Equifax has no financial records for me

beau6601

Hi, I recently applied for a credit card with Ocean Finance after I was told I was 100% guaranteed to be approved by their initial checks. I completed the application and was a card would be sent within 10 working days, after not hearing anything I chased up and was told I was rejected, of course they couldn’t tell me why this happened. I started looking in to my credit reports, on Experian I am rated towards the higher end of poor due to some defaults and a CCJ over 3 years ago but this is increasing as I have had a mortgage and utilities since April 2018 and have made every payment on time. When I looked in to Equifax. I am rated very poor and they have no records of any of my financial accounts, even my current account that I have held for 7 years, I called to query which was next to useless and have now logged an issue. I know not all finances are reported but to not have a record at all seems rather strange. I thought it was the credit reference agencies responsibility to have this information. I know have an application rejected against me which has frustrated me even more. Has anybody else experienced this? Was it easy to resolve? I’m guessing I need to monitor all the agencies now and make sure everything is always up to date.

boo_star

CRAs aren't "responsible" for holding anything and everything about you. They can only report the information they're given and in this case it appears that whoever you have accounts with isn't reporting your accounts to Equifax.

Although in my experience this is a little unusual (all of my accounts are reported to all three) it's not unheard of.

I suspect that the reason for the decline isn't that one of the CRAs holds no financial information on you. Ocean Finance, after all, are very much a subprime lender and no history is unlikely to be a big issue.

beau6601

Well I am presuming that the rejection is because the only records that exist with Equifax are two accounts that I defaulted on, cleared over 3 years ago and a CCJ for £200, also cleared over 3 years ago, since then I’m a ghost. Although I meet the prequisites for Ocean Finance the only thing I can put the rejection down to is the fact there are no records since then. Not being able to get a reason for the rejection is quite difficult so I’m doing everything I can to try to figure it out. I got a mortgage with no problems at all and since then my credit rating has improved, on the checks I am always 100% guaranteed for a credit card and meet all qualifying criteria, however have been rejected twice for a credit card, other application was over 6 months ago with a different lender. I actually have no purpose for the credit card other to improve my credit, have savings in the bank and earn a very good living.

beau6601

There are also no reports of any fraudulent activity on my account so if you can advise what could be the issue when you meet all the criteria that would be helpful.

Gaz83

beau6601 wrote: »

When I looked in to Equifax. I am rated very poor and they have no records of any of my financial accounts, even my current account that I have held for 7 years, I called to query which was next to useless and have now logged an issue. I know not all finances are reported but to not have a record at all seems rather strange.

beau6601 wrote: »

Well I am presuming that the rejection is because the only records that exist with Equifax are two accounts that I defaulted on, cleared over 3 years ago and a CCJ for £200, also cleared over 3 years ago, since then I’m a ghost.

:question:

Wait, what?

AGA

Did you move house and not change your address with the company's you have agreements with?
This happened to me, like I lived in a house, had virgin media and other things. When I moved house, I "transferred" my services to new house, but they didn't do it correctly, and started me on a brand new contract.
I never thought anything of it till I looked at my report and seen I had a default from the previous address.
My old virgin account, that they messed up when I moved. I logged into 1 of the credit reports and got the contact number direct from that so it means your getting straight to the correct department, and they removed it.

badmemory

Definition of a CRA. A company set up to con ordinary people into coughing up some of their hard earned cash to get a service they don't need. The really worrying part of it is that they actually get the likes of banks to cough up too. Anyone believe a bank is reducing its profit margin/shareholders pay out to pay for this?