Did Capital One Really Check my Credit File?

scottishlass

A couple of months ago I applied for a Capital One card and got a letter saying that I was turned down beacuse of my credit check and I should get a copy of of my credit report to find out why.

I initially assumed it was because I had made to credit card applications in as many months however I have just got my credit report through and it suggests that that have been mo checks on my record in the last six months.

Does this mean that neither credit card company made checks before refusing me?

YorkshireBoy

Where did you get your credit report from?

Lavendyr

You typically have credit reports with three different agencies - Experian, Equifax and CreditCall. You should check all three credit reports as the credit card companies may have used one, two or all three of these to make their decision. Just because a search doesn't show up on one report does not mean that no searches were carried out - they just may have been carried out with a different credit reference agency.

scottishlass

Lavendyr wrote: »

You typically have credit reports with three different agencies - Experian, Equifax and CreditCall. You should check all three credit reports as the credit card companies may have used one, two or all three of these to make their decision. Just because a search doesn't show up on one report does not mean that no searches were carried out - they just may have been carried out with a different credit reference agency.

I got Experian and Equifax and both don't have any record of the searches these were the two that were in the letter that Capital One told me to contact.

clearform

Failing a credit check is the standard excuse used by credit companies when rejecting your application, even when they haven't done one! So yes, evidently in this case they were lying which isn't really that suprising given how amoral they are.

clearform

scottishlass wrote: »

I got Experian and Equifax and both don't have any record of the searches these were the two that were in the letter that Capital One told me to contact.

Capital One lying to you has cost you a few quid by telling you to contact the credit reference agencies. You'd almost think Capital one had shares in them :eek:

Clariman

I doubt whether Capital One were lying to you. I would think it highly likely that they did check your credit history with the providers mentioned and that there was something that caused them to reject your application. There is a lot more to credit scoring than the number of applications. Some possible reasons for getting rejected could be

* Little or no credit history for them to assess you as a risk
* Existing total available credit to you is too high
* You are not on the electoral role at the address on your application
* You have one or more missed or late payments

Which card did you apply for? Some of them have very strict requirements.

Clariman

YorkshireBoy

Clariman wrote: »

I would think it highly likely that they did check your credit history with the providers mentioned and that there was something that caused them to reject your application.

...but OP has stated that she obtained her credit files directly* from Experian and Equifax, and that no Capital One search was registered (unless I've misunderstood, in which case the rest of my post is rubbish!).

It would appear to me that OP failed on a Capital One internal policy rule, meaning a credit search was not carried out.

Sadly, it looks like Capital One then sent their standard letter out (because they are one of the few providers in my experience to search both Experian and Equifax), meaning the OP has incurred costs to find out...absolutely nothing (to do with the Capital One rejection)!


* The reason for my earlier question (as to where the reports were obtained) was that 'checkmyfile' and 'annualcreditreport' are popular choices for those hoping to save a few bob on their credit reports.

However, many people may not know that...

a) the information from 'checkmyfile' is very basic (check out their condition 5, and the table of information provided [or not, as the case may be] for each CRA on their website), and

b) 'annualcreditreport' only supply information from CallCredit (the 3rd, and smallest, CRA), whom hardly any lenders search.

Clariman

...but OP has stated that she obtained her credit files directly* from Experian and Equifax, and that no Capital One search was registered (unless I've misunderstood, in which case the rest of my post is rubbish!).

The way I read what the OP said was that there were no earlier credit searches appearing on her file. If there is no sign of a capital one search, then that would indeed suggest that Cap 1 hadn't searched her file.

It would appear to me that OP failed on a Capital One internal policy rule, meaning a credit search was not carried out.

That could be the case but it would surprise me. I had assumed that a credit check would be done before the policy rules were applied - because some policy decisions will be based on the content of the credit history.

Another possibility (but probably unlikely) is that they searched the wrong person's credit history. I recently had the co-op search me at the wrong address and approve my application!! No-one lives at the address they searched!

Clariman

clearform

YorkshireBoy wrote: »

It would appear to me that OP failed on a Capital One internal policy rule, meaning a credit search was not carried out.

Sadly, it looks like Capital One then sent their standard letter out (because they are one of the few providers in my experience to search both Experian and Equifax), meaning the OP has incurred costs to find out...absolutely nothing (to do with the Capital One rejection)!



.

Yes that was my understanding too. So Capital One (and all the rest of them for that matter) tell you porkie pies and then waste your time and your money by asking you to check our credit file.

scottishlass

Clariman wrote: »

The way I read what the OP said was that there were no earlier credit searches appearing on her file. If there is no sign of a capital one search, then that would indeed suggest that Cap 1 hadn't searched her file.



That could be the case but it would surprise me. I had assumed that a credit check would be done before the policy rules were applied - because some policy decisions will be based on the content of the credit history.

Another possibility (but probably unlikely) is that they searched the wrong person's credit history. I recently had the co-op search me at the wrong address and approve my application!! No-one lives at the address they searched!

Clariman

There were no seraches at all on my credit files for the last six months which is why I was confused that they said they had.

Interesting you mention the address point as when ever I order my reports I get a chice of at least two addresses for the same property. I guess I need to look into why that is.