Multiple credit searches by Nationwide, is this allowed?

mrsp3

Hello,

I just wondered if Nationwide would have any reason to keep searching on my profile?

I just looked at my credit report and there are three new searches within the last month regarding the First Mortgage offer. This was offered in July and we are waiting for our new build house to complete. I recently got married (last month) and asked them to change the status and new name details using their form. They have since sent me three revised letters with the name wrong, the last one received this week is correct following another form completed to get this changed.

I have tried contacting them with nobody able to assist me on this matter. They have asked me to go into branch to discuss this.

GingerBob_3

Not to put too finer point on it, financial institutions don't trust their customers. Their working assumption is that you're out to swindle them and you're probably a money launderer, and they take it from there. Hence multiple searches during a mortgage application - you may try and pull a fast one and apply for a credit card during the application process; heaven forbid! And when you tell them you've changed your name the supposition is you're lying, so they need to see you face to face and demand documentary proof. I guess it all harks back to the money laundering paranoia known as 'know your customer'. It's just something you've got to put up with in this brave new world, annoying as it is. And yes, your mortgage application will come with the proviso they can search for details about you at the CRAs whenever they want, and do virtually anything they want with personal data they hold about you.

boo_star

GingerBob wrote: »

Not to put too finer point on it, financial institutions don't trust their customers. Their working assumption is that you're out to swindle them and you're probably a money launderer, and they take it from there. Hence multiple searches during a mortgage application - you may try and pull a fast one and apply for a credit card during the application process; heaven forbid! And when you tell them you've changed your name the supposition is you're lying, so they need to see you face to face and demand documentary proof. I guess it all harks back to the money laundering paranoia known as 'know your customer'. It's just something you've got to put up with in this brave new world, annoying as it is. And yes, your mortgage application will come with the proviso they can search for details about you at the CRAs whenever they want, and do virtually anything they want with personal data they hold about you.

Not exactly

There's a reasonable amount of time that passes between applying for a mortgage, all the checks being done etc etc that a persons financial situation could have changed drastically.

I wonder how careful you would be if you were lending a few hundred thousand before you hand over the cash. Probably at least as cautious as the banks and you wouldn't have the FCA looking over your shoulder the entire time either.

Hazzinho

Yep checking circumstances haven't changed, irresponsible lending is a no no.