Old Current Account not Recorded

Sope

Hi,
Having recently checked my credit records using Clearscore and Noddle, I've found out that my rating is relatively poor, apparently due to the fact that there is very little data recorded on me. Specifically, the only account showing is a TSB current account that I just opened in the last month or so.

There is no record of my main current account which has been held with HSBC since the early 80's (originally a Midland Bank account before their takeover by HSBC in 1992). Likewise, there is also no record of my HSBC Mastercard credit card account which has been running almost as long!

The fact that I have very little credit history recorded appears to be what is causing my poor credit rating, despite never being substantially overdrawn on my long standing current account and always paying my credit card bills on time over the past 20 years or more!

I have raised a "dispute" with Equifax but they say that after investigation, they are unable to locate the current account as it is more than 20 years old and therefore the client is probably not supplying these details to Equifax. I'm still waiting to receive an update on the credit card record.

I'm not certain if it is even possible, or indeed in my best interests to make the effort to get these accounts added.
I'd appreciate any advice/thoughts on what would be my best course of action to rectify the situation.

Thanks.

[Deleted User]

Is the card appearing on Experian?

I'd look at getting another card and start to build up a history. I wouldn't worry about the current account.

National_Debtline

Hi Sope,


I agree with zx81 to check Experian before going any further, if none of the information is on Experian either then you can complain to your bank and credit card company and ask them why they are not reporting information to any credit agency? According to the Information Commissioners Guidelines it is the creditors responsibility to report accurate and up to date information and you may be able to argue that their failure to do this has put you at a disadvantage. This complaint can be escalate to the ICO and the Financial Ombudsman Service.


However, are you certain that the lack of information is the cause of the negative history assessment? You mentioned that you recently, and successfully, opened a new account - so are you certain there is a problem? Are you registered on the electoral role and ensured that you are not financially associated with anyone you do not wish to be? None of this changes the fact that information should be recorded from the bank(s) but it is always wise to check you have done everything you can. Good luck,


Laura
@natdebtline

Sope

Thanks for the info.

I haven't checked Experian yet so I'll look into that. Then I presume the next step would be to contact HSBC.

Yes, I did successfully open a new TSB current account recently (using if for savings only at the moment but am considering switching completely). I declined the option of an overdraft but I was required to take a couple of forms of ID in to a branch to be checked.

The reason I initially thought there may be a problem is that my likelihood of being accepted for any of the more desirable credit cards is surprisingly low on the MSE credit card eligibility calculator.

I also want to be able to open a couple more interest paying current accounts, preferably without further negatively affecting my credit rating.

I'm on the electoral role and not linked to anyone in debt.
I don't have a mortgage or any loans, the lack of which I think may also be contributing to my low score.

molerat

National_Debtline wrote: »

Hi Sope,


I agree with zx81 to check Experian before going any further, if none of the information is on Experian either then you can complain to your bank and credit card company and ask them why they are not reporting information to any credit agency? According to the Information Commissioners Guidelines it is the creditors responsibility to report accurate and up to date information and you may be able to argue that their failure to do this has put you at a disadvantage. This complaint can be escalate to the ICO and the Financial Ombudsman Service.

........................

Laura
@natdebtline

I must disagree with that paragraph. I cannot see that any complaint about non reporting can be justified. There is nothing in those guidelines (which are only about reporting poor account management) that states accounts must be reported only that reporting must be an accurate reflection of the account. If you feel that a bank must report so then should all of those listed in the ICO guidelines. GingerBob would explode at the very thought ! Many of these old accounts are not reported because the bank have not got the account holder's permission to report and I feel it would cause problems obtaining it - an opt out clause could be unethical.

National_Debtline

Hello again,


I would just like to clarify my comments from earlier. So, the first step in a situation like this would normally be for the individual to contact the credit reference agency and query the issue, the OP seems to have already done this to no avail. So, the next step is to contact the bank and query the matter. Molerat makes a good point, that perhaps a complaint is a bit heavy handed at this stage.


It may be the case, that because the accounts are so old, that the creditor doesn't have the necessary permission to report to the credit agencies and that is what the OP needs to find out before deciding their next steps. Don't forget to check Experian as well.


Laura
@natdebtline

Sope

I just noticed that I never updated this thread with the outcome, so I case it may be of help to someone in the future....

The issue was resolved after I called in at a HSBC branch and explained the situation.
They got me to fill out a form authorising them to share my account history with the relevant credit reference agencies and a month or so later the accounts started showing up on my credit report. Job done!

HTH

MABLE

I have a c/a with Cahoot and that has been since 2002 and it appears on all three credit reference agencies. However I took out the Cahoot credit card at the same time and this has never shown up. I took this up with the company and they said its because the card is a very old account.

Very strange!

Sope

Does sound strange....

My old HSBC current and credit card accounts now show up on my credit reports along with their start dates dating back to the 80's! (That applies to Experian, Equifax and Callcredit)

All I can suggest is to speak to your bank again, as basically I was told by Equifax that they can only work with whatever information is supplied by the relevant bank.

MABLE

Sope wrote: »

Does sound strange....

My old HSBC current and credit card accounts now show up on my credit reports along with their start dates dating back to the 80's! (That applies to Experian, Equifax and Callcredit)

All I can suggest is to speak to your bank again, as basically I was told by Equifax that they can only work with whatever information is supplied by the relevant bank.

Quite happy now to keep quiet about it. Could work in my favour at some point in the future.

twiglet98

Thank you OP for updating this, I've been puzzled that a Barclaycard I've held for over 40 years doesn't appear on my credit reports, and wondered whether I should be asking BC or the credit agencies why it was absent!