Anyone got their credit reference report handy?

diabeticguy

I have been advised that financial products that have a link to a bank eg Barclaycard and Barclays are able to access the bank funds to clear debts; therefore I have had to move money to a basic bank account whilst I sort out my fiances. I am attempting to create a personal budget sheet for creditors based on a very low income but I am concerned about the small amount of 'rainy day' money I have banked. If a credit report were requested would they have access to my bank accounts and funds available in it.

KingElvis

I think what you are talking about is the ability for banks and other companies in the same group to take money from one account to cover debts in another?

This can only happen if the companies are "linked", like Natwest and RBS for example....I'm almost 100% on this.

There is no way getting your credit report will cause money to vanish from your bank account, well apart from what the crooks at Experian will take anyway for getting it.

If you are "hiding" from debts, best you DO NOT apply for your report until they become over six years unpaid as the request will set them onto you like dogs.

Pott5y

Hannah_10 has started this thread which covers this in some detail.

https://forums.moneysavingexpert.com/discussion/2636953

Really worth a look and may answer your query.

Off-setting is complicated and some banks do off-set one account against the other though it is not always the case. Natwest for example might not have off-setting agreements with other RBS companies.

diabeticguy

Will my bank accounts and credits be detailed on a credit reference file?

Marisco

No they wouldn't. What you are talking about is "offsetting" whereby if you have say, a Barlclaycard and you have an account with Barclays, then they can take money out of your account to pay the card if you miss a payment. The credit report (as far as I know and I'm going back a bit since I saw ours) only show defaults, CCJ's and anything to do with credit. If you are afraid that your bank will offset, open a basic account with a totally different bank (many recommend the Co op)then close your old account so they cannot get their hot sweaty on your money;)

DGJsaver

I think the op means , would the credit report show his balances , thus financial institutions seeing how much money he has to call his own....

the answers no , if thats the case op...

diabeticguy

DGJsaver wrote: »

I think the op means , would the credit report show his balances , thus financial institutions seeing how much money he has to call his own....

the answers no , if thats the case op...

Many thanks, I only have some rainy day money that really wouldn't make a dent in my debt but would be keen not to have creditors aware.