sainsburys bank loans

[Deleted User]

The agencies are there to hold the information. It is this data that lenders use. They don't use the scores because they are meaningless. How can anyone give you a credit score without know if you even have a job or not?

Tixy

If the scores are irrelevant, why do they even bother having agencies, when the banks etc just decide on their own whether to give you a loan or not?

The data held by the credit reference agencies is not irrelevant. It is part of the information a bank uses when deciding whether or not to offer you a credit product, and at what rate.
It is the scores that are not indicative of whether you are likely to be accepted or how appealing a customer you are likely to be for a specific lender.

sm82 wrote: »

I'm aware of this. What I meant is that I have a document which states " we give this loan at 5.4% to you". I have electronically signed this, which they have accepted. They mention that there will be a few further checks basically on who I am and income (as I'm not a nationwide customer). Can this rate still be revoked?

Yes, if it says subject to further checks then the loan offer could still be revoked if those checks show something unexpected.