Invisible Accounts

RG2015

By way of background, I have a current account and a credit card account with the same bank that are both over 40 years old. By virtue of their age neither appear on any of my credit reports with Experian, Equifax or CallCredit. Curiously, I have used my bank account to pay them but still they do not include it on my report.

My question below is hypothetical as I do not have any plans for new product applications but it does intrigue me. Also, for information, I have never defaulted in any way on either of these two accounts.

If I apply for a financial product with a new bank will they have any knowledge of these two "invisible" accounts?

I have an overdraft facility on the bank account and a large credit limit on the credit card so this must affect my credit history but as far as I can see they are irrelevant.

Does this not just prove that credit reporting agencies can often be reporting on completely inaccurate data?.

YorkshireBoy

RG2015 wrote: »

If I apply for a financial product with a new bank will they have any knowledge of these two "invisible" accounts?

No. Lenders only see the accounts you can see on your CRA report. However, they 'may' be able to see other accounts you have within their banking group depending on their data sharing policy (details in the relevant privacy statements).

But, beware that these old accounts can, all of a sudden, appear on your credit file. I had a very old £10K YB credit card appear a couple of years ago, which forced me into closing it!

Does this not just prove that credit reporting agencies can often be reporting on completely inaccurate data?.

No. The number of people in this country with accounts older than 19 years (ie pre-1998) will be fairly small. And those that are this old and have not used an unauthorised overdraft facility will make the number smaller still.

So it does not prove they are "often" providing inaccurate data. It proves that they 'may' be providing inaccurate data on 'some' files.

Ben8282

Everything you say is correct. Nobody except the bank in question will have any knowledge of these accounts. That can be good or bad depending on your point of view. If you have large balances they will be hidden so it will be good but if these are you only accounts then of course it will be bad.
I also have 3 very old credit card and bank accounts (about 22, 27 and 33 years) and yet these are reported normally on my credit files doing wonders for my average account age so it is not always true that if an account is very old it is not reported. If you want these accounts reported speak to the bank concerned.