Are credit checks recorded in real time

Snooze

Unless it's changed VERY recently, they take a couple of days to show up on your file. This comes from an insider working in a bank's loans department. If someone applies for a loan then a credit check will be done and if they meet the bank's criteria then they'll get accepted. However, before actually letting them have their money, they do another credit check a few days later to see if the person went out on a credit shopping spree all on the same day and depending on the result of that will depend on whether you'll still get your loan or not.

I'd imagine thing happens with credit card applications too.

Rob

Tori_Bellatrix

Snooze, that does happen with some loan applications - certainly it's just happened with my Tesco loan which had a 2nd follow up check on it. However, I've noticed that most of my credit applications generally have the credit checks showing in real time, moments after I've just applied (cos I'm sad enough to check .. :whistle:)

Snooze

Tori_Bellatrix wrote: »

Snooze, that does happen with some loan applications - certainly it's just happened with my Tesco loan which had a 2nd follow up check on it. However, I've noticed that most of my credit applications generally have the credit checks showing in real time, moments after I've just applied (cos I'm sad enough to check .. :whistle:)

Have you actually looked at your online credit file on the same day the application was processed though? The date the search was done will show as the same, but your actual file doesn't usually show the searches til a few days later.

Rob

Tori_Bellatrix

Snooze wrote: »

Have you actually looked at your online credit file on the same day the application was processed though? The date the search was done will show as the same, but your actual file doesn't usually show the searches til a few days later.

Rob

Yes, that's what I meant if I didn't make it clear. I look at both Experian and Equifax online after I've made an application .. just minutes after ... sometimes just to check who they've used ... and they show real time. Have done for at least the last year ... without fail in most cases.

jimbo26

I can confirm the experience of Tori. 3 credit cards and current account applied for in one day. All four checks showed on my Experian file straight away.

jonnyb

Snooze wrote: »

Unless it's changed VERY recently, they take a couple of days to show up on your file. This comes from an insider working in a bank's loans department. If someone applies for a loan then a credit check will be done and if they meet the bank's criteria then they'll get accepted. However, before actually letting them have their money, they do another credit check a few days later to see if the person went out on a credit shopping spree all on the same day and depending on the result of that will depend on whether you'll still get your loan or not.

I'd imagine thing happens with credit card applications too.

Rob

This is the sort of crap that gets people confused. An insider working in a bank's loans department.:mad:
Take it from "an insider working for Experian", for 13 years ! It has not changed recently; it has been this way for years. The searches done on our database are recorded in real time, at the moment they are keyed.
The searches may not show on the CreditExpert warning immediately, but other lenders will see them in real time.
Any other myths that need laying to rest ?

dellwear

I've recently had a couple of defaults on my file fall off...... are they really off or can they still be see by companies (or Experian) when they search me?

jimbo26

They are off, no-one can see them.

zimsabre

i got accepted for 2 cc's 5 days later i did a credid score check (full check) nothing about the cc's on the check. all 3 company's used.

although i havent recived the cards or activated them yet. just been accepted and waitign to activate and start using them

Tori_Bellatrix

zimsabre wrote: »

i got accepted for 2 cc's 5 days later i did a credid score check (full check) nothing about the cc's on the check. all 3 company's used.

not real time imo takes a more than a week.

I'd have to disagree based on my own experiences and the advice of the above poster who works for Experian