Is what we see on our credit file really what is seen in a credit check??

adamlewis216

So thought I would pop on and have a little rant and warn others.


Simply put.. the file you pay £14.99 for per month and shows you a lovely (although meaningless) score, I believe is not the same file that they share with any institution doing a credit check on you.


As in do Credit Expert (Experian) show us one file and sends another to the anyone doing a credit check.


This came to light for me today after being turned down for two bank accounts.


A bit of background..


Like many trying to manage their credit file I felt forced into paying £15 subscription to make sure that Experian's file on me matched the other two agencies I can check for free (noddle / clear score).


After 6 long years of a basic account and no credit other than my mortgage pre-financial problems (Destructive IVA and Defaults) I was looking forward to seeing a great report.


This was true all but for Experian. Unfortunately, Experian claimed they had never been notified that my IVA had finished back in 2010 and so I had to go through the motions, send them my certificate of completion and have it removed.


It took a while but finally this morning I was notified it was being removed. The email said please allow 7 working days for this to update.


I logged on this afternoon just to see if they had done it quicker and was faced with an astonishing sight. 999 out 999 credit score and a notification as to what has changed.. they had removed the IVA from my credit file. Now I know the scores mean squat diddly but it was nice to see and felt like an achievement. All three agencies where now showing my hard learned ability to manage my credit appropriately, all utilities, phones and mortgage all 6 years of on time green payments.


So excitedly I felt ready to upgrade my personal bank account from a basic account to a normal one with the Coop bank - get myself one of those brilliant contactless cards.


I also wanted a current account with my Mortgage Company Halifax as I like the idea of them seeing my incomings and outgoings and how I manage my money now. I have loyalty to Halifax as they stood by me when I had 6 month of arrears and thought I would lose my house, they helped me and worked with me until I got back on my feet 6 years ago. I am now about £5,000 in credit on overpayments and I hoped to re-mortgage with them soon to a fixed rate. I hoped a bank account as well as my mortgage with them might help.


I was ready for an IVA question, will they ask me have I had one in the last 6 years or ever??..


Both asked me in the last 6 years.. pheww.. I proudly answered no.


The Co-op computer sends my application to referral, whilst Halifax computer instant declines me. The Halifax lady who was wonderful was as confused as me so she went to discuss with an under-writer. She gives me the answer I was dreading - the file they have checked on Experian still has my IVA showing. She regrettably tells me I am declined.


I phone credit expert and ask a simple question.. 'is the nice record I am viewing at this second online the record that anyone doing a credit check will see. She informs me a resounding YES. To which I ask well how come I have just been declined for a normal bank account. Before she has chance to give me the 'lenders all use their own criteria' I informed her the underwriter has informed me they can see my IVA and that is why I am declined.


She asks me to hold and comes back 5 minutes later to confirm my IVA shows on the report the creditors see, and it will take at least 7 working days for it to not show.


I asked why they would not leave the IVA on the file I see until which point it went from both files, to which she didn't have an answer.


I asked to make a complaint as I am not happy paying £15 a month for a report that is different to the report you gave on a credit check. She tried to put me through to someone. It rang out for 10 minutes, she returned, apologised that no one was available and said she would sent me an email complaint form. No email arrived.


So now I have two new searches on my file in a day. No accounts on my file to show I was successful.


I can never be certain when the IVA will disappear from the secret file.


I had the embarrassment of a decline and coming decline with COOP bank for a normal bank account.


I don't know if there is a re-apply policy with either of these banks where I have to wait a period of time like 6 months before I can re-apply.


I don't know if the underwriters will keep notes on my record they hold on me personally that I had and was declined because of an IVA long after my IVA has gone.


Doesn't seem fair that these companies hold so much power and unless anyone knows where they have broken any data laws - there appears I just have to take this on my chin as usual..


The joys..

GingerBob_3

Write to Experian with a letter headed COMPLAINT, asking them for a detailed explanation (you'll be lucky if you get one). Then report Experian to the ICO. This organisation is of little real use, but they are obliged to take up the matter with Experian if there's a problem.


As to who sees what on credit files, the whole think is a black art and nobody really knows. The "industry" is in desperate need of proper regulation and enforced transparency.

Experian_company_representative

Hi AdamLewis216.

I understand the importance of your report being updated correctly after you have worked hard to improve your report and are looking to get a mortgage.

When a lender searches your Experian report they should see the same information that is on your CreditExpert report. They may also check for information that is recorded at addresses that you are linked to.

By updating your CreditExpert profile to include any previous addresses you will also be able to view this information.

When we make a manual amendment to information on a report we do ask that you allow 7 working days for the amendment to complete. The CreditExpert report is produced from the same information that the lender sees, so we would expect these to update at the same time.

If your CreditExpert profile has a different version of your address listed than the IVA is recorded under this could potentially stop the IVA information being retrieved when you viewed your report.

I can check your report for you to make sure that he IVA has been updated for you, and to find out why you couldn’t see the IVA, while it was still on our systems.

Please you [EMAIL="uksocialsupport@experian.com"]email [/EMAIL]your details (name, date of birth and address) and I will look into this for you.

You don’t need to be a CreditExpert member to check your report, you can apply for a one off report for £2.00 here.

I’m sorry that you were not able to be transferred when you called, our full complaint policy together with contact details is available here.

I look forward to hearing from you so that we can get this sorted out for you.

Kind regards
Neil