Goodbye Credit Score !

PROFESSIONAL_LANDLORD

I was wondering if anyone has had a similar experience to this ? A while ago I re-mortaged B T L properties from Royal Bank to Birmingham Midshires, 19 in total , used a mortgage broker no problems at all. Couple of months later got a knock back for a credit card , thought very strange I knew I had no ccjs, no adverse credit no slow paying accounts, so I got both credit files for myself and the missus from Experian and discovered that, B & M had carried out 38 (thirty eight) 19 a piece on the one day. I gave them a call and all I got was, "WOT" and " Oh " and " you would have to write in " after speaking to half the call centre. Such Madness, the point is recorded searches leave a footprint on your file, remain there for one year and reflect on your credit score,,,,,,,,,,,,, B & M I think were (are) wreckless .

Milky_Mocha

Looks like they were lazy and instead of searching once to apply for all properties they acted like robots. I think this is one for the financial ombudsman. You are entitled to some big time compensation in my opinion. Complain to them first in writing though.

I'm sure an expert will come along and give you some sound advice.

Good luck

Scott

Definitely a case to complain about, and they should be bending over backwards to help you in this case, you have nearly 20 mortgages with them for goodness sake!

They do have the ability to edit things they've put on your credit rating, although I'm not sure if this covers searches or not. Get on the phone, get through to their complaints team and kick up a fuss. They should be treating you with a lot more respect than it sounds like you've received thus far.

toonfish

perhaps they need to register a search against each address, to ensure there is no other secured borrowing or adverse credit on those properties?

Experian_company_representative

You should query the searches either by writing to the lender or by contacting Experian (which you can do through the website, by phone or in writing). A glut of credit application searches (but not quotation searches or enquiries) can harm your credit rating because prospective lenders may fear recent overcommitment. You should really exhaust the company's own complaints process before referring a compalint to the ombudman.

James

AndrewSmith

I think it will all come down to what is contained in the B&M declarations on each mortgage application.

The application process with B&M is a 2 stage process carried out electronically with very little mandate to over-ride it manually.

First stage is AIP which has to be done before you can covert that applcation to a full application, stage 2. AT each stage a credit search will be carried out, it states that at the point of sale before both the AIP and full app are submitted. This will be the reason for 38 credit searches on 19 mortgage applications.

I am not saying that they are right, and I do believe that there should be some element of 'common sense' from such lenders when looking at multiple applications of this type, however this is how B&M work, it is what they are good at (on-line easy electronic applications). The broker you used should have known that they would have carried out a separate search for each application as he will have keyed each one in separately.

Whilst frustrating I know I think the only thing B&M have done wrong is not apply common sense to their application process. They have carried out the application process as per their term and conditions and the declaration you will have read and signed for each application.

As I said though, I am not defending them as I think this situation is madness, I am merely telling you the likely outcome so as not to patronise you into thinking you have a definate argument for redress.

Andy

PROFESSIONAL_LANDLORD

Thanks for your replies! As said it is the 'application process' and people 'acting like robots' to blame, by the time I knew and received the credit files about six months had passed, the damage had been done, they did remove some searches but no apology. The truth is I'm not looking for compensation , just a bit of 'common savvy' to be applied to all applications, the reason for the post was an alert to others.


The truth is we are now living in a 'SEARCH CULTURE'

Was buying a car phoned Northern Rock for a quote, told the guy just shopping around gave me the APR, what I wanted, got my file, YUP ! the cheeky beggars had done a search, phoned them up, they removed it.

Went on to Confused.com for car Ins, I was not looking to pay it up, yet again another credit check, It might say in the small print in their terms I haven't checked.


Was on to GUS web site, chose a couple of items, phoned them up to pay for them by Visa/ Switch and was told I would be sent a catalogue I declined that saying " just sell me the goods I want " and was told " sorry you must have an account, and you cop another credit check, forget it I said.


When I get property back I phone British Gas to give them figures, and tell them I will be now be responsible for the bills meantime, and guess what, they want a credit check done ! ( for every property )I can easily phone them a dozen times a year. I say NO! GET LOST! but I can be on the phone for an hour arguing with them.


Well that's my moan finished , the problem is these credit checks are done on the internet and experian and others charge washers for the info. There is no arguement that from time to time a credit check is necessary for us all , BUT THE SYSTEM IS BEING ABUSED.

kingkano

I thought confused was just an identity check... thereby meaning its hidden to all but yourself?

simonts

They can remove the searches, I had a friendly IFA use his contacts for a few mortgages to test the water..the searches showed up but soon left as was promised.

hokkers999

PROFESSIONAL_LANDLORD wrote: »

I was wondering if anyone has had a similar experience to this ? A while ago I re-mortaged B T L properties from Royal Bank to Birmingham Midshires, 19 in total , used a mortgage broker no problems at all. Couple of months later got a knock back for a credit card , thought very strange I knew I had no ccjs, no adverse credit no slow paying accounts, so I got both credit files for myself and the missus from Experian and discovered that, B & M had carried out 38 (thirty eight) 19 a piece on the one day. I gave them a call and all I got was, "WOT" and " Oh " and " you would have to write in " after speaking to half the call centre. Such Madness, the point is recorded searches leave a footprint on your file, remain there for one year and reflect on your credit score,,,,,,,,,,,,, B & M I think were (are) wreckless .

Of course what your broker "should" have done was to go to a lender who would offer you a "facility", ie a single large account with an agreed amount of borrowing on it. Makes buying more in the future very simple!

But doing that would have got one single proc fee as opposed to 19 of them....

******

I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

toonfish

hokkers999 wrote: »

Of course what your broker "should" have done was to go to a lender who would offer you a "facility", ie a single large account with an agreed amount of borrowing on it. Makes buying more in the future very simple!

But doing that would have got one single proc fee as opposed to 19 of them....

******

I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

One single proc fee of 0.5% of the total - same as 0.5% of each individual loan so your point does not make much sense. BM have some great rates on buy to let and perhaps that's more important than the simplicity of a portfolio loan.