Employer name change - National Hunter "inconsistency"

Krisko

Hi,

I just read about the National Hunter Agency, and got a bit curious.

In January my employer will change it's name from "Company Ltd" to "Corporate Ltd". If I apply for credit in February saying that I've been working at "Corporate Ltd" for 12months that will probably result in an "inconsistency" mark on my National Hunter report.
As far as I've been able to find out an inconsistency mark is simply a heads up to the lender that they might want to ask me about this/check this up (?), and a lender is not likely to decline me only because of an inconsistency on my report, but less marks is probably better than more marks...

So if I apply for credit in february... Should I say that I've been with "Corporate Ltd" for 1 or 12months? I believe you can argue that both answers is correct information... If I'll choose the first option I will probably wait a couple of more months before applying for any credit.

Thanks

Hazzinho

I wouldn't worry about it, lenders are more worried about salary, I think you're thinking too much about this. Just put the actual time you've worked there regardless of the name change.

Krisko

I've thought about it for no more than 30minutes, thats the great thing about this forum

maas

I dont think it matters. I was in civil service working in various departments and I always used the original employment start date regardless of which department I was in and always put the correct title for the employer. I never had any delays for referrals for decisions on CCA. There must be thousands of companies that change their name every year, or merge/split.

I suspect it flags up irregularities with salary and length of employment more than anything else.

When you apply somewhere and say you earn 20k a year, and then apply at another lender and say you earn 50k, and then apply again and say you earn 90k. I imagine the 3rd application will get referred and then a request for a copy of a payslip.

Thrugelmir

In January my employer will change it's name from "Company Ltd" to "Corporate Ltd". If I apply for credit in February saying that I've been working at "Corporate Ltd" for 12months that will probably result in an "inconsistency" mark on my National Hunter report.

Quick scan on Companies House will answer the question.

MikeMouse

Nothing to worry about - it won't make any difference.

System

12 months as it's just changing it's name - it's not a new legal entity.
It might not even be a 'real' name change and just a new trading name.

Either way, I wouldn't worry about it and apply as normal...

Krisko wrote: »

Hi,

So if I apply for credit in February... Should I say that I've been with "Corporate Ltd" for 1 or 12months? I believe you can argue that both answers is correct information... If I'll choose the first option I will probably wait a couple of more months before applying for any credit.

Thanks

Krisko

Thank you!

kingstreet

NH picks up inconsistencies in different credit applications made close together.

If you apply for credit today using one income, then apply again in a week's time using a different income, this is the kind of inconsistency NH is trying to identify - possible inflation of income.

If there are months between your applications, I don't think this will be impacted in any way by NH.

The_Offside_Rule

Ahh Krisko, this is something I've been meaning to ask for ages.

I work in my local authority and have recently stuck to entering the civic centre as my workplace address and 'Council Worker' as my job title. This way, I'm telling the truth without complicating matters.

Krisko, I'd like to add to this question for others to answer - If National Hunter is there to spot inconsistencies, how many times must we enter the same info before it sees it as the norm?

Thanks.

Krisko

NH makes total sense to me if lenders use flags as a "heads up" to ask the person that got a 70k salary increase for a payslip, for proof of adress, employer etc.

If lenders made their decisions solely on information from NH they would most likely get a lot of untruthful customers, who are good sticking to their story and rejecting many truthful customers they should like to have.

Life is after all full of inconsistencies, but I guess we'll never know for sure.