CreditExpert/Experian-Misleading

smallzoo

This is a warning and also I guess a request for advice...

Both my wife and I are members of creditexpert and decided to use their lowermybills service to find a suitable car loan for my wife.

We used the system to enter the loan amount £7500, her income £10000 etc and the system went ahead and chose two providers who should apply for a loan from

On the details page it states ( ..in summary (


...we'll use the information from your credit report, along with the details we collect here, to match you to the best loans
As we match loans to your situation, you can relax knowing that we'll find you offers you're likely to get, not deals you probably won't...

The first one that came up was nationwide so we clicked apply presuming we would get the loan. Within 5 minutes it came back declined. We couldnt understand it so rang the nationwide who were very nice but said even though my wife was applying for the small loan here £700 net income would not cover our joint mortage if I was unable to work so their policy is not to lend in that situation. They told me that experian/creditexpert should have known that before pointing us to them as a lender.

We rang creditexpert and even though the site says it uses the details entered it does NOT !!.. It only uses the credit score to recommend lenders and even though you have to enter financial information it doesnt use it !!

They said is was incorrect of nationwide to say say it was their fault...so now my wife is left with a search on her credit record and no loan..

beware of this service they offer it is not a sure way of getting a loan even though they state it is..

If anyone has any suggestions then I would love to hear from you.

I will be making another post later asking how to get a loan for my wife based on her earnings

Wutang_2

smallzoo wrote: »

The first one that came up was nationwide so we clicked apply presuming we would get the loan.

Thanks smallzoo, no more presuming for me...:money::money::money::money::money:

Gordon_Hose

if her annual income is £10000 then the chance of her getting a £7500 loan are extremely thin.

In any case, anything Credit Expert is a waste of money. Your score is useless and they want £14.99 a month from their "customers" for generating a random figure.

My advice; cancel your subscription.

moatmeister

its all a black art they just make it up as they go along.

Dr_Cuckoo3

smallzoo wrote: »

If anyone has any suggestions then I would love to hear from you.

If you have a complaint about Credit Expert / Lower my bills then they are covered by the Financial Ombudsman - £500 case fee - the Experian Rep doesn't like to mention the Ombudsman on these forums

http://www.lowermybills.co.uk/Content/TermsAndConditions.aspx

"In the unlikely event that you have cause to complain your complaint can be sent by email to [EMAIL="help@lowermybills.co.uk"]help@lowermybills.co.uk[/EMAIL].

If you are unable to settle your complaint to your reasonable satisfaction through the means stated above, you may refer the matter to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London, E14 9SR."




I doubt that you will though

Maestro.

I'm surprised Bugsy hasn't got to this thread yet... I'm sure he'll sniff it out soon though.

opinions4u

I doubt most Nationwide staff know all their lending policies, let alone a third party introducer.

Here's how it works. You click on a link. If you get the loan, the lender pay Credit Expert a commission. The link provided will have some bog standard information behind it that means you might have more chance of acceptance, but it's not a guarantee of a loan and isn't positioned as such.

So you might be a bit miffed but you have no grounds for complaint. Indeed, Nationwide's rejection appears to be responsible. Perhaps you should have applied in joint names.

Both my wife and I are members of creditexpert

Please tell me that you are not spending a combined £30 a month on a random number generator when you could use this site and forums to get much more helpful advice for free?

If you are, cancel. And put that £30 a month towards whatever you were planning to spend £700 on.

BugsyBrowne

Sick of Experian & their credit scoring & credit matches its pretty obvious they are misleading most of the UK with their money grabbing policies.

How many times a week do we get'declined for a credit line with an excellent score then you find out the OP has only had a catalogue account for a month'
It's so misleading and pretty sure nothing will change in the near future and they will carry on making a mockery of the unlucky British public who don't realise they are being taking for mugs.