Is my credit rejection an error?

arsenalboy

I am retired and lucky to have very high disposable income. I purchased some furniture from M and S over the internet at the weekend. It gave me the option of 24 months interest free credit which I calculated would save me £170 in interest on the £3500 purchase price.
It transferred me to Creation Credit and I filled the form in and it said it was happy to deal with me and needed to do some checks. It then came back and said my application had been turned down. It stated that it uses Equifax/Experian and I would receive an email explaining how Creation make their decision.

I logged on to Experian, which I have through MSEcreditclub, and my score is 992/999. I have no loans, one credit card which shows as being paid in full each month and lived at same address for over 30 years. The report says 100% probability of being accepted for loans of "relatively large amounts".

I wonder whether a mistake has been made because I never received the promised email from Creation.

The fact that I was turned down is not a problem as far as the furniture purchase is concerned as I simply put it on my credit card.

But I have now received an email from ClearScore which tells me a hard search is being placed on my file. When I google this I understand that anybody that searches in future will see that I have been turned down and furthermore I will have to declare that I have been turned down for credit in any future applications.

This cannot be right and I need the record correcting and I want to lodge a complaint/start an enquiry. 

In the first instance do I take this up with Creation or Marks and Spencer. I will certainly be asking Creation for the missing email but would imagine this will be  vague.

Ayr_Rage

It is likely to be right, you failed to meet their lending criteria.

There isn't a lot you can do about it, the hard search will remain on file for all to see as it is a true reflection of the event.

arsenalboy

Ayr_Rage said:

It is likely to be right, you failed to meet their lending criteria.

There isn't a lot you can do about it, the hard search will remain on file for all to see as it is a true reflection of the event.

How can it be a true reflection, when the credit agency they use, tells me I have a 100% probability of being accepted for loans?

MorningcoffeeIV

arsenalboy said:

But I have now received an email from ClearScore which tells me a hard search is being placed on my file. When I google this I understand that anybody that searches in future will see that I have been turned down and furthermore I will have to declare that I have been turned down for credit in any future applications.

This cannot be right and I need the record correcting and I want to lodge a complaint/start an enquiry. 

You are correct -  none of that is right.

No one will see you were declined and you won't need to tell anyone that you were.

There is no record to be corrected. You are free to make a complaint but there will be no enquiry. 

BoGoF

It will be a generic email from Creation - considered the information on credit file etc etc but they won't specifically tell you other than you didn't meet their criteria.

As an aside, your credit score is a pretty meaningless number.

Chalk it down to experience, there is nothing to be corrected on your record. You applied for credit, weren't accepted. 

BoGoF

arsenalboy said:

Ayr_Rage said:

It is likely to be right, you failed to meet their lending criteria.

There isn't a lot you can do about it, the hard search will remain on file for all to see as it is a true reflection of the event.

How can it be a true reflection, when the credit agency they use, tells me I have a 100% probability of being accepted for loans?

Ask the credit reference agency to lend you money then......ahh they don't so they are in no position to say that.

CliveOfIndia

arsenalboy said:

I logged on to Experian, which I have through MSEcreditclub, and my score is 992/999.

Since the CRA score is not even seen by any lender, this in itself is totally meaningless.

arsenalboy said:

The report says 100% probability of being accepted for loans of "relatively large amounts".

Since Experian aren't the ones lending you the money, it really doesn't matter what they think of your credit-worthiness.

arsenalboy said:

But I have now received an email from ClearScore which tells me a hard search is being placed on my file. When I google this I understand that anybody that searches in future will see that I have been turned down and furthermore I will have to declare that I have been turned down for credit in any future applications.

This is incorrect.  A hard search was performed - that fact has been recorded correctly.  But a lender will only see that a search was performed, they won't know the outcome of your application.  And you don't have to declared that you've been turned down on any future application, unless explicitly asked - which is highly unusual for routine consumer credit agreements.

arsenalboy said:

This cannot be right and I need the record correcting and I want to lodge a complaint/start an enquiry. 

Why can it not be right?  The lender searched your file, decided that - for whatever reason - you didn't fit their lending criteria, that's the end of it.  One search on its own is neither here nor there in the grand scheme of things.  The record is correct - a search was performed, that's all.  I'm not sure on what grounds you feel you have a valid complaint?

la531983

The only actual ground you MAY have a valid point here on is the fact Experian told you that you would 100% get this credit, however I suspect if you read the small print they will have covered their backs with that one.

arsenalboy

arsenalboy said:

This cannot be right and I need the record correcting and I want to lodge a complaint/start an enquiry. 

Why can it not be right?  The lender searched your file, decided that - for whatever reason - you didn't fit their lending criteria, that's the end of it.  One search on its own is neither here nor there in the grand scheme of things.  The record is correct - a search was performed, that's all.  I'm not sure on what grounds you feel you have a valid complaint?

Okay, I think I have been reassured by the comments on here but am curious to find out why I was rejected. I know my credit rating is A1 which is confirmed by Experian and want to know what Creation have against me. I will enquire of them but not request an enquiry.

Thanks for the responses.

la531983

They dont have to tell you anything, tbf. You just dont meet their eligibility for credit, the terms of which will be commercially sensitive, dont take it personally.

BoGoF

There is no such thing as "A1" credit rating despite what Experian say.