TransUnion

superM

Banks has started using Trans Union for affordability/income check. I had no problems applying for credit previously and passed the personal detail check. However since banks started using Trans Union I have been asked to provide payslip as they cannot verify income.

This happened recent since they start these checks via Trans Union. 

I know they provide credit report. Is there anything else  l can do  check to see what else they hold for me? 

Anyone else had problems through Trans Union.  Thanks 

born_again

Who asked for payslips?
Which card? As banks will use who they want. Not just one supplier of data.
As CRA's won't know you income anyway.

superM

https://www.transunion.co.uk/product/affordability-report

The above is information regarding affordability checks conducted through Trans Union.  Here it says they carry out income checks. 

How can I obtain this data? 

I never had problems when the companies used National Hunter but since they start using Trans Union I am failing on confirming income. 

eskbanker

As with any other organisation processing personal data, you can submit a subject access request under the Data Protection Act to ascertain exactly what they hold about you....

https://www.transunion.co.uk/legal/privacy-centre, under 'Your Data Rights'

Who is the 'they' who are using TransUnion to validate income, I don't recall reading of this on here before?

Daliah

superM said: However since banks started using Trans Union I have been asked to provide payslip as they cannot verify income.

I am not surprised that Transunion (or other credit reference agency) cannot tell any bank what your income is since they do not know what it is.

They might hazard a wild guess, based on payments that are made into your account and that look like salary or benefit payments, but this would be just that: a wild guess.

No responsible lender would rely on the guesswork of a credit reference agency. The lenders will make their own assessment, according to their own criteria. 

superM

That's what it says.  They did not ask any documents etc otherwise I would have provided.  They are just going by guess work of Trans Union.  I passed the first 2 parts credit history and lending polices. Failed on income. 

Daliah

As I said, not surprising that they are unable to verify  your income against data received from a credit reference agency, as none of them know what your income is.

They can, however, look at the National Hunter database, which holds data about your application history. If there is a wide variation in the income you declared on various applications in a short space of time, lenders might decline your application.

Out of interest, who are the lender?

yksi

It's possible (but not guaranteed) that your claimed income doesn't seem to match up with what they see in your credit history. For instance, if you have credit card debts that you can't seem to clear every month, even though "average" people on your income pay down debts much faster. That would raise warning flags for them and they'll be hesitant to lend. Or it could be as simple as this: You applied for a credit card with a subprime lender, you have a great income, and you were declined. Or you applied multiple times. This tells them you're desperate for money even though you just told them your income is (whatever).

Lenders use assumed values for the cost of living. They assume that for every X thousand you earn, your bills will be Y and you'll have Z left over for free spending money. I hate this - because I'm a serious frugalista not like everyone else! - but this is life for the moment. What I am starting to see is CRAs introducing facilities to link your current accounts, to "improve your score". There might, potentially, be better credit offers for people whose bank statements show that they budget "better than average" for their income. But I don't think that information is even accessible to lenders right now anyway!

Daliah

Good point about the "improve your score" nonsense. What it really means is that you give the CRA permission to roam through your current account and to build a detailed picture about your income and your spending. They will then use this to try and flog you products for which they get a referral commission. They may dangle the "better credit score" carrot to entice those who aren't aware that their credit score is a relatively meaningless number which no lender will use when assessing your credit worthiness.

It goes without saying that no CRA will ever get permission to access my current accounts. They have no need to know any more than the banks are already reporting to them.