Should I add my current account to my credit report?

themanfromamarillo

OK, sorry for another new thread but this is a slightly separate question. My current account doesn't appear on my credit report. I've had the account since I was 12 or so so have a good long history with it. When I log in to online banking the amount of money available is a £500 more than the account balance so I assume I have an overdraft facility (never used it).

From this link http://www.experian.co.uk/consumer/questions/askjames217.html it seems that my account is not appearing on my file because I initially opened it before 1999. Hence I'm thinking of asking my bank to report my account to the CRAs. Is this a good idea? Are there any possible negative outcomes for my credit report from doing this?

Tixy

It could be not appearing due to the old age of the account. Although if there is an overdraft on it then new terms may have been agreed at the point the overdraft was added.

Have you double checked it isn't being reported to either of the other credit reference agencies?

If it is due to age then your bank may or may not agree to start reporting it. They may say that it would need to be treated as a new account.

Whether or not your current account showing on file would make any difference (positive or negative) to your ability to get credit is difficult to judge. I suspect it would make minimal difference.

themanfromamarillo

Thanks. It was a student account that got turned into a more basic account when I gradutated. I know it isn't on Noddle and I don't recall it being on Experian when I signed up for their service. I just got my Equifax report as I wanted to make sure the info was correct on that. It doesn't appear there either. I suspect that adding info will increase the average ages of the credit accounts I currently have (a credit card for 4 months + a BT direct debit for 7 months) which should boost my creditworthiness.

Kittycat1981

My TSB account from 1997 is reported to the CRA as is my hubby's account from 1998.

schelliwell

I am having similar troubles in gaining a good credit score with Equifax and this also relates to my current account being so old.

I am trying to apply for a mortgage and the only bank I can go with is Natwest who only use Equifax. My existing current account with Barclays was opened as a student in 1998. When I opened it, I apparently signed terms and conditions that stated that my current account information could not be passed on to credit referencing companies. Then, unluckily for me in 1999 the legislation changed to allow banks to be able to pass on account information to credit checking companies.

Currently my credit score with Equifax is around 400 and is ‘fair’. To give you some more background I have already been rejected 3 times in recent months by Natwest for my mortgage due to me having a previously poorer credit rating with Equifax (it was at 300 level). On investigation I found out that this was due to my address being registered incorrectly on the electoral role as LOWER FLAT instead of what's on Royal Mail's records as GROUND floor flat!). The addresses have now been realigned which took more time.

I also have a mobile phone contract and a credit card that I obtained 3 months ago in order to improve my rating. I went through hoops to fix the electoral role issue and as of yesterday I am now successfully registered on the electoral role which Equifax have finally recognised. Unfortunately my score still isn't high enough. I know that my rating will increase over time whilst spending on my credit card increases, but for now the only thing I can see that will increase my rating is to add my current account. This I have now realised cannot be done which is bitterly disappointing and yet another blow. I have never had any debt and I have worked hard to save a substantial deposit so I am understandably very frustrated!

I have contacted Barclays today who cannot help me as in their eyes, I signed the agreement in 1998 which means that they cannot release my current account details to Equifax. I have also explained this to Equifax and despite me having bank statements going as far back as 1998 to the present day, they have advised me to submit statement copies but they don’t think it will change my score. Natwest only seem to look at the overall score which is still low.

I have since logged a complaint with the Financial Ombudsman and as a consumer with the Financial Conducts Authority.

Is there anything else at all that I can do to allow my current account to increase my credit score with Equifax??? Any help would be greatly appreciated.

Thanks in advance, Stephanie

Tixy

schelliwell wrote: »

Is there anything else at all that I can do to allow my current account to increase my credit score with Equifax??? Any help would be greatly appreciated.

Thanks in advance, Stephanie

Welcome to the forum

Just to be absolutely clear Natwest - or any other potential lender do not see the credit score that equifax will sell to you.

What they do is assess the raw information on your credit files with the credit reference agencies in conjunction with all the other information you provide to them.

Getting your bank account showing on your credit file isn't likely to make a big difference to natwest's lending decision for a mortgage. They'll know you have a bank account, they are likely to want to see several months of bank statements anyway.

What is the reason you can only apply to natwest? I'd probably speak to an independant mortgage broker, explain your circumstances and that you have a limited credit history, take along copies of your credit files from the 3 agencies and ask them to make recommendations on suitable mortgage lenders.

DCFC79

Schelliwell you really should have started your own thread, you might need to start saving then. The FCA don't handle consumer complaints, it does say you can complain to the FOS.

stclair

schelliwell wrote: »

I am having similar troubles in gaining a good credit score with Equifax and this also relates to my current account being so old.

I am trying to apply for a mortgage and the only bank I can go with is Natwest who only use Equifax. My existing current account with Barclays was opened as a student in 1998. When I opened it, I apparently signed terms and conditions that stated that my current account information could not be passed on to credit referencing companies. Then, unluckily for me in 1999 the legislation changed to allow banks to be able to pass on account information to credit checking companies.

Currently my credit score with Equifax is around 400 and is ‘fair’. To give you some more background I have already been rejected 3 times in recent months by Natwest for my mortgage due to me having a previously poorer credit rating with Equifax (it was at 300 level). On investigation I found out that this was due to my address being registered incorrectly on the electoral role as LOWER FLAT instead of what's on Royal Mail's records as GROUND floor flat!). The addresses have now been realigned which took more time.

I also have a mobile phone contract and a credit card that I obtained 3 months ago in order to improve my rating. I went through hoops to fix the electoral role issue and as of yesterday I am now successfully registered on the electoral role which Equifax have finally recognised. Unfortunately my score still isn't high enough. I know that my rating will increase over time whilst spending on my credit card increases, but for now the only thing I can see that will increase my rating is to add my current account. This I have now realised cannot be done which is bitterly disappointing and yet another blow. I have never had any debt and I have worked hard to save a substantial deposit so I am understandably very frustrated!

I have contacted Barclays today who cannot help me as in their eyes, I signed the agreement in 1998 which means that they cannot release my current account details to Equifax. I have also explained this to Equifax and despite me having bank statements going as far back as 1998 to the present day, they have advised me to submit statement copies but they don’t think it will change my score. Natwest only seem to look at the overall score which is still low.

I have since logged a complaint with the Financial Ombudsman and as a consumer with the Financial Conducts Authority.

Is there anything else at all that I can do to allow my current account to increase my credit score with Equifax??? Any help would be greatly appreciated.

Thanks in advance, Stephanie

NatWest also search the files of Experian when underwriting applications.


I doubt the Ombudsman will be able to help. Have a gander at this similar circumstance:


http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=55839