Mortgage Lender Checking on Your Job

GingerBob_3

Thrugelmir wrote: »

Lenders will see account turnover data.

So the lender can see something that the punter can't?

GingerBob_3

Well, digging a little deeper into the DarkNet of the CRAs and yes, these grubby institutions are storing financial data about you that doesn't appear on a credit report.

https://www.callcreditstatreport.co.uk/Content/Files/Your%20Credit%20File%20explained.pdf

Extract:

Does Callcredit hold information about me which is not included on my credit file?


[FONT=Calibri,Calibri][FONT=Calibri,Calibri]Certain information processed by Callcredit relating to you is not included on your credit file. This includes information relating to an assessment of your potential overindebtedness. This information is held separately from your credit data, and is used to assist contributing member organisations in the calculation of a debt to income ratio which may be used to assess affordability. [/FONT][/FONT]


What information, held separately from my credit information, is used to assess my potential overindebtedness?


[FONT=Calibri,Calibri][FONT=Calibri,Calibri]This information has been compiled as a direct result of a Government-led initiative, supported by the Financial Services Authority, in a bid to help with responsible lending to protect consumers. Callcredit has worked with the major clearing banks to help develop the ‘Over-indebtedness Initiative’, which involves the collation and supply of information to all member banks. The information collated includes values derived from current account credit turnover, plus salary data supplied by consumers during the credit application process. The contributing banks utilise this information in their lending decisions. Callcredit does not make these decisions; we merely act as a data holder for this information. [/FONT][/FONT]

Or more succinctly, they take salary details from your credit applications and store the data separately. They also store "current account turnover" data, but there's no precise definition of that.

This all begs the question; when you apply for credit are you invited to consent to your application data being shared with the CRAs? I can't ever recall this.

It also begs another question; do you have to pay the CRAs a separate fee to see what other data they hold about you?

One has to wonder whether this latest assault on your personal financial data will cause the man in the street yet more problems when it comes to borrowing. For instance, my so-called current account turnover will bear no resemblance to my salary, and could even throw up a suggestion of application misinformation. This is because a substantial part of my salary doesn't go through my current account - large pension contribution, share scheme, BUPA, car allowance ...

property.advert

bitmadmax wrote: »

The lenders must be able to see more about current account info than we can then - Noddle and experian always say my current account balance is 0 when it's usually anything between 500-1500 over the month?

Very true.

If our banks are reporting this to the agencies, which I did not believe they were, then we should see it, as we do with revolving credit and loans etc.

Siliquaesid

https://forums.moneysavingexpert.com/discussion/comment/68058966#Comment_68058966

These articles are the result of 5 years of research into the questionable activities of these companies. There is still a WHOLE load more dirt to uncover, but what I state is PROVABLE and I can provide the documents to do so, in fact I will, to the Police, on Monday 30 March 2015.

Feel free to conduct your own research too, you may well uncover something important.

ENJOY.. Pass it round, post it on Facebook, newspapers where EVER you can. Let's get this VIRAL.

roonaldo

Siliquaesid wrote: »

https://forums.moneysavingexpert.com/discussion/comment/68058966#Comment_68058966

These articles are the result of 5 years of research into the questionable activities of these companies. There is still a WHOLE load more dirt to uncover, but what I state is PROVABLE and I can provide the documents to do so, in fact I will, to the Police, on Monday 30 March 2015.

Feel free to conduct your own research too, you may well uncover something important.

ENJOY.. Pass it round, post it on Facebook, newspapers where EVER you can. Let's get this VIRAL.

the ramblings of a madman

Jason_Bourne_2

My wife works for the same Ltd company as me where I'm a 10% director. That won't pose any problems will it?

She's through PAYE and works part time hours.

amnblog

Why would it cause a problem?

Jason_Bourne_2

amnblog wrote: »

Why would it cause a problem?

No idea, just because she kind of works for me?


That's good, worrying about nothing. :beer: