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How do Endsleigh/Experian calculate your income for Sole Traders
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EcksTen
Posts: 3 Newbie
Hi all,
Does anyone know how Endsleigh/Experian calculate Annual Income for self-employed persons/sole traders?
Last year my partner and I went through the process of credit checking in order to rent a flat.
Part of this process involved Endsleigh/Experian asking for our bank statments to calculate our income as we are both self-employed.
My partner has 2 accounts with Nationwide:
1) Cash Builder account, where any invoices are paid into and is used for day to day finances where withdrawing money is required to pay for things when out and about (e.g. groceries), and
2) Flex Account, which is her current account, she uses this for online purchases and to transfer money to people if required (e.g. to pay into her Mum's account to help with shopping).
Endsleigh/Experian asked her for statements from the Flex Account after they saw money was transferred from the Cash Builder Account.
Despite her earning almost twice the required amount for the rental property requirements, Endsleigh/Experian claimed that her annual income was too low.
We queried this with Endsleigh/Experian directly who refused to tell us how they came to this result but also said they could see that, based on the statements provided, she did indeed earn more then the required amount of money, but the system said she did not.
Can anyone tell me how Endsleigh/Experian work out annual income for self employed people, or what we need to do differently with our finances to ensure that they don't do the same thing again when we move to rent somewhere else?
Many thanks!
Does anyone know how Endsleigh/Experian calculate Annual Income for self-employed persons/sole traders?
Last year my partner and I went through the process of credit checking in order to rent a flat.
Part of this process involved Endsleigh/Experian asking for our bank statments to calculate our income as we are both self-employed.
My partner has 2 accounts with Nationwide:
1) Cash Builder account, where any invoices are paid into and is used for day to day finances where withdrawing money is required to pay for things when out and about (e.g. groceries), and
2) Flex Account, which is her current account, she uses this for online purchases and to transfer money to people if required (e.g. to pay into her Mum's account to help with shopping).
Endsleigh/Experian asked her for statements from the Flex Account after they saw money was transferred from the Cash Builder Account.
Despite her earning almost twice the required amount for the rental property requirements, Endsleigh/Experian claimed that her annual income was too low.
We queried this with Endsleigh/Experian directly who refused to tell us how they came to this result but also said they could see that, based on the statements provided, she did indeed earn more then the required amount of money, but the system said she did not.
Can anyone tell me how Endsleigh/Experian work out annual income for self employed people, or what we need to do differently with our finances to ensure that they don't do the same thing again when we move to rent somewhere else?
Many thanks!
1
Comments
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Just supply last 3 years tax returns: Job done!0
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They didn't ask for tax returns, they asked for bank statements.theartfullodger wrote: »Just supply last 3 years tax returns: Job done!
Also my partner hasn't been self-employed for 3 years. and it will be unlikely she will be when we decide to move.
The question was about how Endsleigh/Experian calculate income for self-employed people.0
This discussion has been closed.
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