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Encash credit check
Stabilo_Boss
Posts: 51 Forumite
in Loans
Hi
Has anyone had any experience of signing-up with and borrowing from Encash? Specifically the credit check. Through Google I discovered that they apparently do a soft check first (for what its worth) but when I check the help section on their site I see the following:
What type of credit search do encash carry out?
Once your request for a Loan to borrow from the encash Member community, a soft quotation search is done on your credit profile with our credit reference agency (For Consumer encash (Callcredit/Equifax) and For Business encash Creditsafe).This consumer soft search does not affect your credit score but does leave a footprint visible to other credit providers. This is similar to the procedure of Credit Application search conducted via any bank, as all companies accessing credit records on behalf of individuals must subscribe to a standard set of rules and procedures laid down by SCOR (the Standing Committee on Reciprocity).In addition validation of your identity is carried out by YES-secure.com once the required information has been received from you.
This statement is contradictory as a soft 'quotation' search explicitly doesn't show to other credit providers. I was part way through the registration process (not even an application) at which point the site doesnt actually know if I will lend or borrow and it asks for my address details but states they will use this to verify my address and do a credit check. I stopped at this point.
I have emailed Encash but had no response for a couple of days now
Thanks
Has anyone had any experience of signing-up with and borrowing from Encash? Specifically the credit check. Through Google I discovered that they apparently do a soft check first (for what its worth) but when I check the help section on their site I see the following:
What type of credit search do encash carry out?
Once your request for a Loan to borrow from the encash Member community, a soft quotation search is done on your credit profile with our credit reference agency (For Consumer encash (Callcredit/Equifax) and For Business encash Creditsafe).This consumer soft search does not affect your credit score but does leave a footprint visible to other credit providers. This is similar to the procedure of Credit Application search conducted via any bank, as all companies accessing credit records on behalf of individuals must subscribe to a standard set of rules and procedures laid down by SCOR (the Standing Committee on Reciprocity).In addition validation of your identity is carried out by YES-secure.com once the required information has been received from you.This statement is contradictory as a soft 'quotation' search explicitly doesn't show to other credit providers. I was part way through the registration process (not even an application) at which point the site doesnt actually know if I will lend or borrow and it asks for my address details but states they will use this to verify my address and do a credit check. I stopped at this point.
I have emailed Encash but had no response for a couple of days now
Thanks
0
Comments
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Why you asking ?
I wouldnt go near them, save your money.0 -
Why you asking ?
I wouldnt go near them, save your money.
For the purposes of my question I'm not sure it really matters to people on this forum why (although I did say in my post it was for 'borrowing').
However you say I should steer clear - do you have some specific reason to say that?0 -
Stabilo_Boss wrote: »For the purposes of my question I'm not sure it really matters to people on this forum why (although I did say in my post it was for 'borrowing').
However you say I should steer clear - do you have some specific reason to say that?
They are a proper company as many on this forum have used them."You know when it's cold outside when you go outside and it's cold"0 -
Scrap my earlier comment, they are a P2P lender and not soem dodgy lender.0
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