While Switching Bank Account to HSBC, being asked for Experian password.

Terry_Towelling

Jmaho wrote: »

It is to do with what others have mentioned. You have additional security set up on Experian and any lenders that use Experian will need you to confirm this password in order to proceed. It's to protect against ID fraud. Not nonsense as many have suggested

Except that OP says they don't have an Experian account.

Ben8282

I would also have imagined that somebody who had gone to the trouble of completing and returning this form to Experian would remember doing it

But the thread has now served it's purpose. We are now all aware of this facility offered by Experian.

18cc

Terry_Towelling wrote: »

Except that OP says they don't have an Experian account.

We all have an Experian account!

jk_daniels

Thanks for replying.
It seems like a probable reason why they are asking for it.:doh:
But i would've thought walking into a branch with original ID would be more authentic, where a bank personnel can verify them or may be sending a Certified Copy to them.
But it is not even an Option , as per HSBC.
Although Experian holds the Credit Rating Details for most people in the country , But I'm sure there are people who are not comfortable with the monopoly of such Credit Rating agencies.
Besides I'm not borrowing any money as i've applied for Zero Overdraft.
It is just switching an existing account.

Ben8282

jk_daniels wrote: »

Thanks for replying.
It seems like a probable reason why they are asking for it.:doh:
But i would've thought walking into a branch with original ID would be more authentic, where a bank personnel can verify them or may be sending a Certified Copy to them.
But it is not even an Option , as per HSBC.
Although Experian holds the Credit Rating Details for most people in the country , But I'm sure there are people who are not comfortable with the monopoly of such Credit Rating agencies.
Besides I'm not borrowing any money as i've applied for Zero Overdraft.
It is just switching an existing account.

Yes but have you or have you not set up such a pasword arrangement with Experian?

Terry_Towelling

18cc wrote: »

We all have an Experian account!

Fair enough but not quite what I was meaning. Experian may hold data on all of us, but that doesn't mean we have registered with them to access that data. OP said originally that they didn't use Experian. If there was extra security set within an Experian 'account', surely that would have to have been set up by the named person.

Oddly, OP's latest post suggests it is a probable explanation! That now seems to imply they have registered for access to their Experian account and set this extra layer of security (despite their earlier contention to the contrary.

18cc

I think you are able to set a password on your Experian credit file without necessarily having an " account ' in the sense that you have registered to pay a monthly fee to be able to look at your credit file whenever you want etc etc

there's obviously been a password set on his Experian credit file but he may not have have an Experian account in the sense you mean

jk_daniels

Ben8282 wrote: »

Yes but have you or have you not set up such a pasword arrangement with Experian?

I can't recall having an Experian account opened in last 10-12 years so having any exclusive password set would be a distant possibility.
The last time i used was equifax around Year 2014-15 when i applied for a credit card which was settled the following year.
I usually don't bother with my Credit Rating as i do not have any borrowings other than Mobile Phone Contracts.

jk_daniels

Terry_Towelling wrote: »

Fair enough but not quite what I was meaning. Experian may hold data on all of us, but that doesn't mean we have registered with them to access that data. OP said originally that they didn't use Experian. If there was extra security set within an Experian 'account', surely that would have to have been set up by the named person.

Oddly, OP's latest post suggests it is a probable explanation! That now seems to imply they have registered for access to their Experian account and set this extra layer of security (despite their earlier contention to the contrary.

Thanks! for replying!
By probable explanation i meant was
"For the Banks to Reduce Identity Fraud they are asking for Experian Password".
Not that i have one.

Ben8282

jk_daniels wrote: »

I can't recall having an Experian account opened in last 10-12 years so having any exclusive password set would be a distant possibility. Very few people open an Experian account and you don't need an account to have the password set. The last time i used was equifax around Year 2014-15 when i applied for a credit card which was settled the following year.What exactly do you mean when you say you 'used' Equifax when you appied for a credit card? What has the credit card being settled the folowing year got to do with anything?
I usually don't bother with my Credit Rating as i do not have any borrowings other than Mobile Phone Contracts.

jk_daniels wrote: »

Thanks! for replying!
By probable explanation i meant was
"For the Banks to Reduce Identity Fraud they are asking for Experian Password".
Not that i have one. Well if you don't have one as in you have never filled in and signed the form in the link above which I assume you have read then we return to the original question of why the bank is asking for it, don't we

jk_daniels wrote: »

Thanks for replying.
It seems like a probable reason why they are asking for it.:doh:
But i would've thought walking into a branch with original ID would be more authentic, Authentic? Not if you have specifically requested Experian not to allow anybody to credit check you without the password. where a bank personnel can verify them or may be sending a Certified Copy to them.
But it is not even an Option , as per HSBC.
Although Experian holds the Credit Rating Details for most people in the country , But I'm sure there are people who are not comfortable with the monopoly of such Credit Rating agencies. So the purpose of this post is to have a winge abou Experian or CRA's in general?
Besides I'm not borrowing any money as i've applied for Zero Overdraft.
It is just switching an existing account.They still need to credit check you and verify your identity

You really do seem to be doing your best to avoid answering the specific question. And if you really have no credit accounts except mobile phone contracts (plural) be prepared for the possibility that HSBC may reject you.
You speak of having accounts with and using CRA's as if somehow you have to open accounts with them and then choose which CRA is used when you make your credit application. For your information, your credit files should have been checked a year ago when you opened the Natwest account that you now wish to switch and will also have been checked when you applied for your mobile phone contracts. You didn't use the CRA; the provider of the credit facility did.