Saving with the Co-Operative

StarM_2

I thought I should bring this to people's attention... Advice all over the internet, including from organisations such as Experian, several other banks and the likes, all say that applying for a savings account will not effect your credit rating. They will perform an "unrecorded query" just to check your identity and basic fraud stuff... This is not the case with the co-operative.

I am finally, 100% debt free. I've worked my way up from having my house repossessed and countless other debts, to being just shy of "good" with experian's "credit expert"

I have a sole account with co-operative, and a joint account, both of which I have held for years now. I have never had a payment bounce, no problems with my direct debits, and more than enough money going through the accounts, so now that I'm in the clear, with everything paid off, I want a savings account...

I apply for one with the co-operative (because it makes sense to have everything in the same place) and I'm accepted without a hitch. I've read the T&C which do mention credit searches, largely in the form of a definition, with one sole line, indented from the part about the searches being for lending decisions, saying they may do a search... You could be forgiven for assuming the two parts go together and unless they need to verify your identity, you won't be searched (since you're not asking for a lending decision!) you could further be forgiven for assuming they'd be following the advice given by the credit agencies themselves that state searches for non-lending purposes, such as insurance quotes and savings accounts, won't count against you.

How shocked was I to see I'd bounced down 50 points, putting me firmly in the middle of fair again following my savings account application?!

Two very lengthy phone calls later and I've had one guy confirm that it shouldn't count against me, while point blank refusing to admit that means they've done the search incorrectly because it has (you can't have it both ways!)

Long and short, they've refused to remove the search, I'm stuck with it. They've bumped it up to complaints for me so that when I go through the ombudsman I can say that I have exhausted all possibilities of resolving it without their assistance.

All this comes from me wanting to have a nice little space to put a few quid for my deposit so I can buy the house I want (and can afford!)

kevin52

In view of the problems with the Coop bank reported last week it is you who should be carrying out a credit rating search on them.

:rotfl: