Credit score revealed during savings application

Compound_2

While opening a savings account, I was told the electronic verification was successful, so ID was not needed. I asked whether the search would affect my credit score. The staff member looked puzzled, not having a clue what I was referring to. She eventually replied ‘No, your credit score is very good.’ I then asked whether she’d done an ID verification or a credit check, and not really understanding the distinction she said it was an ‘Experian credit reference check’.

Do you think it’s likely to be seen as credit check by lenders, or just a money laundering ID check and the staff member didn’t know what she was talking about? I had to give up asking other questions about the product as she was completely useless, giving vague and contradictory answers. I had doubts about whether her English was up to the job, although she admitted having a problem with her voice.

gelato_cat

I've got three YBS accounts and an Experian account so I'll check my record and see if there are any searches from YBS on there. I don't remember seeing any on there though.

When I opened my first YBS account, electronic verification was not successful.

Suze

Compound wrote: »

While opening a savings account, I was told the electronic verification was successful, so ID was not needed. I asked whether the search would affect my credit score. The staff member was looked puzzled, not having a clue what I was referring to. She eventually replied ‘No, your credit score is very good.’ I then asked whether she’d done an ID verification or a credit check, and not really understanding the distinction she said it was an ‘Experian credit reference check’.

Do you think it’s likely to be seen as credit check by lenders, or just a money laundering ID check and the staff member didn’t know what she was talking about? I had to give up asking other questions about the product as she was completely useless, giving vague and contradictory answers. I had doubts whether about her English was up to the job, although she admitted having a problem with her voice.

(The institution concerned is YBS.)

YorkshireBoy

Compound wrote: »

Do you think it’s likely to be seen as credit check by lenders, or just a money laundering ID check and the staff member didn’t know what she was talking about?

The latter!

'ID Verification' searches are classed as unrecorded enquiries. As such, they're only visible to yourself (and the CRA) and cannot be seen by lenders when searching your file for credit providing purposes.

It's all explained in Experian's 'Your credit report explained' booklet, which is supplied with your £2 statutory report or can be viewed/downloaded from the Experian site.

jamesd

The original identity check wouldn't matter. However, the delay before she said your credit was very good suggests that she may have used a normal credit check instead of an identity check during that time. This would show up.

Compound_2

jamesd wrote: »

The original identity check wouldn't matter. However, the delay before she said your credit was very good suggests that she may have used a normal credit check instead of an identity check during that time. This would show up.

There was only one check, the lady was in front of me doing nothing during the 'delay': unlike in other places I’ve asked this question, she didn’t seem to understand the distinction and found the question perplexing. I’m hoping ‘very good’ was her way of saying the ID check was successful. By contrast ‘not good’ would have meant taking copies of ID, as happened to Suzey.

Suzey wrote:

I've got three YBS accounts and an Experian account so I'll check my record and see if there are any searches from YBS on there. I don't remember seeing any on there though.

When I opened my first YBS account, electronic verification was not successful.

If the search couldn’t find your record, I wouldn’t expect to the record to show the search.

dunstonh

I use the experian money laundering check. It is not classed as a credit check although it does use the same system.

gelato_cat

They couldn't verify my ID electronically when I opened my first account (online). However, when I went into the branch to open my RS, for some reason it worked. This was only a couple of days later and before I'd sent them my ID.

Suze

Compound wrote:

If the search couldn’t find your record, I wouldn’t expect to the record to show the search.

bristolleedsfan

YorkshireBoy wrote: »

The latter!

'ID Verification' searches are classed as unrecorded enquiries. As such, they're only visible to yourself (and the CRA) and cannot be seen by lenders when searching your file for credit providing purposes.

It's all explained in Experian's 'Your credit report explained' booklet, which is supplied with your £2 statutory report or can be viewed/downloaded from the Experian site.

experian offer a 30 day free trial but u have to give your credit card details, has anyone taken the 30 day free trial and found the cancellation system to be hassle free

Compound_2

Suzey wrote: »

They couldn't verify my ID electronically when I opened my first account (online). However, when I went into the branch to open my RS, for some reason it worked. This was only a couple of days later and before I'd sent them my ID.

Suze

It does seem odd! The only explanations I can think of are to do with time at address (on electoral roll) or that system was simply down first time. Once you'd opened the branch account, you might have been able to get out of sending ID by applying as an existing customer.

dunstonh

I tend to find about 1 in 15 electronic verifications failed. Over 3 years of using the system I have had two occassions where the score was stupidly low and failed. Both of these were raised with Experian and turned out to be a problem at their end with the data held. More often with failures you get a score which is just below the acceptable level and its typically due to inconsistent data or insufficient records to verify the data against.

Time at current address is not a problem in itself as the search includes previous addresses. Providing of course, you give the person inputting the search the previous addresses.

YorkshireBoy

bristolleedsfan wrote: »

experian offer a 30 day free trial but u have to give your credit card details, has anyone taken the 30 day free trial and found the cancellation system to be hassle free

I took the 30 day free trial early last year. Around that time, there were many reports on the credit card forum of problems when trying to cancel so I adopted a 3-pronged attack...I telephoned, faxed, and e-mailed my cancellation instruction to them.

As an aside, I was given an extra month free because I complained that their systems seemed to be down more than they were up!