Basic Current Account on Credit Files!

Spender£

I have kept a basic current account which has no overdraft to stop getting overdrawn however, despite having no fees or overdraft the account still appears on my credit files!
I had heard that only those with credit facilities would appear!

Can any confirm it might be because it has a debit card and that acts as the credit element?

stclair

Spender£ said:

I have kept a basic current account which has no overdraft to stop getting overdrawn however, despite having no fees or overdraft the account still appears on my credit files!
I had heard that only those with credit facilities would appear!

Can any confirm it might be because it has a debit card and that acts as the credit element?

A majority if not all basic account report to credit reference agencies now.

Dimanche_Prochain

Spender£ said:

I have kept a basic current account which has no overdraft to stop getting overdrawn however, despite having no fees or overdraft the account still appears on my credit files!
I had heard that only those with credit facilities would appear!

Can any confirm it might be because it has a debit card and that acts as the credit element?

Well, that's not true, otherwise any "full fat" current account without an overdraft facility would not be reported either.

Basic accounts can go overdrawn, under the right circumstances so they do technical offer credit facilities.

MalMonroe

"Can any confirm it might be because it has a debit card and that acts as the credit element?"

I doubt it.

For example, I've just checked my Clearscore report and my bank account is on there. It's not a basic current account and it just says 'overdraft  0'. I do have an overdraft facility but never use it. I am quite financially savvy now but have been in dire financial straits in the past, so I know what that's like. 

I don't care that my bank account is showing because there's nothing wrong with it. Now. (Not like the bad old days of my struggles.)

Also, although I know it means absolutely nothing to anyone anywhere - my Clearscore score is currently 1000 and I am apparently 'soaring high'.

Good to know. 

sourcrates

Most bank accounts, basic or otherwise, appear on your credit files.

The only difference is that normal current accounts will show a snapshot of your balance at a particular time, whilst the basic account balance will always be recorded as zero.

Dimanche_Prochain

sourcrates said:

Most bank accounts, basic or otherwise, appear on your credit files.

The only difference is that normal current accounts will show a snapshot of your balance at a particular time, whilst the basic account balance will always be recorded as zero.

That's incorrect.

Only debit balances are shown for current accounts on a credit file, and that would apply just as much to a basic current account that was in an unauthorised overdraft as a full-fat one in an authorised overdraft.

sourcrates

Dimanche_Prochain said:

sourcrates said:

Most bank accounts, basic or otherwise, appear on your credit files.

The only difference is that normal current accounts will show a snapshot of your balance at a particular time, whilst the basic account balance will always be recorded as zero.

That's incorrect.

Only debit balances are shown for current accounts on a credit file, and that would apply just as much to a basic current account that was in an unauthorised overdraft as a full-fat one in an authorised overdraft.

Well I`m not going to argue, if you want to list every scenario then that`s up to you, generally my current account with Lloyds has a snapshot balance figure shown every month.

My basic account with Nationwide shows as 0 every month, no matter what the accounts status at that point.

Dimanche_Prochain

sourcrates said:

Dimanche_Prochain said:

sourcrates said:

Most bank accounts, basic or otherwise, appear on your credit files.

The only difference is that normal current accounts will show a snapshot of your balance at a particular time, whilst the basic account balance will always be recorded as zero.

That's incorrect.

Only debit balances are shown for current accounts on a credit file, and that would apply just as much to a basic current account that was in an unauthorised overdraft as a full-fat one in an authorised overdraft.

Well I`m not going to argue, if you want to list every scenario then that`s up to you, generally my current account with Lloyds has a snapshot balance figure shown every month.

My basic account with Nationwide shows as 0 every month, no matter what the accounts status at that point.

Maybe yours is different........

All of my current accounts (9 of them, all different providers including Lloyds) show a nil balance, and none of them are basic accounts.  And no, they do have money in them.

https://www.equifax.co.uk/newsroom/2015/Whats_On_Your_Credit_Report.html

• Current Account Information – only credit aspects of your current account will be shown on a credit report such as the overdraft limit and balance as well as the manner in which this is maintained. A positive balance will not be displayed for these accounts.

https://www.checkmyfile.com/articles/what-doesnt-appear-on-your-credit-report.htm

Savings accounts or (in-credit) bank balances

The purpose of a Credit Report is to establish creditworthiness, so bank accounts (without overdrafts) do not appear on Credit Reports, as there would be no credit facility attached to the account. Even where accounts with overdraft facilities are reported, it’ll only show the owed balance of the overdraft, not any positive cash balance you might have stored in the account.

It is not uncommon for people with a substantial amount of wealth to be surprised at their low Credit Score, because of the misconception that cash is a factor in the calculation of Credit Scores.

The above is a little misleading as all current accounts have overdraft facilities, as they can all go overdrawn.

If Lloyd's is reporting a figure, you're in your overdraft.  If you're not overdrawn in the months they're reporting a balance, you might want to have a word with them.

wiseonesomeofthetime

My current accounts have NEVER shown a balance with any of the three CRAs, despite all having at least a tenner in them.

Dimanche_Prochain

wiseonesomeofthetime said:

My current accounts have NEVER shown a balance with any of the three CRAs, despite all having at least a tenner in them.

They shouldn't do unless you're into an overdraft.

sourcrates is completely wrong on this one, but I'm not convinced they'll accept it. They typically don't.

sourcrates

Dimanche_Prochain said:

wiseonesomeofthetime said:

My current accounts have NEVER shown a balance with any of the three CRAs, despite all having at least a tenner in them.

They shouldn't do unless you're into an overdraft.

sourcrates is completely wrong on this one, but I'm not convinced they'll accept it. They typically don't.

"They" ? 

La phrase exclamative!

Si je me trompe, alors j’avoue que je ne suis pas parfait.

au revoir.....