"Impossible" to release bank account details to Experian

PeteHarris

Dear MSE Forum

Can anyone out there help?

Recently I applied for a Buy-to-Let mortgage with The Mortgage Works. I own a mortgage-free property in Brighton that is valued at £375,000 and the IFA had lead me to believe that, given my circumstances, the application was a formality. Within the week I heard that I had been declined. My broker advised me to check my credit score with a credit check company so I signed up with Experian. My credit score was 700, Poor. I discovered that there were many omissions on my Credit Report including my bank account and my Barclaycard. I called Experian to ask why there were these omissions and I was told that because my Barclays current account was opened in 1989, I had to ask Barclays to release my account information to the credit check companies.

I went to my local Barclays Bank and I made the request to the Personal Banker who had not come across this situation before. He called somewhere that he referred to as the 'Knowledge Bank' to ask for help (not sure if that is the official name or just what he calls it). He was told that because my account was opened before some credit change in 1999 “it is not possible to release your bank details to the credit check companies”. Apparently there is nothing I can do about this and my only option was to open up a new account. I explained to the Personal Banker that I needed my current, 26 year old account to be used as I had been told by Experian that the credit and goodwill I have accrued over these years would boost my credit score quite significantly. He apologised but due to some anomaly it was “impossible”.

At this point I would like it to be known by the reader that I have an excellent credit rating within Barclays themselves. I was told that I could take out a Personal Loan for £12,000 tomorrow should I wish to and that I qualify for a Loyalty Mortgage.

The next day I contacted the Manager at the same Barclays branch. He listened to my story and said that it didn't sound right at all. He told me he would find out more information and get back to me. After a number of hours the Manager called back to tell me that what his colleague had said was, in fact, true. The Manager himself said he was “gobsmacked” and found it difficult to believe but there was nothing anyone could do to help me. Again I was advised to open a new account and that he felt sure that I would be able to transfer the overdraft limit to the new account. No guarantees though. I spoke to Experian about this and they could not comment on Barclays policy however they did tell me that if I opened up a new account, this would have a negative effect on my credit score for twelve months.

As I am sure you can understand, I have been left very frustrated by this 'anomaly'. It is important to me to have a good credit score to obtain a Buy-to-Let mortgage but I am being told that even though I have been an exemplary customer for over 26 years (the account was actually opened in 1981 but due to computerisation it is on file as 1989) there is nothing they can do to help. To further my frustration, no-one that I have spoken to at Barclays has been able to explain to me why it is impossible.

I would be very grateful if anyone out there can help as I am coming up against a brick wall. It is my hope that someone, somewhere within the Barclays organisation can find a way of either releasing my account details to the credit check companies or, at worst, find a way of imparting my excellent credit record with Barclays to them.

Many thanks
PH

P.S. I contacted Barclaycard who have told me it is not a problem to release my Barclaycard information to the credit check companies (even though I have held the same account since the 1980s). They are sending me forms to sign.

stclair

You can write to Barclays with your query at the following address:

Barclays Bank PLC
Data Exceptions Team
Meridian House
Anchor Boulevard
Crossways Business Park
Dartford
DA2 6QN

If they can start sharing the information they will more than likely only start sharing from the present day they won't send pre historic information.

grumbler

PeteHarris wrote: »

...
As I am sure you can understand, I have been left very frustrated by this 'anomaly'. It is important to me to have a good credit score to obtain a Buy-to-Let mortgage but I am being told that even though I have been an exemplary customer for over 26 years (the account was actually opened in 1981 but due to computerisation it is on file as 1989) there is nothing they can do to help. To further my frustration, no-one that I have spoken to at Barclays has been able to explain to me why it is impossible.

It's very bad that all your credit history relies on just one current account.
It's typical for people without a credit history to struggle with getting the first big credit. That's why most people think about maintaining their credit history by using credit cards and other free credit. Also, it's a norm to have more than one current account.

I think that even if Barclays start reporting your current account, this can look no different from any new current account in the credit file.

Have you considered (re)mortgaging the house that you own? This can be easier and cheaper to do than getting BTL mortgage.

PeteHarris

stclair wrote: »

You can write to Barclays with your query at the following address:

Barclays Bank PLC
Data Exceptions Team
Meridian House
Anchor Boulevard
Crossways Business Park
Dartford
DA2 6QN

If they can start sharing the information they will more than likely only start sharing from the present day they won't send pre historic information.

Thanks. A letter is on it's way to them.

PeteHarris

grumbler wrote: »

Have you considered (re)mortgaging the house that you owe? This can be easier and cheaper to do than getting BTL mortgage.

Unfortunately my current circumstances removes this as an option.

eskbanker

grumbler wrote: »

It's very bad that all your credit history relies on just one current account.

To be fair, OP does also say that his longstanding Barclaycard account is also missing from Experian, which would presumably have a greater influence on a credit rating.

grumbler

That was what I meant: all your (Experian) credit history relies on one current account. Five current accounts and several CCs can be missing from my Experian credit file, and this would make no difference.

What do you mean by saying "is also missing"?

badger09

grumbler wrote: »

That was what I meant: all your (Experian) credit history relies on one current account. Five current accounts and several CCs can be missing from my Experian credit file, and this would make no difference.

What do you mean by saying "is also missing"?

Presumably means also unreported, ie doesn't appear on Experian.

I have a long standing Barclaycard with credit limit of £9k which doesn't appear.

I queried it on the forum a long time ago and was told the reporting requirements/agreements changed in 1999 (or 2000?)

Experian_company_representative

Hi PeteHarris, i'm glad to hear that Barclaycard have been able to share the information once they had your consent. The account information will most likely be sent on their next monthly update, so could take a few weeks to show on your report.

Lenders do need to gain consent before they can share information with credit reference agencies, and as has been mentioned with older accounts this has often not been obtained. It is usually just the case that once they have the consent they can provide us with the details, our Ask James page deals with a similar case here.

As StClair has suggested, I think it would be worth writing to them directly to find out why they can't in this instace.
Regards
Neil

PeteHarris

badger09 wrote: »

Presumably means also unreported, ie doesn't appear on Experian.

I have a long standing Barclaycard with credit limit of £9k which doesn't appear.

I queried it on the forum a long time ago and was told the reporting requirements/agreements changed in 1999 (or 2000?)

Correct, it is unreported.

I was an expat for over ten years from 2001-2012 with no need for credit. Much seems to have changed since I was away, one most notably being companies reliance on credit checks to decide whether you are a 'good risk'. After joining Experian I saw that they had only two addresses listed for me and no credit card or bank account. But it doesn't take into account what one's assets are which I find to be very one sided and unfair. I assume that companies only want to lend to people who already owe money.

grumbler

PeteHarris wrote: »

....But it doesn't take into account what one's assets are which I find to be very one sided and unfair. I assume that companies only want to lend to people who already owe money.

Assets are easy to fake (e.g. savings) and lose, but difficult to verify. And a mortgage is a secured loan anyway, backed by the property.
That's why they want to know one's ability to manage credit in the first place.

Having a credit history and owing money are not the same. Many people with credit cards and perfect credit histories have never owed anything except, possibly, a mortgage.