Does a credit report show what I actually spent the credited money on?
I've been doing matched betting for a while, which requires gambling transactions to be made, I made these gambling transactions using my overdraft.
An experian article says "While your credit report features plenty of financial information, it only includes financial information that's related to debt."
When a mortgage lender looks at my credit file, will they be able to see that the transactions that were made using credit / overdraft were related to gambling?
To save time and keep the responses focussed; I'm already aware that the transactions will show up on bank statements, and that 3-6 months of statements will be asked for unless they have reason to look further
Any help is really appreciated! Thanks
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weve certainly discussed it before wrt taking out cash abroad for foreign currency.
No, banks won't be able to see what the overdraft was spent on.
They may still ask me what the overdraft was spent on.
The fact that an overdraft is being used a lot may be a separate issue.
In regards to using overdraft for gambling, its not actually gambling, its matched betting, but it requires transactions to bookmakers websites. The banks see it as gambling for that reason and because the profits are tax free winnings so it's hard to categorise as anything else. I'm not allowed to post links but if anyone's interested google Matched betting for a description on how it is not gambling Many thanks for the help everyone!
If you want to get a mortgage you will likely need to be out of your mortgage for 6+ months and probably need minimal gambling transactions. Speak to a broker to find out what you need to do based on the current market, but I suspect that a mortgage is not currently on the cards.
The few scenarios in which it can be material to your mortgage chances are - 95% LTV at max borrowing, large amount of unsecured background debt, adverse credit history, etc.
With respect to matched betting transactions on the bank statement - definitely an issue due to the volume and frequency of transactions to Smarkets/Betfair exchanges and various bookmakers. If they see the statement, the lender will see it as problem gambling as will brokers. When I used to do matched betting a few years ago, I opened a separate bank account, funded it generously and then used only that one for all betting transactions.
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