Zopa performing soft searches

jaypers

Just had an alert on one of my credit report monitors about a new soft search and on checking it’s from Zopa…..some sort of affordability check. Not sure I recall agreeing to this so must be in the small print somewhere. Also no intention of using any loan products. 

masonic

Companies do not need your permission to perform soft searches.

Keezing

You probably have the “borrowing power” score turned on. You can turn it off in the app.

Qyburn

Keezing said:

You probably have the “borrowing power” score turned on. You can turn it off in the app.

How do you do that please?

MichaelAP

Qyburn said:

Keezing said:

You probably have the “borrowing power” score turned on. You can turn it off in the app.

How do you do that please?

You should see it on the Home page. Look where it says Your Tools.

Qyburn

Cheers. I think it must be off by default, or at least off in my case. Under "Borrowing power" the only option I have is "get started" at which point it starts asking financial questions.

allegro120

jaypers said:

Just had an alert on one of my credit report monitors about a new soft search and on checking it’s from Zopa…..some sort of affordability check. Not sure I recall agreeing to this so must be in the small print somewhere. Also no intention of using any loan products. 

When I entered my bank accounts into YouGov finance bribe scheme the chart displayed that I owe something like £100k in loans.  The last loan I repaid was my mortgage 16 years ago... It seems like any funds deposited to Zopa Smart Saver are deemed to be loans. 

jaypers

allegro120 said:

jaypers said:

Just had an alert on one of my credit report monitors about a new soft search and on checking it’s from Zopa…..some sort of affordability check. Not sure I recall agreeing to this so must be in the small print somewhere. Also no intention of using any loan products. 

When I entered my bank accounts into YouGov finance bribe scheme the chart displayed that I owe something like £100k in loans.  The last loan I repaid was my mortgage 16 years ago... It seems like any funds deposited to Zopa Smart Saver are deemed to be loans. 

Don’t think that can be right. I have accounts with various credit reference agencies as I like to keep an eye on my details and absolutely no loans logged against me other than an interest free one that is legit. 

allegro120

jaypers said:

allegro120 said:

jaypers said:

Just had an alert on one of my credit report monitors about a new soft search and on checking it’s from Zopa…..some sort of affordability check. Not sure I recall agreeing to this so must be in the small print somewhere. Also no intention of using any loan products. 

When I entered my bank accounts into YouGov finance bribe scheme the chart displayed that I owe something like £100k in loans.  The last loan I repaid was my mortgage 16 years ago... It seems like any funds deposited to Zopa Smart Saver are deemed to be loans. 

Don’t think that can be right. I have accounts with various credit reference agencies as I like to keep an eye on my details and absolutely no loans logged against me other than an interest free one that is legit. 

I don't care about my credit score as I'm not in need of borrowing money, but it is still interesting to see what it is. I've got this "know your credit score" facility on my RBS/NW apps, it says 629 out of 710 down 14 points from last month.  I've no idea what "710" means and why I am 14 points down, but it is described as "excellent" so I don't feel I'm in any kind of financial trouble.

masonic

allegro120 said:

jaypers said:

allegro120 said:

jaypers said:

Just had an alert on one of my credit report monitors about a new soft search and on checking it’s from Zopa…..some sort of affordability check. Not sure I recall agreeing to this so must be in the small print somewhere. Also no intention of using any loan products. 

When I entered my bank accounts into YouGov finance bribe scheme the chart displayed that I owe something like £100k in loans.  The last loan I repaid was my mortgage 16 years ago... It seems like any funds deposited to Zopa Smart Saver are deemed to be loans. 

Don’t think that can be right. I have accounts with various credit reference agencies as I like to keep an eye on my details and absolutely no loans logged against me other than an interest free one that is legit. 

I don't care about my credit score as I'm not in need of borrowing money, but it is still interesting to see what it is. I've got this "know your credit score" facility on my RBS/NW apps, it says 629 out of 710 down 14 points from last month.  I've no idea what "710" means and why I am 14 points down, but it is described as "excellent" so I don't feel I'm in any kind of financial trouble.

If Zopa had been reporting a £100k loan to the credit reference agencies, you wouldn't be in such a rosy position!