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Overdraft appearing on my Credit Report?
unidentified
Posts: 123 Forumite
in Credit cards
Strange one here...
My Current Account appears on my Credit Report (Experian).
I wasn't aware that an Overdraft was a "Credit Based Product" so why is it listed on my credit report?
It's showing as £0 - don't know if that's a good thing or not, would just rather it didn't show up at all.
Does this mean when I have a credit search that the lender can see how much is in my bank account?
Surely an invasion of privacy if they can?
My Current Account appears on my Credit Report (Experian).
I wasn't aware that an Overdraft was a "Credit Based Product" so why is it listed on my credit report?
It's showing as £0 - don't know if that's a good thing or not, would just rather it didn't show up at all.
Does this mean when I have a credit search that the lender can see how much is in my bank account?
Surely an invasion of privacy if they can?
0
Comments
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Yes overdrafts always appear on credit reports. No it is not an "invasion of privacy".
They do not see how much is in your bank account, they just see how much of your overdraft you have used. If you have a postive balance of a £1 million, it will show up as £0.
For future reference, "credit" refers to borrowing money. If an overdraft isn't borrowing money what would you call it?0 -
OD is clearly credit
your actual OD will show on your credit reports just like your CC balances or loan debts0 -
unidentified wrote: »Strange one here...
My Current Account appears on my Credit Report (Experian).
I wasn't aware that an Overdraft was a "Credit Based Product" so why is it listed on my credit report?
It's showing as £0 - don't know if that's a good thing or not, would just rather it didn't show up at all.
Does this mean when I have a credit search that the lender can see how much is in my bank account?
Surely an invasion of privacy if they can?
[1] The O/D is a credit based product.
[2] If you happen to go into your O/D the ammount will not show on your credit file.
If you are over your O/D limit on the day that lloyds upload their monthly feed to the CRA's, don't be surprised to see a (1) and the amount you are over your limit showing.0 -
The thing that most people find surprising the first time they look at their credit report is that the balance on their mortgage is reported there
As others have said, the overdraft will report a £0 balance if you don't use it - the credit report is only reporting the credit used, not the balance on your account (although they do report a positive balance on a credit card) "A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
The thing that most people find surprising the first time they look at their credit report is that the balance on their mortgage is reported there
As others have said, the overdraft will report a £0 balance if you don't use it - the credit report is only reporting the credit used, not the balance on your account (although they do report a positive balance on a credit card)
My credit file has never shown O/D utilization for any of my three current accounts which are held with Lloyds, Barclays and halifax.0 -
Forgot to say, mine is a Barclays current account, don't think it makes any difference though!0
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My credit file has never shown O/D utilization for any of my three current accounts which are held with Lloyds, Barclays and halifax.
Doesn't that just mean you've never been in overdraft at the time they report to the CRA's?
I'm going from memory of credit reports of others I've helped, not my own accounts, so not 100% on this."A child of five could understand this. Fetch me a child of five." - Groucho Marx0
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