credit rating - I seem to have none

MoneySaverLog

You're not credit checked for a savings account. You're only being checked to see that you're who you say you are to meet anti money laundering regulations.

Also BTW those credit scores given by the Credit Reference Agencies are not worth the paper they are written on. Only the data is of any interest. Each creditor will score a application differently too, so while one lenders criteria will be different to the next hence one may accept you where as another one will not.

Experian_company_representative

To clarify, this is not about credit rating. Financial services companies are increasingly using ID scores from the CRAs, which are based on credit report data, to satisfy anti-money laundering checks. These look at how much data is on your credit report, what sort of data it is (a mortgage has more weight for instance than a mail order account) and whether there are inconsistencies. A score is then generated to indicate how likely it is that you are who you say you are and live where you say you live. So generally, the more credit history data you have on your report the better really. In cases where your ID can't be verified electronically, the provider usually refers to tradiational paper based proofs. This is likely to happen, for instance, if you've recently moved home.

James Jones

joyfull

Experian_company_representative wrote: »

To clarify, this is not about credit rating. Financial services companies are increasingly using ID scores from the CRAs, which are based on credit report data, to satisfy anti-money laundering checks. These look at how much data is on your credit report, what sort of data it is (a mortgage has more weight for instance than a mail order account) and whether there are inconsistencies. A score is then generated to indicate how likely it is that you are who you say you are and live where you say you live. So generally, the more credit history data you have on your report the better really. In cases where your ID can't be verified electronically, the provider usually refers to tradiational paper based proofs. This is likely to happen, for instance, if you've recently moved home.

James Jones

So, to summarise. Although the info I have on me is 'faultless' there is very little data there at all. So, this is why it's the constant faffing around with proving who I am with certified documents. BTW not moved home for 10 years?

Thanks for explaining it. I appreciate it.