Nat West Savings Account

haroldthedragon

Hi everyone!


I have been building my credit rating back up after issues post redundancy a few years ago and things were finally on the up.


So much so I am in a position to save money!


My credit rating had gone from fair to good on Experian and I was happy that I was getting a decent rating at least.


Anyway I decided to open a savings account with Nat West to pay the money into that I am now able to put away.


I just logged on to Experian and my score has dropped by 42 points because Nat West did a search on me that has affected my report.


I'm pretty fuming about this. I have not applied for credit or a current account merely savings account with a cash card.


Is there anything I can do about this. I feel that I have been shafted for the privilege of becoming a savings customer.


Why would they need to do this for a savings account?


Thank You in advance

MEM62

haroldthedragon wrote: »

Hi everyone!


I have been building my credit rating back up after issues post redundancy a few years ago and things were finally on the up.

So much so I am in a position to save money!

Well done, congratulations!

My credit rating had gone from fair to good on Experian and I was happy that I was getting a decent rating at least.

Anyway I decided to open a savings account with Nat West to pay the money into that I am now able to put away.

Good idea (Although their rates are not the best)

I just logged on to Experian and my score has dropped by 42 points because Nat West did a search on me that has affected my report.

So what? It's a randomly generated meaningless number that will have absolutely no impact on your ability to borrow money.

I'm pretty fuming about this. I have not applied for credit or a current account merely savings account with a cash card.

Why are you angry? If you open an account NatWest must do a search on you, for ID purposes at least. This process has not disadvantaged you in any way.

Is there anything I can do about this. I feel that I have been shafted for the privilege of becoming a savings customer.

What do you want to do? In what way have you been 'shafted'?

Why would they need to do this for a savings account?

Yes, money laundering rules say they must make appropriate checks.

Thank You in advance

To be honest I am at a loss as to understand why you are upset.

haroldthedragon

I believe I am disadvantaged because "credit applications" showing on your report are supposedly looked down on by lenders and as someone who wants to look at switching their mortgage this does not work in my favour. Why would a credit application search be made for a savings account?


I had a check done by Paypal under money laundering rules and no foot print was left.

nidO

haroldthedragon wrote: »

I believe I am disadvantaged because "credit applications" showing on your report are supposedly looked down on by lenders and as someone who wants to look at switching their mortgage this does not work in my favour.

Unless you've had a large number of searches in the very recent past, it won't make a blind bit of difference. Rather than worrying about this, the better thing to do for your long-term future would be to stop throwing money away in Experian's direction, and put it in your new savings account instead.

Natwest do also make it very clear when opening any kind of account including a savings account that they'll be credit checking you, and that the results may be visible to other companies.

PaulW922

What type of account was it? If it were the basic bank account (cash card) that is still regarded as a credit product

20aday

Well done for turning your circumstances around and being in the position to save money after a tough few years.

But no, you haven't been "shafted" whatsoever. It'll be a money laundering/identity check.

The "score"by Experian is computer generated and this is not taken into consideration by any banks etc as they'll have their own criteria if/when you apply in the future for credit cards/loans etc.

MEM62 and nid0 have given sound advice.

RonaldTyer

At first I want to tell you to your upset is very common problem. What kind of record would it say it was? On the off chance that it was the essential ledger (money card) that is still viewed as a credit item.

MEM62

haroldthedragon wrote: »

I believe I am disadvantaged because "credit applications" showing on your report are supposedly looked down on by lenders and as someone who wants to look at switching their mortgage this does not work in my favour. Why would a credit application search be made for a savings account?


I had a check done by Paypal under money laundering rules and no foot print was left.

'Credit applications' are not shown on your report. Credit checks are - and you are only disadvantaged if there are a number of checks made in a short space of time. It is proper that NatWest run these checks when you open a new account and you are advised in their terms and conditions that this will be the case. You have not been disadvantaged by it and you have absolutely no cause for worry or complaint.

andyfromotley

Hi Harold,

you have fallen into exactly the trap that these companies want you to. Constant fretting about your credit score. Why do they want you to fret about it? So that you will stump up £15.99 per month to constantly check it!

Remember your score means nothing and is never seen by a lender. So if you apply for credit in the future and they see a check there by a reputable high street bank (They will know its not for a cc/loan/od as you have none showing on your credit history) Do you really think thats going to affect your ability to get credit? Nope- me neither.

So relax, kick back and stop worrying about it. (oh and please if you are paying for your meaningless number please stop!! as i have said to others, if you want to worry about a made up number that nobody will ever see, from someone who will never ever lend you a penny i am prepared to do so. Just send me £9.99 per month. I'll start you off this month with a score of 1237.;-)