Human Lenders?

suki1964

Oh we used to do that back in the day, its what the Bank Manager was there for

Used to have to ring for an appointment, dress in your Sunday best, have all your paper work to hand, and ask nicely

f114306

My situation is like many of us. Briefly, went through a period of unstable employment about5/6 years ago, fell into debt, did some payday loan stuff, got a stable job deals with my debts and got back to paying my ongoing liabilities when due and cleared out some other stuff.

Ok so my file isnt the best but it's by no means the worst but payday lenders on my file even tbough cleared make me a higher risk and probably an immediate NO to that finely tweaked algorithm.

As someone said earlier lenders deal in facts. A fact doesn't provide context that explains the fact and in terms of lenders and my own file stuff has dropped off that i still pay regularly that would preclude me from even making an application.

Since I got straight I've got green ticks all over my file but my delinquent settled nat west account makes me toxic to an algorithm but it drops off next february so i can wait.

I do admit to being in an arrangement with a paday lender still on my file. Another toxic marker. But just because i used them at the time way back doesn't make me a bad risk now.

Yes i believe there is a place for face to face discussion when asking for lending accompanied by supporting data documentation etc etc and I would like to see someone fill that gap.

Thx for reading this far

CG

Willing2Learn

f114306 wrote: »

I do admit to being in an arrangement with a paday lender still on my file. Another toxic marker.

I just thought I should mention that you would be better off having the PDL mark the account as defaulted, backdated to when you were 3-6 months in arrears. That way, the 'toxic' account is removed from your credit file earlier (six years from the date of default), instead of six years from when the account is settled or satisfied.
I would ask them to do so, quoting the applicable ICO guidance.

Shakin_Steve

Humans make errors, and then lose their jobs.

SnowTiger

f114306 wrote: »

I do admit to being in an arrangement with a paday lender still on my file. Another toxic marker. But just because i used them at the time way back doesn't make me a bad risk now.

Yes i believe there is a place for face to face discussion when asking for lending accompanied by supporting data documentation etc etc and I would like to see someone fill that gap.

You've gone through a difficult patch and you're through the other side now.

Doesn't your credit file show that? Missed payments, followed by rows and rows of green ticks.

What additional information would you be able to give a financial discussion maker?

They would already know how much you earn, what sort of area you live in, probably the make up of your household and your credit history.

You can already provide lenders with additional information when you apply for credit.

Credit unions tend to be more touchy-feely and offer the service you seek. They also seem to go bust quite a lot.

One bit the dust last month: "My Community Bank Wales folds owing 3,000 members"

And another one earlier this year: "Credit union with 2600 members goes into administration".

And another one: "Essex Savers net Credit Union Limited goes out of business: FSCS to protect 5,000 members".

And another one: "South Tyneside Credit Union collapses, leaving it unable to re-pay 3,700 members".

And another one: "Polish Credit Union (UK) Limited has failed".

Two of my local credit unions are pushing up daisies now.

BrassicWoman

I used to assess personal lending


A CCJ/ defaults were almost always a no unless your parents were big customers


So probably no different to the computer, to be fair.

Samsung_Note2

reason2 wrote: »

Under GDPR (formerly data protection) you do have the right for any automated decision to be reviewed by a human being with the possibility that said human can overturn the decision.

Even though it is your right, most companies will simply ignore this with a computer said no response

1st Direct did when i applied for a raise in credit limit...Computer said no and after asking a manager to have a look ,she said "Computer is stupid,if computer refuses you then it shouldnt have accepted you for an account previously" and there and then got the increase.

So always asking.:beer:

f114306

Willing2Learn - Can you point me in the direction of the relevant section in the ICO guidelines please.


Debtnomoreplease/DCFC79 - Credit Unions check your credit reference file and then ask you to explain certain entries (by email) and if they're happy with that then ok. In terms of my own Credit Union a portion of my loan repayment to them is put into a savings account that you can't touch till the loan completes. Certainly in terms of my own CU I didn't have to save with them first. My Credit Union doesn't use Experian, whether they use the others I have no idea.


Suki964 - Exactly that's how I got my present mortgage shortly after being discharged. Granted they may have been handing them out like confetti in those days, but the Bank Manager took the time to engage he saw my income and expenditure, proof of earnings etc etc and we discussed my Bankruptcy in detail, how, why and we still got it.


Samsung_Note2 - My point exactly, you spoke to someone, maybe not face to face (which I'm better at) but you got the result.


I have Notices of Correction in a couple of places on my file in an attempt to explain the circumstances surrounding the entry but they appear to be worthless, Computer still said NO! so why the facility to make them?


<tongue_in_cheek>If there are any Lender insiders lurking that know how their institutions credit scoring works then you know where I am</tongue_in_cheek>


CG

System

suki1964 wrote: »

Oh we used to do that back in the day, its what the Bank Manager was there for

Used to have to ring for an appointment, dress in your Sunday best, have all your paper work to hand, and ask nicely

And funnily enough the levels of personal debt were lower because more often than not the bank manager would decide that it was a frivolous reason you were wanting to borrow money so would say no and tell you to save.

BoGoF

Interested to know what you have been putting in your notices of correction. Chances are it might be doing more harm than good but it maybe getting your wish of human review as I have read on here that a notice of correction will likely lead to manual review.

Would it make you feel better being refused credit by a human?