Credit Card Application - annual income question

Marcio45

Hi steevio,
as far as i know there is no way the credit agencies know how much in wages are paid into your account. If that was the case they would know as well about your savings.
there is though, the national hunter, that collects all info we put in credit forms. A proper harvester of info, and when there are discrepancies, thats when you start getting refused for credit.
normally, credit card companies take your word about your wages but most of them also request info about your employer and contact number and they reserve the right to confirm the income with your employer.
am i wrong?

steevio_uk

Hi Marcio

I work for a financial company and know for sure. It doesn't show savings or account information, but just how much is regularly paid into an account and gives a calculated feedback percentage and guide based on sets of figures. CallCredit also use a 'traffic light' system in which Green is a good to go, Amber is that the applicant's money in is less, but within 10% of what is stated and Red meaning that the money going in falls below the 10% and you should seek further proof/clarity.

I am not 100% sure on the exact terms with your bank, but most accounts nowadays allow this feature. Much older accounts may not allow for this 'search'.

As I say, I don't know if this company in question does, but it's worth bearing in mind that it may have it's own means of doing so and also, companies such as CallCredit keep records of figures that have been input for salary checks to develop consistency in figures across the board for better accuracy and for better fraud monitoring.

Candyapple

steevio_uk wrote: »

Hi Marcio

I work for a financial company and know for sure. It doesn't show savings or account information, but just how much is regularly paid into an account and gives a calculated feedback percentage and guide based on sets of figures. CallCredit also use a 'traffic light' system in which Green is a good to go, Amber is that the applicant's money in is less, but within 10% of what is stated and Red meaning that the money going in falls below the 10% and you should seek further proof/clarity.

I am not 100% sure on the exact terms with your bank, but most accounts nowadays allow this feature. Much older accounts may not allow for this 'search'.

As I say, I don't know if this company in question does, but it's worth bearing in mind that it may have it's own means of doing so and also, companies such as CallCredit keep records of figures that have been input for salary checks to develop consistency in figures across the board for better accuracy and for better fraud monitoring.

How can Call Credit know what is paid into your account if the banks don't report it to them? My bank accounts are all in credit and there is no balance information on them in my Noddle, I only get green zeros every month.

Given that majority of lenders don't use Call Credit when doing a credit search on someone, it's probably safe to say that this is irrelevant.

steevio_uk

Callcredit will ask for the information and your banks will grant them it from across your accounts, without handing across any other account information such as balances and savings etc.

It may be irrelevant here, as I have already stated that it may not be the case with this company.
I also do not know if this company, or any others, use such similar systems.

But, as I said, if the person in question is putting across varying amounts over different applications, it could come to a point where this information does become pertinent, perhaps with a company that does use CallCredit, hence why my post wasn't a stern warning, but just a polite note that it may just need a little more thought rather than just putting down any old favourable figure.

Marcio45

Hi again steevio,
sorry i am not saying its not true that banks supply wages information to the credit agencies but to be fair it is the first time i heard about it. As previous poster said, my credit reports show current accounts as using an overdraft, and if in credit it just shows a green tick and zero balance. Never seen any info about wages and i have used all three CRA's.
i know banks use other systems, and it has been widely reported here, of systems like national hunter. And here, if you apply for several credits using different info like wages that will flag up.
it just show that this unregulated industry of CRA is really getting out of control. Have you noticed that all CRA statutory reports cost £2 but national hunter charges £10 to access your personal info. Shouldnt they fall under same regulations?

Stevie_Palimo

steevio_uk wrote: »

Callcredit will ask for the information and your banks will grant them it from across your accounts, without handing across any other account information such as balances and savings etc.

It may be irrelevant here, as I have already stated that it may not be the case with this company.
I also do not know if this company, or any others, use such similar systems.

But, as I said, if the person in question is putting across varying amounts over different applications, it could come to a point where this information does become pertinent, perhaps with a company that does use CallCredit, hence why my post wasn't a stern warning, but just a polite note that it may just need a little more thought rather than just putting down any old favourable figure.

Utter rubbish Call Credit can ask all they want but does not mean a bank will hand over info like amounts and so on, The only thing passed onto credit ref agencies is one of two things which is either account run properly with no missed dd's and charges or account run the other way with dd's charges and possible od fee's.

Paully232000

steevio_uk wrote: »

Hi Marcio

I work for a financial company and know for sure. It doesn't show savings or account information, but just how much is regularly paid into an account and gives a calculated feedback percentage and guide based on sets of figures. CallCredit also use a 'traffic light' system in which Green is a good to go, Amber is that the applicant's money in is less, but within 10% of what is stated and Red meaning that the money going in falls below the 10% and you should seek further proof/clarity.

I am not 100% sure on the exact terms with your bank, but most accounts nowadays allow this feature. Much older accounts may not allow for this 'search'.

As I say, I don't know if this company in question does, but it's worth bearing in mind that it may have it's own means of doing so and also, companies such as CallCredit keep records of figures that have been input for salary checks to develop consistency in figures across the board for better accuracy and for better fraud monitoring.

Really?
I have used all three rating agencies over the years and never seen that. I have 4 current accounts and the information posted on all three credit rating agencies is the amount that i have as an agreed overdraft and the current balance is always stated as £0.

steevio_uk

My apologies as it appears I wasn't clear or accurate with what I was typing. I'll correct that now.

Maybe I was a little to broad. Not all banks will absolutely pass the details over and I wasn't clear that no figures are passed on to the end user.

But, if a CallCredit affordability report is done on an applicant, then a result is given back on the validity of the income that generally goes into the account versus the amount that was put down on any application which will be the figure put in to run the check.
As said, it doesn't give over figures to the end user, just a set of indebtedness ratings and a system to tell you whether the amount stated is accurate, within 10%, or less than 10% stated.

I run one just yesterday.

Stevie_Palimo

steevio_uk wrote: »

My apologies as it appears I wasn't clear or accurate with what I was typing. I'll correct that now.

Maybe I was a little to broad. Not all banks will absolutely pass the details over and I wasn't clear that no figures are passed on to the end user.

But, if a CallCredit affordability report is done on an applicant, then a result is given back on the validity of the income that generally goes into the account versus the amount that was put down on any application which will be the figure put in to run the check.
As said, it doesn't give over figures to the end user, just a set of indebtedness ratings and a system to tell you whether the amount stated is accurate, within 10%, or less than 10% stated.

I run one just yesterday.

This does not ring true to me I'm afraid and I have several credit cards that I have acquired over the years all paid off in full monthly and applied for a new one not long ago and out of interest to see if I would get offered a higher credit limit added another 25k to my per anum wages, Application and card approved with higher than I got on my other cards first time round.

steevio_uk

Perhaps those companies do not use a salary verification system?

I don't know. All I can say is what I know to be true. We run a CallCredit affordability report which returns results based on the accuracy of the salary that is stated by an applicant.

I'm new to the forum (despite being here for 5 years!) and just getting to grips with posting and ensuring the accuracy of what I put down on here, because it is - correctly - a very pedantic industry