Failed credit search?

GixxerDan

Hi all,

I'm looking for a bit of advice as I'm completely stumped.

I am trying to get fibre broadband with Vodafone. I went through their process and all was ok until the credit search failed and I don't understand why. I have spoke  to them and they tell me they can't give me anymore information other than it's Experian/Equifax who give them a yes/no about lending money to somebody. Them companies say this is down to the lender to provide a reason...

I have never been in financial difficulty. My credit score is excellent on both Experian and Clearscore. Affordability score with Clearscore is also excellent so why would I be refused? I have about 9% utilisation on a credit card, £1500 0% loan for a sofa taken out this year and that's the only debt I have. I earn high £40k as a wage so these debts don't represent a large % of my income. I am concerned as I've got a remortgage due end Jan and now I will have a hard search on my file for, as far as I'm concerned, no good reason. Help!!

molerat

Have you checked your name and address exactly matches on the CRAs, on the RM address file and what you gave to Vodafone  ?

fatbelly

Ignore the score. Check the detail of the Experian and Equifax reports. This may be clearer on statutory reports.

GixxerDan

molerat said:

Have you checked your name and address exactly matches on the CRAs, on the RM address file and what you gave to Vodafone  ?

Yes everything matches up on everything

GixxerDan

fatbelly said:

Ignore the score. Check the detail of the Experian and Equifax reports. This may be clearer on statutory reports.

I did and I have nothing on Equifax, only positive influences. Experian has 1 negative but it won't allow you to see what it is unless you pay £15 a month for a 'full' report.

fatbelly

I am not sure what you mean by positive and negative influences.

What I would be looking for is:

Does it show I am on the electoral roll?
Am I financially linked to someone else?
Are there any court judgements against me?
Is the anything in the insolvency section?
Any CIFAS marker?
Any late payments?
Any defaults?

You should not be paying money for a credit report.

They are not allowed to charge for statutory reports

https://www.experian.co.uk/consumer/statutory-report.html

https://www.equifax.co.uk/Products/credit/statutory-report

It sounds like there is something there and if it is incorrect you need to get it removed before you go mortgage hunting

GixxerDan

fatbelly said:

I am not sure what you mean by positive and negative influences.

What I would be looking for is:

Does it show I am on the electoral roll?
Am I financially linked to someone else?
Are there any court judgements against me?
Is the anything in the insolvency section?
Any CIFAS marker?
Any late payments?
Any defaults?

You should not be paying money for a credit report.

They are not allowed to charge for statutory reports

https://www.experian.co.uk/consumer/statutory-report.html

https://www.equifax.co.uk/Products/credit/statutory-report

It sounds like there is something there and if it is incorrect you need to get it removed before you go mortgage hunting

Positive and negative influences are listed on report. Factors are essentially what you list here. So it shows things like being on electoral register, credit utilisation being below 30%, no late payments etc as all having a positive impact on score. However I can't see the 1 negative. I've never missed a payment. I do see myself as somebody who is financially savvy so I really don't understand. From reading other forums it seems like a lot of people have this issue with Vodafone so not sure how they get business with such strict lending criteria! 

fatbelly

If you look at the full report and there is nothing that would be seen as a problem there, then you've done all you can

maxximus75

You can request a mandatory report from Experian that you can look through to see if there are any issues?

As far as the search, although you find it "no good reason", you applied for a credit facility with Vodafone.  Although unsuccessful, it's a valid search.

You would proably have a hard search for the sofa and now one more for Vodafone.  In the grand scheme of things, if you are looking to remortgage in January, I doubt it would be an issue.  It's recommended to keep hard searches to a minimum/none 6+ months before any mortgage application.