keep all their eggs in the same basket.

I work in internal fraud (for the banks) so yea, I do actually have 'acquaintances' in all the main banks cos I work with them on a daily basis and the info I get told is very basic, not like the secrets of the industry!

I am a sub contractor to the banks and insurers, i.e. high level internal fraud. Questioning my integrity isn't the best way forward, I do actually know a lot of people in the financial sector.

I don't have time to reply to your post in full as I am @ work but I think you have made it clear for everyone that it is best to assume that Capital one search both Equifax and Experian.

never-in-doubt

Cash_Flow wrote: »

I don't have time to reply to your post in full as I am @ work but I think you have made it clear for everyone that it is best to assume that Capital one search both Equifax and Experian.

I have just checked my reports (sorry, I get the £2 statutory ones) as I applied to Crappy1 a while ago.....

True to form, I have a search on Equifax for the credit card but I also have a search on Experian showing as a credit card - so two full searches.

I believe I am out of date with Crappy1 and humbly apologise for incorrect info given. It is, as you say, best to assume they search both. I'll let Underground know so he updates the thread accordingly. :D

I wish they would switch totally to experian, lol. I hate Equifax!

CashFlow - cheers mate, without this i'd have never checked and to be fair it is best to assume worse case scenario.

See, i'll do it again - save as your signature - Niddy apologising!

CashFlow - Oh mighty one, I bow at your feet for forgiveness :A