Current account & credit card not reported at all 3 credit reference agencies

Malmo

Hello all

I'd like to obtain your advice, particularly if you're a mortgage broker (as we plan to apply for a new mortgage at some point in 2015), on whether or not we should ask HSBC to report my wife's current account & credit card details and history to Experian, Equifax & Callcredit as they are both currently missing from all 3 agencies.

The HSBC current account is the account that is used on a day to day basis for expenses, into which wages are paid, as well as direct debits set up. As far as I'm aware, it has been overdrawn on an informal basis several times and therefore charged a fee for each usage.

The HSBC credit card has had late re-payments on a handful of occasions between 2012 and 2013, but not in 2014 as far as I'm aware.

She has another current account, at Barclays, which is reported at all 3 agencies, but it is not used at all and is essentially dormant or inactive for all intents and purposes.

The Barclays current account unfortunately has AP / AR markers from January 2011 to June 2012. From July 2012 to the present time, it has been in good order and updated as OK. We haven't closed the account because I want the AP / AR markers to roll off the history eventually, whereas closing the account now effectively leaves the markers on there for the next 6 years (correct me if I'm wrong).

Given the above, I'd like to get your constructive views on whether or not reporting & regularly updating a full HSBC account profile & history would be generally beneficial to us as potential applicants for a mortgage. I'm concerned that if the HSBC accounts aren't reported & updated at the agencies, then the turnover details won't be visible to lenders and therefore, this might count against us, despite the late payments and informal overdraft occurrences.

stator

I remember my HSBC accounts didn't appear on credit reports either, but that was a long time ago.
I do not believe they will do so even if you ask.
Your best bet is to get a different credit card and start using it responsibly. Spend only a few things you need and pay off everyt month via direct debit.
Many current accounts don't appear on credit reports anyway, so I wouldn't worry about that not being on there.

Thrugelmir

Lenders report data to which CRA they wish.

I would suggest closing any unused accounts. Simplify your report to only active used accounts. Learn to manage these properly on a day to day basis. Let time heal your credit record. Nor would I bother monitoring it. If you keep your nose clean then you'll have nothing to be concerned about.

Armorica

HSBC used to rountinely beat any offer brokers could come up with. You may want to explore them too (and they may offer a discount for existing customers)

Thrugelmir

Armorica wrote: »

HSBC used to rountinely beat any offer brokers could come up with.

HSBC do not use brokers. In addition they have very selective lending criteria and lending policies. Very stringent underwriting with mortgage lending.