Declined current account - odd reason!

dlk

There knowledge of your income is purely what you tell them. They do 'sometimes' contact your employer to check what you have said is correct but only sometimes. It would be extremely strange for them to give you a specific answer as to why you have been rejected, you would usually just be told you didn't meet our criteria.

I suspect you've misunderstood something that was said. It could be that they class your income as zero because of what it is eg self employed but without 3yrs accounts yet, employed but on probationary period etc.

Thrugelmir

What's the nature of your income/employment?

starM

It might be best to write to First Direct asking them to reconsider your application. Enclose 3 momths payslips and bank statements showing salary paid and good running of the account.

GingerBob_3

dlk wrote: »

There knowledge of your income is purely what you tell them. They do 'sometimes' contact your employer to check what you have said is correct but only sometimes. It would be extremely strange for them to give you a specific answer as to why you have been rejected, you would usually just be told you didn't meet our criteria.

I suspect you've misunderstood something that was said. It could be that they class your income as zero because of what it is eg self employed but without 3yrs accounts yet, employed but on probationary period etc.

And you would know if they had. Your employer would not divulge such details without your permission - probably in writing.

Ben8282

If you were a homemaker and had a partner with a sufficiently large income that you did not need to claim any form of benefit, then I suppose it would be possible to have a zero income, but otherwise I can't see that it is possible. You must have some income. You could try asking them how they imagine you live, eat, pay your utility bills etc on a zero income.
You could try telling them that your income is not zero, that you require their 'system' to be updated immediately as the information it holds is false and defamatory and offer to provide any necessary evidence.
Ask them to put in writing to you that your income is zero then threaten them with legal action for deformation.

dlk

Ben8282 wrote: »

If you were a homemaker and had a partner with a sufficiently large income that you did not need to claim any form of benefit, then I suppose it would be possible to have a zero income, but otherwise I can't see that it is possible. You must have some income. You could try asking them how they imagine you live, eat, pay your utility bills etc on a zero income.
You could try telling them that your income is not zero, that you require their 'system' to be updated immediately as the information it holds is false and defamatory and offer to provide any necessary evidence.
Ask them to put in writing to you that your income is zero then threaten them with legal action for deformation.

For assessing income for a credit assessment many forms of income are not considered. Some types of benefits are, some are not. Employed income during a probation period. Non contractual income such as fixed term contracts, zero hours etc. Self employed income that isn't backed up with three yesrs accounts. Rental income and investment income often isn't counted as well.
As for legal action, that's just ridiculous.

antrobus

Ben8282 wrote: »

...Ask them to put in writing to you that your income is zero then threaten them with legal action for deformation.

1. I think you mean defamation.:)

2. The OP could "threaten" but it wouldn't achieve anything. To be defamatory a statement has to be published, and cause "serious harm" to the reputation of the claimant. Publication means something more than 'putting it in writing'.

zzzt

I was rejected for a current account. I eventually found out it was because Experian's system couldn't handle the address format for the apartment I lived in, so various banks, utility companies and other businesses gave them my address in a different format. The end result was my credit report had absolutely nothing in it. It looked like I had never paid anything or used any service ever during my time alive. Or, perhaps it looked like I was lying.

Experian took quite a bit of my money as I spent a number of months having many emails and phone calls with them, before finally getting it all fixed (their solution was to add about 20 different variants of my address to my address history for a day each, so that the records attached to those addresses matched to me). The guy one the phone said he still didn't get them all, but it should be accurate enough for me not to be rejected.

I still missed out on that current account because it took so long to fix my credit report that it was outside the period to appeal.

How can this private company have such a huge effect on people's lives due to their own errors, and you have to pay to find out, and to get it fixed? The other credit reference agencies had no problem with my address or my credit history.

Experian's security procedures are also atrocious, and it wouldn't surprise me to discover in the future that they have leaks of important data or account details.

If I read that a company uses Experian I just avoid them. Not because I'll be rejected, but because I reject anyone who uses those quacks. I have a good credit rating and I can be the one who chooses who gets my money.

muhandis

Banks do spy on your income and share that data.

http://www.telegraph.co.uk/personal-banking/current-accounts/how-your-bank-spies-on-your-exact-monthly-income---and-shares-it/

GingerBob_3

muhandis wrote: »

Banks do spy on your income and share that data.

http://www.telegraph.co.uk/personal-banking/current-accounts/how-your-bank-spies-on-your-exact-monthly-income---and-shares-it/

Thanks for reminding me of the article. It makes my blood boil each time I read it.


Did you give consent for your income data to be shared as described here? Not really.


Do what you can to confound these bottom-feeding parasites (the CRAs) by moving your money backwards and forwards through a series of current accounts.