Credit score revealed during savings application

exel1966

Have used Experian twice before, and Equifax once for free trials and never experienced any problems with cancelling though I have phoned and e-mailed to be sure they've actioned the cancellation.

Remember to route via Quidco.Was £5 cashback last time I did it.

Compound_2

dunstonh, could you please elaborate a bit more about the ‘score’ on a money laundering check? I think we’re now getting to the bottom of issue! I had thought: either you’re on the electoral roll, or you’re not. Perhaps if I’d used the words ‘money laundering check’ rather than ‘ID check’ she’d have recognized what I was talking about, and replied ‘Your money laundering score is very good.' :rotfl:

dunstonh

Perhaps if I’d used the words ‘money laundering check’ rather than ‘ID check’ she’d have recognized what I was talking about, and replied ‘Your money laundering score is very good.' :rotfl:

Experien do a credit check, money laundering check and an ID check. So, it is important to make sure that the right terminology is used. I use the money laundering check. This is the only one that replaces the need for passport/driv licence etc.

dunstonh, could you please elaborate a bit more about the ‘score’ on a money laundering check?

It scores on a 0-100 based on amount of information to verify the data against and the accuracy of the data. We will take scores of 70 or over as a "pass" for money laundering. Most people fall between 60 and 90.

Only key data is displayed to us. Such as time on electoral roll, confirmation the surname matches the surname of the telephone bill payer, verifying date of birth is correct and a few other little things. There is no explicit data shown to us.

Electoral roll confirmation always works in your favour, as does having a BT phone.

It will point out if the data inputs suggest ID fraud and if there are inconsistencies with the data (such as mutliple date of births or changes in name spelling). These will also impact on the score. If the score is below a certain amount, it becomes an automatic report for potential money laundering.

It is up to individual firms to decide what score is acceptable. However, 70 is the most common value although I have heard some will go to 60.

Compound_2

Wow, thanks dunstonh. Interesting stuff. I wonder if they actually check the phone no you write against records. What if you're ex-directory?

Do you know what the 'ID check' is? I realize you don't use it.

gelato_cat

I've been living at my place for 10 years and have been on the electoral roll all that time.

The guy in the branch told me not to send ID but just to write a note on the application form that my ID had been verified in branch. That was accepted no problem (makes a change)!

Suze

Compound wrote: »

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.

TenCentsWorth

I took up this offer a couple of months ago and cancelled without any problems at all. Interesting reading although it didn't as I had hoped give any details of my recently completed mortgage.

Go for it!