MSE Credit Club - Overview of your Current accounts 21 April 2022 at 5:01PM in Credit file & ratings 6 replies 141 views

FrankRizzo

Hello,

Should the balance show against your list of Current Accounts? Mine has always listed them as £0 which is not correct.

Any help appreciated!

Thanks

MalMonroe

Hi, and no.

Mine never does either (always £0) and it shouldn't. It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up. The most important part is where it shows whether or not you've missed any payments. I've just checked on Clearscore (my score there has been 1000 for the past three months but I'm most disappointed as nobody but me will ever see it!) and under my current account it reflects that I've not missed any. Happy days! 

Don't worry, they haven't got it wrong and sounds like you haven't done anything wrong either. 

MovingForwards

Only if you have, and use, an overdraft will the balance of that show. Your regular income in / bills out balance won't show.

FrankRizzo

Thanks!!!!

cymruchris

Credit reports in relation to figures show only debt - things you owe - and so when you're in a positive balance on your current account it'll always show £0. You'll notice if you have one, that savings accounts are not recorded, and that again balances aren't reported. Nobody tracks how much money you have got - only how much you owe (even if you have a hundred times the amount in a current account to pay it all back).

Ebe_Scrooge

MalMonroe said:

Hi, and no.

It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up.

Just for the sake of clarity, that's not the reason.  As pointed out by a previous poster, the CRAs (and lenders) are only interested in your debt, not savings or positive balances in current accounts.  If you are using an overdraft on a current account, you'd see that reported (as a negative figure).  But if you've got a million quid sitting in your account, it would still show as zero.

One reason is that savings are not taken into account when making lending decisions.  Quite apart from anything else, there would be nothing to stop you making a loan application, showing them that you've got £5000 saved in a bank account, then going out the very next day and blowing the whole lot on fine wine and a punt on "Lame Larry" in the 3:30 at Ascot.

[Deleted User]

Ebe_Scrooge said:

MalMonroe said:

Hi, and no.

It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up.

Just for the sake of clarity, that's not the reason.  As pointed out by a previous poster, the CRAs (and lenders) are only interested in your debt, not savings or positive balances in current accounts.  If you are using an overdraft on a current account, you'd see that reported (as a negative figure).  But if you've got a million quid sitting in your account, it would still show as zero.

One reason is that savings are not taken into account when making lending decisions.  Quite apart from anything else, there would be nothing to stop you making a loan application, showing them that you've got £5000 saved in a bank account, then going out the very next day and blowing the whole lot on fine wine and a punt on "Lame Larry" in the 3:30 at Ascot.

What happened to Lame Larry running at Kempton at 3:30? No wonder he's lame