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

Flobberchops

OP: the bank taking copies of your ID to fulfil KYC requirements and accessing your Credit Reference Agency data to assess your overall financial worthiness are two COMPLETELY different matters.



This Experian password issue is completely new to me though. If I understand correctly, a person can request their Experian data be withheld unless the enquiring party shares a secure word? In that case, OP should have nothing to worry about in giving them the secure word, as it grants read-only access, not the ability to edit or amend any personal information... is that correct?

Gers

I have an Experian password which is only linked to gov.uk verify for checking my pension / NI details. I log on and get a pass code sent by text.

Maybe that's not the same?

jk_daniels

And if you really have no credit accounts except mobile phone contracts (plural) be prepared for the possibility that HSBC may reject you.

:mad: Is that something you know for sure?
I don't see how having a one or two mobile phone contract has got anything to do with a Bank Account Switch.

jk_daniels

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

No other Bank or Company has Asked for it.
I'm sure my credit score was checked in the past when applying for a Credit Card , Mobile Phone and opening Bank Account.

jk_daniels

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?

Sorry should have been more clear.
I opened an account in equifax to check my credit rating before applying for a 0% Credit Card.
Just to make sure i have a sound credit score.

Jmaho

I work for a large Bank and have come across this on several occasions. It used to happen a lot when I worked in the mortgage department and we were unable to proceed unless the applicant either got the password removed or confirmed what it was. Normally people have a password placed on their experian file as they have been the victim of ID fraud. Either theft of documents or cloning etc. It means no one can apply for credit in your name unless they can confirm the password. It is to protect you against fraud not the banks. HSBC aren't in the wrong here. They aren't able to open an account until this password is verified in case you aren't you and the ID documents you have are stolen
The best thing to do would be to ring Experian and explain the situation to them. They will be able to advise you further on this.
You may not have had issues previously when opening accounts etc as they were not using Experian

Ben8282

jk_daniels wrote: »

:mad: Is that something you know for sure?
I don't see how having a one or two mobile phone contract has got anything to do with a Bank Account Switch.

Only going by what you said.

jk_daniels wrote: »

I usually don't bother with my Credit Rating as i do not have any borrowings other than Mobile Phone Contracts.

I mean also that if your credit files show nothing but 2 mobile phone contracts then the lack of credit facilities and thin credit file may cause your application to be rejected by HSBC.

YOU HAVE STILL NOT SAID IF YOU HAVE HAD THIS PASSWORD PLACED ON YOUR EXPERIAN CREDIT FILES OR NOT.

The more you keep on trying to get HSBC to accept alternative forms of identification and/or use a different CRA and/or not do a credit check at all the more you will come across to them as a fraudster.
If you really have not put such a password on your Experian credit files you will have to contact Experian and discuss the situation with them..

[Deleted User]

You don’t have a “sound credit score” or credit rating.

So what you were checking was irrelevant

robatwork

!!! wrote: »

You don’t have a “sound credit score” or credit rating.

So what you were checking was irrelevant

Moneybox on Radio 4 I just listened to (the podcast from I think last week) again had "Industry Experts" who were banging on about credit score to callers and getting it higher. _pale_