How recent is the information that lenders can see?

Monstrous

I’m applying for car finance just now, in the last 6 weeks I have got my credit cards down to 22%/42%/39% down from about 77-80% each. I have also settled the finance for my previous car, and got a £1000 automatic limit increase on one credit card. 

Finance broker were adamant that this would be reflected in their checks. My banking app credit score predictor has all this information pushing me from the very edge of “Needs attention”, all the way through “Needs some attention” and into “Fair”. 

The finance rates I’m being offered are the same as a check which I done (soft) 3 months ago with the card balances still high and my old car still on finance. All of my credit check apps (credit club/clearscore/credit karma) are still showing this old information. I suspect it will update at the report generated on the 1st of May?

Can lenders see any more recent information than what we can via these apps? Are the rates I’m being offered still being based on these high balances and an outstanding finance agreement? 

MorningcoffeeIV

Lenders see real time reports -so anything that has been reported to files.  They don't wait for monthly reports.

The issue is when your lenders sent their updates in, which maybe on a monthly cycle.

FindMyWayBack

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

FindMyWayBack

Monstrous said:

I’m applying for car finance just now, in the last 6 weeks I have got my credit cards down to 22%/42%/39% down from about 77-80% each. I have also settled the finance for my previous car, and got a £1000 automatic limit increase on one credit card. 

Finance broker were adamant that this would be reflected in their checks. My banking app credit score predictor has all this information pushing me from the very edge of “Needs attention”, all the way through “Needs some attention” and into “Fair”. 

The finance rates I’m being offered are the same as a check which I done (soft) 3 months ago with the card balances still high and my old car still on finance. All of my credit check apps (credit club/clearscore/credit karma) are still showing this old information. I suspect it will update at the report generated on the 1st of May?

Can lenders see any more recent information than what we can via these apps? Are the rates I’m being offered still being based on these high balances and an outstanding finance agreement? 

If I were you I would wait a while

MalMonroe

This is some info from citizens advice - 

https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/how-lenders-decide-whether-to-give-you-credit/

You say that you got your credit cards down to 22%/42%/39% from about 77-80% each.

And although you're doing well, that is still debt. You still have three cards that are not clear. If you had the finances, you would clear them and lenders know that, obviously.

Not all lenders are the same but if a lender doesn't think you have the ability to repay a loan, then they will refuse to lend. It's their prerogative.

Over time I, who have been in great financial trouble in the past, have come to realise that although it seems really awful when lenders don't want to know you, they are actually doing you a big favour by analysing your credit reports and reaching conclusions about your spending habits which lead to their decisions.

So, even though they may or may not have up to date information on your finances, they also have the information about your past financial records and usage.

The fact that they have up to the minute information doesn't mean that they will ignore the past. 

Reputable lenders, quite rightly, won't agree to lend to anyone who doesn't appear able to keep up with repayments or clear credit cards. And, having had to go through a DRO process myself a few years ago, I would never advise anyone to keep on trying to get a loan when the odds are against them.  

You might just need to tidy up your finances first before applying again. Things do get better, I'm now debt-free and run a nice car. BUT for a few years I had to get used to public transport and lower my living standards a lot. It won't take you 'a few years' like it did me because you're not in as bad a situation as I was but do take care. And do take note of what lenders are trying to tell you. They are helping you, albeit in a roundabout way.

My advice would be to wait about six months, during which time try to clear your credit card balances, before applying for credit again. It's important to have a good credit history. 

This is my own opinion and my own experiences but I know that reputable lenders won't lend if they don't think you will be able to repay them.

MorningcoffeeIV

FindMyWayBack said:

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

It's from the individual CRA.

They don't see lender names, just categories. 

You can have real time access if you pay for it with the relevant CRA.

Nebulous2

MorningcoffeeIV said:

FindMyWayBack said:

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

It's from the individual CRA.

They don't see lender names, just categories. 

You can have real time access if you pay for it with the relevant CRA.

What about if you go direct to the CRA, rather than the commercial front ends, and get a statutory report, would that give you the current information that lenders can see? 

FindMyWayBack

MorningcoffeeIV said:

FindMyWayBack said:

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

It's from the individual CRA.

They don't see lender names, just categories. 

You can have real time access if you pay for it with the relevant CRA.

Thank you for your reply, politely saying yes, I know all that.
I asked is this an area the consumer can get to, if not when and how does one become able to view this lender's view?

CliveOfIndia

FindMyWayBack said:

MorningcoffeeIV said:

FindMyWayBack said:

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

It's from the individual CRA.

They don't see lender names, just categories. 

You can have real time access if you pay for it with the relevant CRA.

I asked is this an area the consumer can get to, if not when and how does one become able to view this lender's view?

There's two questions here, really.  Firstly, on the report you see from the CRA, you actually see more information than a lender would - you can see which company you hold accounts with, whereas a lender will just see generic data (for instance, "credit card account, £5000 limit, £1500 outstanding, no missed payments").

Then there's the timing aspect.  A lender pays for the data, so they see it it real-time.  So as soon as your credit card or loan company submits its data to the CRA (whether that be weekly, monthly, whatever) then it's immediately visible to any lender viewing your report.  The free version that most consumers see is not updated in real-time.  You can, if you wish, pay a subscription to enable you to view real-time data, but there's little point in doing so for the average consumer.

MorningcoffeeIV

FindMyWayBack said:

MorningcoffeeIV said:

FindMyWayBack said:

MorningcoffeeIV said:

Lenders see real time reports 

Can you clarify where they get this from, is it whichever organisation they use ie: Transunion, Equifax and Experian, and I am told they see 'raw data' so don't know names of lenders just amounts. Do they have access to an area we don't, when do you get this privilege can a consumer have access to this? Edited to add: Also you say up to date is  it the 'up to date' we have when we go on the bureaus?  

It's from the individual CRA.

They don't see lender names, just categories. 

You can have real time access if you pay for it with the relevant CRA.

I asked is this an area the consumer can get to, if not when and how does one become able to view this lender's view?

No. A consumer is restricted to seeing the full detail of the report, not the anonymised lender versions.

To see the lender view, one becomes a lender.

MrFrugalFever

just to be clear with regards to the 'real time' view that lenders see, the lenders will only be able to see the data which has been updated and submitted.

for example, you settle a loan early on the 10th of the month, that lender doesn't submit the update until the 29th but in the meantime you apply for further credit on the 20th. The lender assessing your credit application will NOT see that you have settled the agreement.