credit rating - I seem to have none

joyfull

Hi,

Trying to open new accounts (fixed term) in which to place my money seems to be getting more difficult. I seem not to have a credit rating (never borrowed, no mortgage, no credit card etc), and therefore I'm required every time to get certified copies of certain documents off to these companies.

There seems to be a reluctance to certify documents. My local bank, who know me well, won't do it. I'm then required (by the PO in this instance) to find an accountant or solicitor, (at who knows what kind of fee) to do this. I also have no access to a photocopier to get the copies done.

I've ended up taking another fixed term a/c with a provider with whom I already have an account (with a lower rate of interest) in order to avoid the hassle & expense of providing this documentation.

How can I get a credit rating? Sorry is this sounds a daft question, but I don't know how this all works.

YorkshireBoy

You don't need a "credit rating" to open a savings account!

However, the provider will attempt to identify you electronically, and check for fraud markers etc, by searching the files of a credit reference agency.

If you do not 'exist' with the credit reference agency then that's why you're being asked to supply certified copies of documents.

I suspect the reason you're having problems is that you're not registered to vote, ie you're not on the Electoral Roll. Perhaps you could confirm?

Re your bank's refusal to certify documents, who do you bank with?

joyfull

YorkshireBoy wrote: »

You don't need a "credit rating" to open a savings account!

However, the provider will attempt to identify you electronically, and check for fraud markers etc, by searching the files of a credit reference agency.

If you do not 'exist' with the credit reference agency then that's why you're being asked to supply certified copies of documents.

I suspect the reason you're having problems is that you're not registered to vote, ie you're not on the Electoral Roll. Perhaps you could confirm?

Re your bank's refusal to certify documents, who do you bank with?

I'm definitely on the electoral role, seem to always be updating / confirming it.

I bank with HSBC who told me on the phone they stopped certifying documents about a year and a half ago.

YorkshireBoy

joyfull wrote: »

I'm definitely on the electoral role, seem to always be updating / confirming it.

Perhaps you should confirm that the CRAs have this information, and that your name and address is shown exactly as you are entering it on savings account applications.

Suggest you order your credit reports from Experian and Equifax, if you've not already done so.

joyfull

Thanks Yorkshire Boy, I appreciate your advice. Just ordered a credit report from Experian. It'll take a few days, so I'll wait and see.

dunstonh

There seems to be a reluctance to certify documents. My local bank, who know me well, won't do it. I'm then required (by the PO in this instance) to find an accountant or solicitor, (at who knows what kind of fee) to do this. I also have no access to a photocopier to get the copies done.

There is a liability that goes with certifying documents. If they make an error and the documents are used for money laundering, benefit fraud or terrorism then the person certifying them can be done under money laundering regs. Hence why some wont do it unless there is some financial gain from it to cover the liability.

How can I get a credit rating? Sorry is this sounds a daft question, but I don't know how this all works.

There is no such thing as a credit rating (or score). The money laundering ID systems use your database of applications to build up detail on you. Most of which are credit based applications. If you are lacking there, then it makes it harder to pass the ID check.

Having a landline and not being ex directory will give you one bit of information (as they check that). Being on the electoral roll is another.

However, it may not be a lack of data that is causing the fail. I have used the electronic money laundering checks with Experian since it first came out and have found that house names (with no house number) often fail the check.

jfh7gwa

joyfull wrote: »

There seems to be a reluctance to certify documents. My local bank, who know me well, won't do it. I'm then required (by the PO in this instance) to find an accountant or solicitor, (at who knows what kind of fee) to do this.

I don't know all the details of what counter signature you need to verify your details, but I honestly doubt the list of acceptable signatures is that restrictive.

Are you sure it's not more like those which are deemed acceptable for passports? See http://www.direct.gov.uk/en/TravelAndTransport/Passports/Applicationinformation/DG_174151

.. and, quoting myself here from an earlier post this week:

jfh7gwa wrote: »

Yes cr1mson that's the list I was going to post. Just an extract for reference:

Your countersignatory should:

* have known you for at least two years
* live in the UK

Your countersignatory should not:

* be related to you by birth or marriage
* be in a personal relationship with you
* live at the same address as you
* work for the Identity and Passport Service

Your countersignatory should be a professional person or a person of good standing in the community. If you are not sure who to ask, call the IPS Passport Adviceline on 0300 222 0000.

These are examples of the type of person that would be suitable:

* accountant
* airline pilot
* articled clerk of a limited company
* assurance agent of recognised company
* bank/building society official
* barrister
* chairman/director of limited company
* chiropodist
* commissioner of oaths
* councillor (local or county)
* civil servant (permanent), but not someone who works for IPS
* dentist
* director/manager of a VAT-registered charity
* director/manager/personnel officer of a VAT-registered company
* engineer (with professional qualifications)
* financial services intermediary (eg a stockbroker or insurance broker)
* fire service official
* funeral director
* insurance agent (full time) of a recognised company
* journalist
* Justice of the Peace
* legal secretary (fellow or associate member of the Institute of Legal Secretaries and PAs)
* licensee of public house
* local government officer
* manager/personnel officer (of a limited company)
* member, associate or fellow of a professional body
* Member of Parliament
* Merchant Navy officer
* minister of a recognised religion (including Christian Science)
* nurse (RGN and RMN)
* officer of the armed services (active or retired)
* optician
* paralegal (certified paralegal, qualified paralegal or associate member of the Institute of Paralegals)
* person with honours (an OBE or MBE, for example)
* pharmacist
* photographer (professional)
* police officer
* Post Office official
* president/secretary of a recognised organisation
* Salvation Army officer
* social worker
* solicitor
* surveyor
* teacher, lecturer
* trade union officer
* travel agent (qualified)
* valuer or auctioneer (fellows and associate members of the incorporated society)
* Warrant Officers and Chief Petty Officers

That covers a LOT of people. I'd definitely try and get someone else to do it for you than take a risk with this.

Surely you have a neighbour, friend, friend of a friend who knows you that meets the criteria? My husband often does it for people as a member of the British Computer Society, and I know for a fact that my sister has been asked before (she's a qualified social worker). I also asked my neighbour to do this before when I was applying for a passport in a hurry, he was a photographer with proper qualifications (degree) which I hadn't realised would count - phew!

ChiefGrasscutter

jfh7gwa wrote: »

I don't know all the details of what counter signature you need to verify your details, but I honestly doubt the list of acceptable signatures is that restrictive.
:

Yes it is.
Each savings organisation will have on its website somehwere a list of acceptable documents, and in the case of those needing certifying a list of those persons and the qualifications acceptable- and it will be quite small. Basically those people who handle others money as a matter of their normal work and are therefore on the financial services register. eg solicitors, bank officials.

ChiefGrasscutter

dunstonh wrote: »

There is a liability that goes with certifying documents. If they make an error and the documents are used for money laundering, benefit fraud or terrorism then the person certifying them can be done under money laundering regs. Hence why some wont do it unless there is some financial gain from it to cover the liability.

With respect, you have totally failed to grasp what they are certifying when they countersign the passport copy.

They are ONLY certifying that the passport photocopy that thay have just signed is indeed a genuine photocopy of the original passport.
Indeed these are the precise form of words they are required to add on the copy.

They are NOT certifying anything about the individual shown on the passport.

joyfull

jfh7gwa wrote: »

I don't know all the details of what counter signature you need to verify your details, but I honestly doubt the list of acceptable signatures is that restrictive.

Are you sure it's not more like those which are deemed acceptable for passports? See http://www.direct.gov.uk/en/TravelAndTransport/Passports/Applicationinformation/DG_174151

.. and, quoting myself here from an earlier post this week:

The Post Office which is where I was trying to open a fixed bond required either a Bank, an Accountant or Solicitor to certify the documents. This was on the literature they sent me. Well, they lost my business as a result of this.

Experian_company_representative

Good idea to check your credit report to make sure everything is in order. Assuming your report contains plenty of information, check to make sure your credit data is recorded at the correct address, ideally the one at which you are registered to vote. If there's no obvious issue, you could get in touch with our contact centre and ask us to look at this for you.

James Jones