Kensington use equifax only?

mortgage202

Hi, Our broker submitted on application on 25 August 2015, today I saw an "Opt In" search from kensington in my equifax but nothing in Experian. Do they only use equifax? And what does "Opt In" means?

Thanks

amnblog

KMC are one of a number of Lenders who currently only use one Credit Reference Agency, in their case Experian.

The majority of Lenders refer to two or more CRA's. About 40% use just the one.

Opt in means associated persons may be considered.

Experian says:

' following an agreement
between lenders and the Information
Commissioner, lenders can only
take account of information about
people who share an address if they
also have a financial link. This link is
called an ‘association’ and is created
when two people apply for credit or
open an account together, or tell us
that they have financial ties.
This association will stay on their
reports until one of them tells us they
are no longer financially connected
and we can confirm this. We will then
break the link, as long as there are no
other associations between them.
Associations allow lenders to
take account of information about
anyone linked to the person applying
for credit. Most couples who live
together (whether or not they are
married) have financial links.
However, some lenders offer
people the choice of having a
credit application assessed using
information in their own name only.
This is called ‘opting out’ and means
that information about their partner
(or anyone else they are associated
with) would not be taken into
account.'