Basic Current Account on Credit Files!

Standingstrong

Basic accounts they have always been on reports.. 

Fighter1986

Every bank account I've held in the last 15+ years, including basic accounts, appears on my credit file.

The only accounts I've had that didn't ever appear on my credit file were opened over 15 years ago, likely before it was commonplace for banks and building societies to report bank account conduct to CRAs. This included full fat bank accounts with Overdrafts & Cheque Guarantee cards (remember them?) from Barclays, Abbey National, and HSBC. 

But that was back in the dark ages. Remember, credit files aren't just for reporting lines of credit but also for keeping track of on time payments for utilities and telecoms accounts.

A bank account whether basic or not is a financial product, which can be used as per the terms, or in breach of the terms, and the bank is rightly within their rights to report positive and negative account conduct to the credit reference agencies. 

Dobbibill

As a current account (basic or standard) can go into an unplanned overdraft they are almost all reported to CRAs. 

I have a basic a/c which despite being opened in the 80s only started reporting to the CRAs in mid 2020 when Halifax changed their T&Cs. 
They will show your overdrawn balance so as long as you don't go overdrawn it will be a £0 balance.

Chrysalis

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.

What is a snapshot balance?

For reference I am with lloyds for 27 years, and my balance isnt shown on any of the agencies.

Credit files are about managing credit, not showing off wealth.  Current account balance isnt relevant to that.

Fighter1986

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.

I believe sourcrates was referring to Overdraft balance, not credit balance. 

You're right, banks do not report credit balance data to credit reference agencies beyond stating an overdraft balance of £0.