Improved income

Messinapete

Hi All,
My income has improved, How/Whom do I notify ( IF anyone)
I'm sure when I signed up to this site I had to put my income, Where can I change that?
Any suggestions ?
Thanks

[Deleted User]

I wouldn't notify anyone.

Gaz83

Don't tell your other half if you can help it.

ashp_2

Messinapete wrote: »

Hi All,
My income has improved, How/Whom do I notify ( IF anyone)
I'm sure when I signed up to this site I had to put my income, Where can I change that?
Any suggestions ?
Thanks

I think for example if you sign up for MSE credit club it asks for your income. I assume this is for the credit eligibility calculators. It has no impact on your crddit report or anything else.

Ebe_Scrooge

If you're an employee, the tax and NI will be taken care of by your employer. If self employed, just be honest in your tax return.

The only people you may need to inform are any benefits people - child tax credit, that sort of thing. No idea if you claim any benefits, but most are means tested - if your income has increased, you may be eligible for a lower rate than before. Much better to be honest as soon as your circumstances change, rather than face a hefty fine - or worse - a few years down the line.

molerat

Messinapete wrote: »

Hi All,
My income has improved, How/Whom do I notify ( IF anyone)
I'm sure when I signed up to this site I had to put my income, Where can I change that?
Any suggestions ?
Thanks

If you mean in the MSE Credit Club then log in and click on your name in the top right corner, click settings and you have the option to edit your info.

Messinapete

Thank you for your reply.
Regards

Anthorn

The increase in income would be notified on new credit applications including applications for a credit limit increase with an existing account. You could volunteer the information to existing lenders but doubtful they will be interested unless it's a reduction in income which affects your ability to pay. But my golden rule is never volunteer information not asked for.

steevio_uk

Some places use a CallCredit service which gives a % range of someone's income. So, if they say they earn £25k, but they actually earn £18k - and it can access the account for verification - it'll flag that it's not within a certain % of what they have specified and generate a feeback flag accordingly.

It's taken by first questioning your account for income into the account over the last 6 months and 12 months, also monitors increase/decrease in these terms, such as whether you're now earning 30% less than you did 6 months ago for example. The account verification doesn't work if you hold an account which does not allow this, such as many old, old accounts.
The figure remains anonymous to CallCredit I'd assume, but their calculations instead issue a feedback sample (such as a red, amber, green notification) which can be shown to a lender, as well as a confidence rating, who then deems whether it's suitably within a % range that they're allowed to accept.

That happens if there's high confidence in the query; that you've supplied accurate information and there's no bank details, address discrepancies etc. If there's issues with your verification and/or cannot drill correctly into the bank details, then it will look to sample a range of information you have supplied in previous applications elsewhere and look to that.

In short, it may take a few months to correctly propagate through your accurate earnings, but wherever you can, update your salary to accurate reflect what you now earn and tell the truth on all your applications.

GingerBob_3

steevio_uk wrote: »

Some places use a CallCredit service which gives a % range of someone's income. So, if they say they earn £25k, but they actually earn £18k - and it can access the account for verification - it'll flag that it's not within a certain % of what they have specified and generate a feeback flag accordingly.

It's taken by first questioning your account for income into the account over the last 6 months and 12 months, also monitors increase/decrease in these terms, such as whether you're now earning 30% less than you did 6 months ago for example. The account verification doesn't work if you hold an account which does not allow this, such as many old, old accounts.
The figure remains anonymous to CallCredit I'd assume, but their calculations instead issue a feedback sample (such as a red, amber, green notification) which can be shown to a lender, as well as a confidence rating, who then deems whether it's suitably within a % range that they're allowed to accept.

That happens if there's high confidence in the query; that you've supplied accurate information and there's no bank details, address discrepancies etc. If there's issues with your verification and/or cannot drill correctly into the bank details, then it will look to sample a range of information you have supplied in previous applications elsewhere and look to that.

In short, it may take a few months to correctly propagate through your accurate earnings, but wherever you can, update your salary to accurate reflect what you now earn and tell the truth on all your applications.

Presumably this sneaky little application is CATO, or similar? I don't recall ever having consented to my current account data being used in this way, but hey, we're talking financial services here, so they are a law unto themselves.


I wonder how it works with me, then? Right now a massive 50% (approx.) of my salary goes nowhere near my current accounts, of which I now have several, and which are all linked, with money trickling through them over a period of several days - and a couple are even in my wife's name.

steevio_uk

Yeah, TAC

I don't know the full ins and outs of that in regards to part salaries being paid into accounts but with the company I work for, if in any doubt, we ask for further proof of income.