Ex- Credit Analyst - Throw your Credit & Underwriting Q's at me.

bigdec

Mike_St_Helens wrote:

Hi Bigdec,

This is a very common problem when Insurance is paying the debt. I really dont know where you stand contractually... However if you appeal to their data controller and ask for the late payments tbe updated then im sure they would do it for you. Did you know also that the fact that you have claimed on this insurance will also now appear on your credit file for 6 years. Its not so much a bad thing, just alerts lenders to the faxct you have claimed before.

Mike

Will that have an adverse affect if I make a application for a credit card or loan ?

Many thanks on the previous answer

:T

Mike_St_Helens

donglefan wrote:

Mike, thank you for the advice.

I applied for my own bank's card today and was awarded Platinum :j which was a bit pointless as it's of little use for stoozing, but it made me feel a bit better about the rejections everywhere else.

I had not been saying I was a homeowner because I've previously let my house and was including letting income in my annual total, so I thought I couldn't have it both ways.

I have been self employed for six years but don't earn much.

Rufcut

Good... Even better if it is with a bank that report and they have given you a decent limit !

Mike_St_Helens

desperatelyinthered wrote:

Hi Mike,

Not sure if you can help?

I am on a DMP and obviously my credit rating is pretty poor because of defaults and amount of debt. I have a mortgage (high street lender) and a 2nd mortgage (Ge money). When my current rate is up they usually just ask me to pick a new one (main mort). I am wondering if you think they would consider to increase mortgage to pay of 2nd mortgage (its on a variable rate and i would like to fix it), or if I am better off just going straight to an adverse credit mortgage company?

I have had my mortgage with Natwest for 3 years now, I am not in arrears at the moment however when things got bad I missed 2 payments (nearly 2 years ago now which has been cleared)

I appreciate that you may not have dealt with mortgages but any guidance would be useful!

Hiya... I remember when I remortgaged with Intelligent Finance, My previous lender Abbey declined the remortgage... So I guess its the same as going for a new mortgage. You really need a specialist broker that can point you in the right direction, I believe https://www.moneysupermarket.com may be able to give you some hints, But again, I doubt Natpest will be able to givve you a high street rate when im assuming you have adverse crefit on your file due to the DMP.

Sorry !!

Mike.

littlestar1981

Not sure if this is the right place. If declined for a visa (with GE, dunno why) how long should I wait before applying for another?

Need to transfer my visa urgently, i'm being murdered slowly in interest.

Mike_St_Helens

nicecarkeys wrote:

Mike

I would like to know about the information passed between banks lenders etc that we do not have access to. All info on CRA's files we can see if we pay to see it but what about the info that some lenders addmitted to earlier this year that is passed between lenders in coded messages?

I have lots of credit but I also have a healthy income. My credit on the CEA's files( that I am allowed to see) is perfect. No other markers GAIN CIFAS etc
long time in job & home and yet I have been declined by a couple of lenders recently.

I have no idea why I should be declined at all?
I do however make lenders etc correct mistakes they have made on my CRA files and I have been recently querying PPI with a couple of lenders who I may take court action against for mis selling.

Could I have negitive info being sent between lenders that I have no access to?

Hi there, I have seen Credit reports for consumers, commercial reports, fraud reports and I can assure you that no info is passed on in code as it where... By law they can only pass on factual info.. in fact a lender sees a lot less than what you see when you get your file ! They see, balances, limits, payment profiles (in time or not) over 6 years, GAIN, CIFAS, Insurance claims, all addresses.. They dont see the name of lenders, if you have been overlimit in the past or silent searches.,.. these are for example when you enquire about further finance, a lender may silently look at the file, but iot does not create a'footprint' ie : a serch on your file.

As I said, Your fikle should be factual. If it is not you have the right to go to them and demand it is amended, you have legal rights, this can be taken very seriously if lenders are reporting incorrect info... The Information Comissioner is the top dog in the Government.

This his his site, may help with advice http://www.ico.gov.uk/

As I have gone through this post, a lot of people ask why they have been declined, thare are hundreds of reasons and its impossible for me to tell you the exact reason without more info. Such as balances, income, lenders you use, lenders you dont, missed payments, searches and so on....

Hope this helps.

Mike

Mike_St_Helens

bigdec wrote:

Will that have an adverse affect if I make a application for a credit card or loan ?

Many thanks on the previous answer

:T

No NO... It isnt classed as adverse, simply that you have claimed. I guess its for ... say you wanted a £100k mortgage and you said, well I work here and earn £xx... then they look at your file and see you are obviously off sick for what ever reason.. They may question this for your salarys sake, ie : if you will get it forever, or if it finishes after 6 months of being off sick... they wouldnt give you a mortgage then im sure... Its just a safeguard really.

Mike

Joe_Bloggs

I got turned down for a Lloyds TSB 0% card. There was no obvious reason. I complained and it was suggested that I send the underwriters both my Experian and Equifax reports. Are they just on an information 'fishing expedition' since they have so much information anyway ? I ignored their offer. I got a 12 month Sainsbury's 0% purchase card a few months later.
I was told by my mortgage lender that they notify the credit reference agencies whenever I make a mortgage overpayment. I was also advised by my new mini-cash ISA supplier that they would be contacting Experian to look at my credit files. What is the world comming to ?
J_B.

justheclothesonmyback

Hi Mike, just to follow on in similar vein to nicecarkeys, - what info lenders actually see, (especially regarding 3rd party data), the following is something I came across whilst searching for the subject. It is an excerpt from a Radio 4 Money Box Live transmission in May 2005:

JOANNA: Oh hello, good afternoon. My question relates
to the Data Protection Act. On two occasions in the last couple of years
myself and my son have independently applied to Experian for our credit
file, and I was quite shaken when we received the details - he first and
then me subsequently received details on our own credit rating – and
included in the details in the file was the full history of credit related to
everybody else within the family. And I believe that this is actually
contravening the Data Protection Act. There was whole details about
my husband’s financial details, my financial details and other members
of the family.

LEWIS: Well a lot of people have made the same point
today and certainly in the past, so let’s put that straight to Jill from
Experian. What’s the position, Jill?

STEVENS: Well the very good news is that, Joanna, you
weren’t the only person to object to this. Many, many people did. In
fact the credit reference agencies themselves had some reservations
about the way we were legally obliged to link everybody in a household
on a credit report and, thank goodness, this has now stopped. Lenders
are no longer looking at information about household members when
they assess a credit application by an individual, which means we no
longer have to include that information. So if you get a copy of your
credit report now, you will see information only about yourself unless
you are financially connected to somebody with whom you live – that
would mean that you had a joint account with them, you had applied for
joint credit. But certainly it’s very good news I think for the majority of
consumers that individuals who live together are no longer linked just
because they share a house.

LEWIS: Neil …

MUNROE: Certainly I’d agree with everything that Jill’s just
said. And one tip really for anybody who is applying these days is to
actually make sure you give your full name and your date of birth. You
may not wish to do that, but if you can that helps obviously the credit
reference agencies identify specifically information about you.

LEWIS: Because if John Williams and his son John
Williams live in the same house, then they could have a problem there?

MUNROE: That’s right. So that’s one tip really just to do
that. I know it may not be something you want to do, but it will help
you.

LEWIS: And just on a purely factual point, if Mr and Mrs
Bloggs are living together and maybe have a joint bank account but have
separate credit cards, will they see all the details for each other or just
the details for the joint bank account?

MUNROE: They would see the file, the complete file if
there’s a financial association. So obviously if there is a financial link,
then it’s deemed through the arrangements that have been worked out
with the Data Protection Commissioner that obviously that would be
seen as a financial association.

LEWIS: So if you have a joint mortgage and a joint bank
account, you will also see the details of your wife or husband’s credit
cards?

MUNROE: Yes. I mean if obviously those arrangements
have finished, then you can obviously disassociate yourself, which is a
big word but basically you can actually make it clear that there aren’t
any financial connections between the two.

(**Editor’s note: Since this programme was broadcast, Experian have
provided further clarification on the situation for people living under the
same roof: Even if you are 'financially connected' to someone you live
with, your credit report will show only those accounts you hold jointly
with that person; if she/he has accounts in her/his own name not held
jointly with you, they will not appear on your report (and vice versa).LEWIS:
Sorry Jill, do you want to add something?

STEVENS: I was going to say that lenders are still looking at
people who are financially connected obviously because they are being
asked to lend responsibly and that’s why they’re looking at people who
are financially connected.


Now my question concerns the parts highlighted in red. OH has his experian report and as stated above none of my accounts show, my name is only showing as an associate. But what about Equifax? Above transcript was in May last year and I'm hoping that things have changed. Is this standard practice with CRA's now do you know Mike? Specifically with Equifax? (Have sent £2 off to them for report but need to know urgently for own peace of mind) .
I mean if you have a financial link shown as we have due to something like a rental (as I said in previous post, still can't figure how they linked us, unless they have access to marriage records and automatically link you?) We have NO ACTIVE ACCOUNTS IN JOINT NAMES WHATSOEVER AND NEVER HAVE - when lenders access his file from Equifax, will they see just his own active accounts or will they also see mine, even though they are not in joint names/accounts.
Really appreciate what you're doing - keep up the good work!
Thanks in advance
p.s. to clarify is a financial link the same as a financial association?

Snaggles

littlestar1981 wrote:

Not sure if this is the right place. If declined for a visa (with GE, dunno why) how long should I wait before applying for another?

Need to transfer my visa urgently, i'm being murdered slowly in interest.

Hi Littlestar!

Firstly I would see if GE can give you any kind of an explanation as to why you were declined. They can't say for example 'You were declined because you defaulted on your mortgage in 1999' (not suggesting you did ), but they can tell you that they use information provided by a credit reference agency and there was an indication of adverse information (if this is the case).

There may be other reasons you have been declined, as each lender has their own criteria. If you have just applied for one credit card and no other credit facilities recently then I wouldn't worry too much about applying somewhere else - a couple of searches shouldn't have a negative impact on your credit rating. But if you have a lot of searches in quick succession, this can make you appear 'credit hungry'.

A search will show on your file for 12 months, although a generally lenders are only interested in and will only view searches within the last 6 months. So if you have applied for a few and been turned down, possibly wait 6 months and then try again. But in the meantime get a copy of your credit file so you can address any issues that are on there if necessary.

Hope this helps!

*zippy*

Hi Mike

Sorry if I'm being thick, but if your CC application is referred to an underwriter, what does this mean?