Credit search

MABLE

We decided to apply for a loan from Lloyds Banks a few days ago and went through our internet banking site. We were accepted but was hoping to get 6.4 percent over 7 years. However the system offered us 7.9 for this period.

I was in town yesterday and popped into a Lloyds branch and I said can they do anything. The guy said that they could look at my account and speak to their area office. He went to great lengths to assure me that a credit search would not be carried out. What do I find when I check my file today a credit search was carried out without my permission yesterday 17.02.

Please cany anyone advise what I can do as they have obviously done this without my knowledge.

Thanks,

webbie

I would ask why they went to great lengths to assure you a credit search was not needed - they are the most important thing in deciding whether to lend money and at what rate!

If you asked for further help - the first thing I would have done is checked the credit file - it doesn't have to be a secret! Any application, even a further decision or "appeal" to someone else who need a credit check - as your internet application will not store your credit details on their computer.

MABLE

webbie wrote:

I would ask why they went to great lengths to assure you a credit search was not needed - they are the most important thing in deciding whether to lend money and at what rate!

If you asked for further help - the first thing I would have done is checked the credit file - it doesn't have to be a secret! Any application, even a further decision or "appeal" to someone else who need a credit check - as your internet application will not store your credit details on their computer.

They checked my account details and the internet application was noted on their system with a yes decision. What I am annoyed about is that he assured me that no further credit search would be made. However I will give them a ring tomorrow morning.

xgingerx

Hi, this letter might help, you can reword it / add / take away but I have used this a few times over the last year or so and its done the trick.

Re: Unauthorized Credit Inquiry

Dear American Express,

I recently received a copy of my Equifax credit report. The credit
report showed a credit inquiry by your company that I do not recall
authorising. I understand that you shouldn't be allowed to put an
inquiry on my file unless I have authorised it. Please have this
inquiry removed from my credit file because it is making it very
difficult for me to acquire credit.

I have sent this letter registered mail because I need your prompt
response to this issue. Please be so kind as to forward me
documentation that you have had the unauthorised inquiry removed.

If you find that I am remiss, and you did have my authorisation to
inquire into my credit report, then please send me proof of this.

Thanking you in advance,


Anon

nomoneytoday

A single additional credit check will have little impact on your ability to get a loan, unless you are borderline.

xgingerx

fyi, ideally you want as minimum searchs on your file in any one 6 month period. 0 seaches in the last six months will maximise your score it that particular area, 2 ok but any more that 3 and your rating takes a severe beating, after 6 months your score will recover to what it was before and then after 1 year from the date of the search it is removed automatically

MABLE

I have noticed today that British Gas have done a credit search under application type as utility as thinking about joinging then. Would this have the same effect as an application for a loan or credit card. If this is the case including Lloyds unathorised credit search I will have 2 on my file for the last 6 months.