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  • FIRST POST
    • Hollyharvey
    • By Hollyharvey 11th Nov 17, 3:13 PM
    • 1,441Posts
    • 15,346Thanks
    Hollyharvey
    Savings Accounts
    • #1
    • 11th Nov 17, 3:13 PM
    Savings Accounts 11th Nov 17 at 3:13 PM
    I have noticed on my credit reports that my savings accounts with the Halifax are not reported.

    Do any of the banks report on savings accounts?
Page 1
    • Tarambor
    • By Tarambor 11th Nov 17, 3:34 PM
    • 3,019 Posts
    • 2,182 Thanks
    Tarambor
    • #2
    • 11th Nov 17, 3:34 PM
    • #2
    • 11th Nov 17, 3:34 PM
    No. A credit report only contains identity information and information on borrowing and applications for borrowing. As you're not borrowing anything with a savings account what would they report?
    • sargeantsalt
    • By sargeantsalt 11th Nov 17, 9:33 PM
    • 62 Posts
    • 16 Thanks
    sargeantsalt
    • #3
    • 11th Nov 17, 9:33 PM
    • #3
    • 11th Nov 17, 9:33 PM
    No. A credit report only contains identity information and information on borrowing and applications for borrowing. As you're not borrowing anything with a savings account what would they report?
    Originally posted by Tarambor
    It's not so black and white anymore because reporting non-credit is creeping in such as with water bill s (even paid in advance) and basic bank accounts (current account with no overdraft). I would like clarification.

    Certainly the terms and conditions of savings account mention credit reference agencies. Your details will be checked when you apply. I have not personally had any savings accounts listed on my own credit file but I am unsure of whether change of address, etc may be reported to CRAs for savings.

    Does anyone know?
    • Gary_Dexter
    • By Gary_Dexter 11th Nov 17, 10:00 PM
    • 1,278 Posts
    • 727 Thanks
    Gary_Dexter
    • #4
    • 11th Nov 17, 10:00 PM
    • #4
    • 11th Nov 17, 10:00 PM
    Basic bank accounts will still check you in case you're notorious for for building up debt then ditching it.

    It's to cover the bank and also protects you from potentially getting more and more in debt
    • Kim_13
    • By Kim_13 11th Nov 17, 11:25 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #5
    • 11th Nov 17, 11:25 PM
    • #5
    • 11th Nov 17, 11:25 PM
    They shouldn't be, but I did read about a case on here once where one had been reported in error.

    Savings providers can check your file for ID purposes when you apply for a savings account.
    Sealed Pot 11 #520 ~ /100
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    • BoGoF
    • By BoGoF 12th Nov 17, 9:36 AM
    • 3,200 Posts
    • 2,516 Thanks
    BoGoF
    • #6
    • 12th Nov 17, 9:36 AM
    • #6
    • 12th Nov 17, 9:36 AM
    Not sure if OP was thinking it would be a good thing if they were reported but seeing as the actual balance of the account is not reported I cannot see what difference it would make.
    • nic_c
    • By nic_c 12th Nov 17, 10:01 AM
    • 1,521 Posts
    • 830 Thanks
    nic_c
    • #7
    • 12th Nov 17, 10:01 AM
    • #7
    • 12th Nov 17, 10:01 AM
    Not sure if OP was thinking it would be a good thing if they were reported but seeing as the actual balance of the account is not reported I cannot see what difference it would make.
    Originally posted by BoGoF
    Average age of accounts, which I know is minor.

    I would think that with bank accounts you could go into an unauthorised overdraft, where as you can't with savings. Again Water can effectively be credit if they supply more before they bill
    • tenchy
    • By tenchy 12th Nov 17, 11:37 AM
    • 360 Posts
    • 113 Thanks
    tenchy
    • #8
    • 12th Nov 17, 11:37 AM
    • #8
    • 12th Nov 17, 11:37 AM
    Average age of accounts, which I know is minor.

    I would think that with bank accounts you could go into an unauthorised overdraft, where as you can't with savings. Again Water can effectively be credit if they supply more before they bill
    Originally posted by nic_c

    Even if you don't have a water meter and pay up front? No. The water companies, like a slew of other organisations nowadays, have cottoned on to the fact that they can use credit reference agencies to threaten their customers. There's yet another case in today's Telegraph, where npower have prevented someone getting a mortgage.
    • nic_c
    • By nic_c 12th Nov 17, 1:51 PM
    • 1,521 Posts
    • 830 Thanks
    nic_c
    • #9
    • 12th Nov 17, 1:51 PM
    • #9
    • 12th Nov 17, 1:51 PM
    Even if you don't have a water meter and pay up front? No. The water companies, like a slew of other organisations nowadays, have cottoned on to the fact that they can use credit reference agencies to threaten their customers. There's yet another case in today's Telegraph, where npower have prevented someone getting a mortgage.
    Originally posted by tenchy
    Surely they have only prevented due to not paying the bills? If you pay, then there is no threat there to be had. If there is a disagreement with the bill then there are ombudsmen options
    • tenchy
    • By tenchy 12th Nov 17, 3:05 PM
    • 360 Posts
    • 113 Thanks
    tenchy
    Surely they have only prevented due to not paying the bills? If you pay, then there is no threat there to be had. If there is a disagreement with the bill then there are ombudsmen options
    Originally posted by nic_c

    They are CREDIT reference agencies, not BILL PAYING reference agencies. You can, of course, stretch the definition of borrowing money, to include obtaining services in advance of paying, which is what the energy, phone and water companies, have now done. The problem seems to be, there are many different reasons why bills don't get paid, and many of them don't relate to the 'can't pay/won't pay' situation. Nevertheless, the companies now feel obliged to report all instances of non-payment, whatever the reason, even if they, they company, turn out to be at fault. The hapless consumer is then left having to clean up his files (to which he has no direct access and is dependent on others to do it), or at worst, not getting a mortgage. This board is full of cases like this, and I referred earlier to the latest on in the Telegraph. It seems to me the credit reporting business does not always operate in the best interests of the consumer.
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