Credit Reference Agencies - Who Really Uses Who? II

inkslinger

Nope, business manager told me, then I went downstairs and had a meeting with the personal manager, I was armed with a copy of my Equifax report, she told me that's good because that's who we use.

I know its who they looked at when I opened my Gold Account.......

I can only repeat what she told me but we have a good banking relationship so Im pretty sure its right.

izools

inkslinger wrote: »

Nope, business manager told me, then I went downstairs and had a meeting with the personal manager, I was armed with a copy of my Equifax report, she told me that's good because that's who we use.

I know its who they looked at when I opened my Gold Account.......

I can only repeat what she told me but we have a good banking relationship so Im pretty sure its right.

They use both EX and EQ.

EQ for credit scoring and EX for the AVU (Application verification unit) for underwriting.

So your application can be approved as a result of the EQ search and later declined if / when the AVU do "final checks" via Experian.

stclair

inkslinger wrote: »

NatWest is equifax, told this by my business bank manager.

and experian

inkslinger

stclair wrote: »

and experian

I think I'll get me coat, I dont seem to be doing too well on here today :rotfl:

stclair

inkslinger wrote: »

I think I'll get me coat, I dont seem to be doing too well on here today :rotfl:

Hehe no dont do that

Izools post is spot on for there explanation for the reason for use of both experian and equifax

izools

I was declined for a Natwest account earlier in the year. I have a spotless Equifax report and a ruined Experian report.

I applied online, they searched Equifax, said I'd been approved chequebook card etc, sent through an agreement to sign and return and they'd open the account.

Got a letter a week later to say they've opened the account - and another from the AVU to say they closed it! Both on the same day! The AVU had searched Experian after I returned the signed agreement for an "Approved" account

stclair

izools wrote: »

I was declined for a Natwest account earlier in the year. I have a spotless Equifax report and a ruined Experian report.

I applied online, they searched Equifax, said I'd been approved chequebook card etc, sent through an agreement to sign and return and they'd open the account.

Got a letter a week later to say they've opened the account - and another from the AVU to say they closed it! Both on the same day! The AVU had searched Experian after I returned the signed agreement for an "Approved" account

There renowned for doing that personally the process is abit of a grey area. As this process builds up alot of peoples hope etc. I did mention this in a meeting we had a few months ago about customer satisfaction, however ive never really had any feedback from it. Its just a waste of time and effort to send out all the details etc then to send another letter saying sorry youve been declined it abit far fetched if you ask me.

inkslinger

Thanks for the info. Its amazing two credit reports can have such wildly differing info. Do all banks have a AVU department then? Is this secondary check common practice?

stclair

inkslinger wrote: »

Thanks for the info. Its amazing two credit reports can have such wildly differing info. Do all banks have a AVU department then? Is this secondary check common practice?

Im sure all banks would have a similar department.

I tried to open a lloyds tsb account a few years ago. The account was opened card and pin sent me and everything. Then a few days later i got a letter telling me they was closing my account.

When I asked why it was becuase I owed them money from years ago :eek: that was from when i was young and wreckless lol

inkslinger

I take it for any reason if any information came to them much later on as to why they shouldnt have offered you an account in the first place, but had and you had been running it for months OK they would still close it?