bank accounts on credit reports

Freydis

Hi all, i hope this has been posted in the correct place.

My partner is having a problem with my credit report at the moment which I think is affecting his applications for a 0% balance transfer card. I'm hoping someone on here will be able to give me some advice and help him get the issue resolved.

Basically, both his Credit Expert and Experian reports are missing his main bank account which is with HSBC. He uses this bank account for everything, so on the reports it looks like he doesn't have any income or any expenditures.

He has tried contacting both agencies and they both state that its the banks fault. However the bank state that its the agencies fault.

Can anyone give me any advice? Who's to blame and who does he approach to get it corrected?

Thanks in advance for any help, it's very much appreciated.

Atidi

Freydis wrote: »

Hi all, i hope this has been posted in the correct place.

My partner is having a problem with my credit report at the moment which I think is affecting his applications for a 0% balance transfer card. I'm hoping someone on here will be able to give me some advice and help him get the issue resolved.

Basically, both his Credit Expert and Experian reports are missing his main bank account which is with HSBC. He uses this bank account for everything, so on the reports it looks like he doesn't have any income or any expenditures.

He has tried contacting both agencies and they both state that its the banks fault. However the bank state that its the agencies fault.

Can anyone give me any advice? Who's to blame and who does he approach to get it corrected?

Thanks in advance for any help, it's very much appreciated.

Credit reference agencies do not hold details of individual's income & expenditure, but rather details of credit agreements and how they are managed.

See this Experian paper for more info.
http://www.experian.co.uk/downloads/consumer/YCREJul08.pdf

The other two credit reference would hold similar types of info.

Tixy

Credit Expert and Experian are the same thing.

Has he checked to see if the account appears on his equifax or callcredit (noddle) reports?

How old is the current account? does it have an overdraft?
If it is an old account then banks didn't always routinely obtain permission to report to the credit reference agencies - and if that is the case then they wouldn't be able to report it.

That said - even if it was on there it wouldn't show his income at all. Potential lenders know what his income is from what he states on his application form.

fermi

Most accounts opened after 2005/6 should show on credit reports, but there is never any guarantee. Ones opened from before that often don't.

Even when an account does show it only reports account conduct regarding credit (overdrafts etc). If those are not used then they will simply show a green tick and a £0 OD balance. They do not record payments or amounts in or out.

HSBC may not report on this account? Only they can confirm or deny that.

Experian_company_representative

Most banks report on currents accounts now regardless of whether there is an overdraft facility and/or it is being used. The main exception is for old accounts where data sharing wasn't envisaged and therefore notified. Asking the bank to share the details now can often have the desired effect.

James

fermi

As I said, if there is no OD then all that is reported is a series of green marks/0s and a £0 balance. Nothing more.