repeated hard credit checks for mortgage- seem right?

buytoletspv

Morning all,


Hoping you can provide some guidance:


I currently own 3 buy to lets and just completed purchase on the 3rd one this week. On my first two purchases my mortgage provider performed one hard credit check (per purchase)


however I have just checked my credit report to find they have performed 4 hard credit checks in the space of two weeks (for this one purchase)... does this in any way seem correct?


Needless to say its had a massive detrimental impact on my credit score




if it is wrong, as I suspect given my credit report score is very unlikely to change once never mind three times in the space of 13 days.. what steps should I now take to have it resolved? what rights do I have?


I have contacted the mortgage provider (high st bank) to ask why there have been so many checks and is it an error/can they justify it

StopIt

Forget your credit score, completely irrelevant.


What do the checks actually say? Remember you see all the checks but not all are "hard" checks. Some are identity, administrative checks which will flag to you, but nobody else.


As long as you're accepted, that's the main thing. The checks themselves lose their impact after 6-12 months and only flag as an issue if you make repeated checks in a short period. They have no lasting effect on your credit history, no matter what the RNG score says.

buytoletspv

thanks for the reply- im using creditexpert and they show as 4 hard checks (not soft checks) and its 4 hard checks in 13 days (all same lender) .. vs previous mortgages only being 1 hard check per mortgage (with the same lender)


My issue is I was looking to switch my amex credit card to another and looking to buy another property shortly so I don't have the time to wait 6-12 months for what I see as potentially an error on their side


I understand they have various checks when applying for a mortgage but surely that should all be taken from one hard check.. not 4 in space of 13 days.. ie they have the data from the first check so why the repeated checks which would show the same information?


if I am correct and its an error on their side.. do I have any consumer rights to have the checks removed?

[Deleted User]

What have the mortgage providers said?

StopIt

buytoletspv wrote: »

thanks for the reply- im using creditexpert and they show as 4 hard checks (not soft checks) and its 4 hard checks in 13 days (all same lender) .. vs previous mortgages only being 1 hard check per mortgage (with the same lender)


My issue is I was looking to switch my amex credit card to another and looking to buy another property shortly so I don't have the time to wait 6-12 months for what I see as potentially an error on their side


I understand they have various checks when applying for a mortgage but surely that should all be taken from one hard check.. not 4 in space of 13 days.. ie they have the data from the first check so why the repeated checks which would show the same information?


if I am correct and its an error on their side.. do I have any consumer rights to have the checks removed?

If they accept it is in error, they'll remove the checks.


If you're not happy with any replies to complaint you can take the case to the ICO.


Was the mortgage placed via a broker? Did they have to put the application through multiple times because of issues, hence the multiple checks? If so, query this with the broker.

buytoletspv

thanks for the help guys


so spoke to the bank and its their error and they are now resolving- reality is its not going to show as fixed on my credit report for 4-6 weeks


prior to being aware of the banks error with the 4 hard credit checks in a couple of weeks I had applied to AMEX to change my cards from gold to ba.. AMEX rejected me for this.. it was upon this rejection that I noticed the error from the bank and that my credit score (yes I understand the number is somewhat meaningless but..) had dropped from excellent (970 odd) down to poor (660 odd) with the only change being the 4 hard credit checks in the space of two weeks made in error by the bank


I'm now at the stage of redress with the bank- what should I be looking for.. I feel I have a clear example of a detrimental impact on my credit rating as well as being declined by a lender that I already use and have had no issues with in the past in upping credit limits etc- the only reason for my refusal of credit that I can reasonably think of is due to the impact of the 4 hard credit checks. Needless to say I will also now have a hard search from AMEX which resulted in a decline and I presume if I appeal to them it will involve an updated hard search.. ie 2 searches when it should only have been 1 due to the banks error


how should I approach redress and what sort of compensation should I be looking for?


I would have been looking to purchase another buy to let within the next couple of months but that seems unlikely to happen and will need to be pushed further down the road until this is all cleared up on all of my files

cjmillsnun

I doubt you’ll get compensation so don’t even go down that route.

You have a large amount of debt (your mortgages). That in itself along with the current unsecured credit you have available is also a possible reason for rejection.

[Deleted User]

You may get a free bank pen, if you're lucky.

Ask for one of those with a chain on, to stop people stealing it.

shortcrust

Compensation for what? What are your loses?

boo_star

The OP is everything that’s wrong with the current market.

3 houses that could be bought by first time buyers, or anyone else, taken off the market so they can fill their own pockets.

buytoletspv

offered several hundred in compensation


thanks to those who provided replies with actual value- appreciated


boo_star.. % of landlords as a % of stock? and you think that's whats wrong with the current market.. Face. palm.


educate yourself