Name Bank/BS which do full search for opening SAVING accounts.

The_Boss

adindas wrote: »

It is recorded on your file .... It is about opinion

.

It's not about opinion though. You are totally WRONG. They have zero effect and are NOT seen by lenders or underwriters (even novice ones).

This thread is irresponsible scaremongering and I'm tempted to report it

molerat

From my Equifax report :

A search is the process organisations undertake when they wish to review information held on your Credit Report. Such searches will have been performed with your consent and typically take place when you make an application for credit with a lender. A search enables lenders to view information at your addresses in order to decide whether or not to grant credit.

Previous searches appearing on your Credit Report show lenders that you have made applications for credit. Searches for lending purposes would not normally be viewed as adverse information. If however there were an unusually large number of Credit Searches in a relatively short period of time, this may be interpreted by a lender as being indicative of over-commitment or maybe even fraud. These types of searches are displayed in Table 1 below.

Not all searches are performed for lending purposes. Table 2 below may show some of these other types of search. Any requests you have previously made to access your own Credit Report will also show here but are not seen by any lender or other organisation reviewing your Report.

My Noddle report shows these "other" type of searches, such as insurance, savings etc, as "searches against previous address"

adindas

Lazyloki wrote: »

Stop whining.

It is a legal requirement for banks to take reasonable precautions to ensure that new customers are not attempting to launder money. You often wouldn't get one of these if you open a savings account with a bank you already have a relationship with.

Well, Checking for Money laundering is a good thing as to prevent illegal activities. And above all it is a legal requirement so I have no problem with that.

But this is not the point. Some lenders / banks are doing search in a different way with others. I have open / closed a couple of dozens saving accounts some are with the same banks some are not.

If my memory serves well every time I open a saving account by phones or in the branches the agent always says they will do a search. That is fine they all do it and it is a legal requirement. But checking my credit file, only two of these Banks/BSs are marked on my credit file. Why majority of these money laundering searches when opening a saving account are not recorded ?. The way these two BSs were doing searches must be different with majority of other Banks / BSs. There must be other lenders doing search in the same way with these two Bank/BSs that is what people need to be aware of.

If it is the case that it is not seen by the lenders, it is fine.
But TBH, I am not convinced with this, unless if could be confirmed by the lenders by all Banks/BSs where I have open my saving ACs that they could not see the previous "money laundering search" on my file.

What is probably not seen by the lenders if the lenders conduct search with the same procedure with majority of the lenders not the way the two Banks / BSs that I have been mentioning above.

There must be other Banks / BSs are doing searching in a distructive way that it might damage people credibility and potential of getting credit, loan, mortgage.

Experian_company_representative

Only credit-application searches can be used for credit risk assessment purposes. This Experian factsheet provides more details.

James

Gordon_Hose

I think this is a case of someone not having a clue how credit reporting actually work and having a whine.

Nobody mention National Hunter for god's sake!!

You-kip

adindas wrote: »

Well, Checking for Money laundering is a good thing as to prevent illegal activities. And above all it is a legal requirement so I have no problem with that.

But this is not the point. Some lenders / banks are doing search in a different way with others. I have open / closed a couple of dozens saving accounts some are with the same banks some are not.

If my memory serves well every time I open a saving account by phones or in the branches the agent always says they will do a search. That is fine they all do it and it is a legal requirement. But checking my credit file, only two of these Banks/BSs are marked on my credit file. Why majority of these money laundering searches when opening a saving account are not recorded ?. The way these two BSs were doing searches must be different with majority of other Banks / BSs. There must be other lenders doing search in the same way with these two Bank/BSs that is what people need to be aware of.

If it is the case that it is not seen by the lenders, it is fine.
But TBH, I am not convinced with this, unless if could be confirmed by the lenders by all Banks/BSs where I have open my saving ACs that they could not see the previous "money laundering search" on my file.

What is probably not seen by the lenders if the lenders conduct search with the same procedure with majority of the lenders not the way the two Banks / BSs that I have been mentioning above.

There must be other Banks / BSs are doing searching in a distructive way that it might damage people credibility and potential of getting credit, loan, mortgage.

Don't take this the wrong way but you've completely lost yourself.

adindas

Gordon_Hose wrote: »

I think this is a case of someone not having a clue how credit reporting actually work and having a whine.

Nobody mention National Hunter for god's sake!!

You-kip wrote: »

Don't take this the wrong way but you've completely lost yourself.

Thank you for taking time replying my message.

It does not however explain:

Why few money laundering searches when opening a saving account are recorded on your credit file when vast majority are not? Keep in mind when opening a saving account all banks are legally required to do Money Laundering searches.

It might be the different ways that have been employed by few Banks/BSs lenders in comparison to majority of Banks/BSs which left mark on people credit file.

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Gordon_Hose

A mark that no-one but you can see! Don't know what the problem is.

Who cares whether some are reported and some aren't?

rabbit_burrow

Not all bank/BS check all the CRA's, so whilst a search may not appear on, say, Experian, the search may in fact show on your Equifax or CallCredit file.

adindas

Gordon_Hose wrote: »

A mark that no-one but you can see! Don't know what the problem is.

Who cares whether some are reported and some aren't?

I totally agree with this.

However, how are you pretty sure that no-one but you can see ?

Unless you are in the position that you could see the screen of what the lender can and can not see or you were asking the Bank when you were applying for credit cards, mortgage, current account with overdraft, I will say it is just speculative statement.

The fact that few money laundering searches when opening a saving account are recorded on your credit file when vast majority are not is already alarming ?

Why do few banks report the money laundering searches if it can not be used ?