Capital one and Credit Reference Agencies

Aitch7

Hey guys,

I'm new to the board so hi all - I'm also new to the whole credit card debate - I got my first credit card M&S More card and was looking to transfer the balance to a 0% balance transfer with Capital One so that I could buy some time while I get my business off the ground.

I have no other debts anywhere and stay under the limit of my overdraft at the bank.

Capital One have written a letter which I find really elusive and quite scarey - they say they have information on me from Experian and Equifax and from people who have a financial link to me (!?) and that this information was considered in their decision to turn me down!

Am I blacklisted? and how do Experian and Equifax get information on me and who are the 'people who have a financial link to me?'

Sorry if I sound stupid but I just wasn't aware of this system and it's mode of operating prior to getting this letter.

Capital One don't mention the actual information and suggest that I pay these companies £2 to get my credit report - I have browsed their websites which seem to me to be equally vague and elusive in stating precisely who they are and how exactly they get information on you - I sent £2 to Experian but have heard nothing yet and Equifax were charging between £8 and £11 so I didn't bother.

Their websites do state however that the company who has turned you down does have to tell you the reason why so I have written to Capital One and asked them to tell me precisely what information they have on me.

I'm sure that I am just in shock and am obviously niaeve about all of this but it does seem very invasive to be able to investigate people this way and then to imply there is a problem and not state what it is seems beyond belief to me?

Any advise would be greatly appreciated...

Cheers
Aitch7

Galstonian

Get your reports from Equifax and Experian (£2 each by post) and check the information is complete and accurate. If not, take steps to remedy them.

Being financially linked can be because you really are (you've made a joint application for something) or can be as obscure as you applied for something from the same address as someone else (not necessarily your current address either) and have the same surname. You can very easily be linked to family members. If you are linked to someone with a less than perfect credit history this can also impact you.