CRA searches.

vwman_3

Can someone please explain how these searches are recorded on file, or indeed if they are recorded.

About 10 days ago, I applied for two credit cards in the space of an hour apart, both applications were sucessful, the reason I wanted to change was that I have a Capital One card and Citicard both with high APR's, and I wanted to get rid of them for lower rate cards, I have now cancelled both of these cards.

My question is, neither of my new card issuers are shown having carried out a search on my CRA file, why would this be.

In the past whenever I have applied for credit, it has more or less been an instant showing on my file.

I have spoken to Experian and they state if a search was made it would either show up at once, or at the latest a day or two later.

When asked if searches are always made, I was told that it would be very surprising if they were not.

So as of today I have no searches shown on my file in the last 9 months, so whats to stop me making other applications for credit. not that I will.

jonnyb

you mention Experian, but not Equifax or Callcredit, and we don't know which CRA the credit card companies used.

I expect it will be recorded on one of the other agency files.

vwman_3

jonnyb wrote:

you mention Experian, but not Equifax or Callcredit, and we don't know which CRA the credit card companies used.

I expect it will be recorded on one of the other agency files.

Both Credit card companies used Experian, and I have also checked the other two CRA's and there are no searches recorded there either, this is very strange, the only solution I can think of is that searches are recorded at a much later date.

jay78

Which card companies did you apply to?

vwman_3

jay78 wrote:

Which card companies did you apply to?

Cahoot and Halifax.

keeleyuk

I opened an account with halifax and they searched equifax

exel1966

CRA searches can take up to four weeks before they show on your file. It's all down to how fast they update their records.

jonnyb

exel1966 I would question your comment about it taking up to 4 weeks.

I work for Experian, not directly in the consumer division, but I know how it works. When a genuine credit search is done, the footprint is left instantly, in real time.

The credit account records, called CAIS data, is what can take several weeks, as we rely on the lenders updating their files to us.

The whole ethos behind the real time searches is that we can show lenders if an applicant has been searched just minutes before, at another lender down the road.

vwman - do you use creditexpert to view your file online ? I don't know how else you would know that the searches do not show up. How did you check with the other CRA's ?
I have had numerous Halifax credit cards, but never had a search from them, so I assume that part of their organisation uses Equifax.

YorkshireBoy

jonnyb wrote:

exel1966 I would question your comment about it taking up to 4 weeks.

I thought it odd as well, but there may be a reason for this.

As well as using information from the CRA's, lenders will also apply 'policy rules' to help them reach a lending decision. These policy rules may include...

Has the applicant already got a card from us?
Is the applicant's salary above our desired threshold?
Are there 2 incomes in the household?
Is the applicant in full-time employment?

ie, information gained from the application form or already known to the lender through other products already being provided.

Often, these 'policy rules' take precedence over credit searches in the lending decision hierarchy, and may mean that a search is not done until a manual underwriter has had a chance to review an application declined due to 'policy rule' trigger.

The Credit Scoring - The Insider's Guide article on the stoozing website explains in more detail.

vwman_3

jonnyb wrote:

exel1966 I would question your comment about it taking up to 4 weeks.

I work for Experian, not directly in the consumer division, but I know how it works. When a genuine credit search is done, the footprint is left instantly, in real time.

The credit account records, called CAIS data, is what can take several weeks, as we rely on the lenders updating their files to us.

The whole ethos behind the real time searches is that we can show lenders if an applicant has been searched just minutes before, at another lender down the road.

vwman - do you use creditexpert to view your file online ? I don't know how else you would know that the searches do not show up. How did you check with the other CRA's ?
I have had numerous Halifax credit cards, but never had a search from them, so I assume that part of their organisation uses Equifax.

Thanks for your reply, yes I did use Credit Expert, and I took out a subscription with the other two CRA's as well, this then allows me to check the files as and when I like, in fact they send me an alert when there is any change to my files such as a search or a credit agreement update.
So after checking all 3 CRA's and no search recorded I am at a loss to explain it.

bert&ernie

Is it possible that you have applied using a different spelling of your name and address? Just thinking that it could be that the lenders are not targeting the correct person when they search the CRAs. Same could be said for creditexpert. I had problems because of my address - it only brought up limited CIAS data and didn't show me on the voters roll. I had a right time of ot getting experian to change my current address to match the VR and ensure that all of my accounts got shown.

Its very unlikely that a lender would open an account for a new customer without a CRA search. Existing customers may well be able to open new accounts based on existing account behavior and unrecorded search data, but they would not have enough data to do this for new business.

As a matter of interest, how did you apply for the Halifax card - was it branch, telephone, direct mail or Internet? They use three separate systems for processing applications, however I'm sure that all of them record searches unless it is a guaranteed offer for existing customers.