Lloyds monthly feed from CRAs

Hydromancer

Bit of a random question I guess but I recently opened an account with Lloyds and applied for an overdraft a few days later. They told me on the phone that I should wait until 13th Jan. as that is the day they get their monthly feed from Experian. I was a bit confused by this and the polite lady on the phone was unable to offer a good explanation...what is contained within this monthly feed from the CRAs that they need to know before they will decide to offer me an overdraft?

Thanks in advance.

Gromitt

No idea, I always thought the banks could access your report at any time. They certainly mark on the report that it has been searched.

Considering they can offer your a CC at any time (instant approval), an overdraft of upto around 10K should be doable instantly, too ?

Hydromancer

Actually I found a rather interesting article here which may explain why they are waiting...

http://www.independent.co.uk/news/business/news/banks-launch-information-sharing-scheme-472029.html

http://www.theukcardsassociation.org.uk/media_centre/-/page/772/

stclair

The banks system is linked to the CRAs so every month the CRAs send a feed of how your other accounts have been managed.

So if you miss a payment with say for example littlewoods your bank will know about it....

http://www.callcredit.co.uk/products-and-services/credit-risk-and-affordability/callmonitor-