Lenders mis-use of credit scoring process

potatoefeet66

Existing mortgage customer.

initial assessments to make simultaneous reduction upon porting.
 
formal application submitted and declined. 

notified in a bank correspondence decline due to failing credit scoring. 

That sounds all fair and above board until you find via data and privacy that lenders application recorded a good score and normal application was normal case with credit search ref from Experian. 

As existing customer lenders internal policy rules and criteria were and had to be satisfied to proceed in issuing a KFI and search. If they were not met MCOB rules apply inform customer to seek financial advice 

This application was opened on bank system and closed just 4 hours later. A pretext. To close and exclude a Customer on a beneficial rate. 

This action prevented any prospect in securing new lending at massively reduced level with current lender and subsequently any other. 

I have asked for an explanation why bank correspondence is very much at odds with the information recorded that credit scoring was good proceed normal case. 

The credit scoring process was abused mis-used to exclude any further submissions to underwriting. 

Look I’m no expert but I’m fighting for a small bit of justice the data and bank letter raise serious questions according to FCA, questions I have a right for explanation 

thanks in advance 

[Deleted User]

You've been a member, here, for 10 years, you've posted various threads about rates and 'credit scores' despite having the relevant facts explained - i'm not sure members will be offering any different advice to what's gone before.

potatoefeet66

[Deleted User] said:

You've been a member, here, for 10 years, you've posted various threads about rates and 'credit scores' despite having the relevant facts explained - i'm not sure members will be offering any different advice to what's gone before.

It’s taken 10 years to obtain the documented evidence of mis-use of the credit process which plays a key part in all application. 

But thanks for your time I reading post this may be of help to some others or it might be unique to my case. 

ACG

This action prevented any prospect in securing new lending at massively reduced level with current lender and subsequently any other. 

Getting declined by a lender does not prevent you getting a mortgage with other lenders.

Thrugelmir

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Chris_English

It’s quite hard to follow your post given your English. Are you complaining because you disagree with a lender’s decision not to lend you money, based on your own personal appraisal of your credit file?

potatoefeet66

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

potatoefeet66

potatoefeet66 said:

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

Otherwise lenders would end up processing application after application processing fees upon application for no reason. 

potatoefeet66

ACG said:

This action prevented any prospect in securing new lending at massively reduced level with current lender and subsequently any other. 

Getting declined by a lender does not prevent you getting a mortgage with other lenders.

Agreed however in this instance it will prevent securing new lending at same or better rates.
The issue is not whether they would lend but rather how much i could borrow. 

In this instance as the application was open and closed in this way, no further reductions were submitted to underwriting for consideration. 

The process was mis-used to block customer. 

Chris_English

potatoefeet66 said:

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

What rules are you saying have not been applied?

It’s really hard to understand the essence of your complaint; could you please read your posts back over and see if you can edit them to help people understand your issue?

ACG

If Bank A says they will not lend to you, they will not lend you the amount you want or they will not offer you the product you applied for. 

That in itself does not prevent you getting a mortgage with Bank B/C/D etc.