Santander Current Account Shows in my Credit Report.

GRT

Hi all,

Some years ago i had a poor credit score (as in very poor) and my finances were in a mess. Over the years i have rebuilt my score to 999 with credit expert and have always found it a useful tool.

Recently i opened an account with Santander. It was one of the top picks on this site. I understand well that most accounts have a credit check made on application but currently my credit report is showing it up as a credit account and is now marking it away as if i was making payments on a credit card account.

I save 1500 plus squids a month and do not have and have and no need for an overdraft facility.

Can anyone explain why this is being seen as a credit account on my credit report?

Thanks in Advance,

GRT

IrishGypsy

GRT wrote: »

Hi all,

Some years ago i had a poor credit score (as in very poor) and my finances were in a mess. Over the years i have rebuilt my score to 999 with credit expert and have always found it a useful tool.

Recently i opened an account with Santander. It was one of the top picks on this site. I understand well that most accounts have a credit check made on application but currently my credit report is showing it up as a credit account and is now marking it away as if i was making payments on a credit card account.

I save 1500 plus squids a month and do not have and have and no need for an overdraft facility.

Can anyone explain why this is being seen as a credit account on my credit report?

Thanks in Advance,

GRT

Does this account have an overdraft facility available on it (even if you're not actually using it)? Santander reports its current accounts to the credit reference agenices every month and if you've got an OD as available, it WILL show the current and available lines of credit for this account when a credit check is done.

jen245

Most, if not all banks report current accounts to the CRA's regardless of whether or not you have an overdraft facility.

savagej

Also, for current account reporting the 0,1,2,3 etc does not mean the same as for a credit account were it indicates at least intially number of months late. You would need to refer to the CRA explanation of your file to see what each one means by the different numbers. A zero does mean your account is being run within the terms and conditions and you have not had any bounced cheques, DD's, SO's etc.

GRT

To All,

Thakyou for your reply's and explanations. It now makes more sense. If not a little on the BIg Brother side of things. This was my foist bank account change in 10 years so it was all new. I did get 140 pounds out of the swap though which is nice!

Regards,


GRT

IrishGypsy

jen245 wrote: »

Most, if not all banks report current accounts to the CRA's regardless of whether or not you have an overdraft facility.

I'm 99.9% sure not all banks report their accounts which is why some customers have issues getting credit/newer accounts elsewhere as their current account history doesn't exist on their credit file. I can't remember off the top of my head which banks don't report to the various CRA's.

jen245

I said most, I'm aware there are perhaps maybe one or two that don't. Most people who have current accounts that are not on their credit files, is because the accounts were opened before 2000, or they are basic bank accounts