Your REAL credit file !

[Captain Haddock]

I have heard that the credit file that you look at (and, possibly, credit lenders) is not the same one that banks/building societies hold on you! How does one get a look at what they have?

Is this the true scenario? Or have I been fed duff info? I think it's entirely plausible.

[FlamingParrot]

Re: Your REAL credit file !

What you say is true at least in part. The banks do not hold a different version of the file, only the CRAs hold credit files. The lenders plug into the CRA data using their own proprietary software which varies from bank to bank and it can access data differently for a range of credit products, for example, doing a more in-depth search for mortgages and just look at the last three years for a credit card.

The software produces it's own scores which are different from the credit score you see when you check your file rather than showing all the data in full the way you see it. When you apply for credit and get declined, they usually can't tell you why and will suggest getting a copy of your credit file to find out what could be the problem.

[nemesis45]

Re: Your REAL credit file !

I have heard that the credit file that you look at (and, possibly, credit lenders) is not the same one that banks/building societies hold on you! How does one get a look at what they have?

Is this the true scenario? Or have I been fed duff info? I think it's entirely plausible.

What is seen by others/creditors/ potential lenders/ DCA's varies I'm told with the type of enquiry they make i.e. the searches, credit application search, ID search, debt collection/outstanding debt, applicable parts of the report.

nem

[Captain Haddock]

Re: Your REAL credit file !

What you say is true at least in part.....

The software produces it's own scores which are different from the credit score you see when you check your file rather than showing all the data in full the way you see it. When you apply for credit and get declined, they usually can't tell you why and will suggest getting a copy of your credit file to find out what could be the problem.

That's interesting. I've been on the end of that 'check your CF' suggestion which does you no real good because you're not seeing all the data that allows lender to make their decision. In effect, your credit file is incomplete, no?

[nemesis45]

Re: Your REAL credit file !

That's interesting. I've been on the end of that 'check your CF' suggestion which does you no real good because you're not seeing all the data that allows lender to make their decision. In effect, your credit file is incomplete, no?

The fact is that All potential lenders have there own unique ways of assessing credit worthiness, the " credit report" is verification at the most it seems.
You can make a Subject Access request to a CRA I have done in the past and nothing more than I already knew was provided.

nem

[Berniethebolt]

Re: Your REAL credit file !

It is of course not just the actual credit file but from that they construct a profile of the user and see if it fits in with their target audience . Naturally for credit cards they really want people who do not pay off the balance in full /or spend large amounts of money. So for a Cap1 with a £200 credit limit and 35% apr they want a continuous balance, with say a card with a 0% introductory figure they want you to use it for all your payments thus making the margin from the retailers.

[Captain Haddock]

Re: Your REAL credit file !

The fact is that All potential lenders have there own unique ways of assessing credit worthiness, the " credit report" is verification at the most it seems.
You can make a Subject Access request to a CRA I have done in the past and nothing more than I already knew was provided.

nem

What about doing same to a bank that had turned you down for credit and put in the specifics box that you request to see data that allowed them to make their decision?

[nemesis45]

Re: Your REAL credit file !

What about doing same to a bank that had turned you down for credit and put in the specifics box that you request to see data that allowed them to make their decision?

They will refer you to your credit file. lenders are not going to divulge their confidential in house systems.

nem

[FlamingParrot]

Re: Your REAL credit file !

What about doing same to a bank that had turned you down for credit and put in the specifics box that you request to see data that allowed them to make their decision?

Whenever you are turned down they'll always refer you to your credit files.

There is a little "secret" organisation owned by a number of banks that also plays a part in the outcome of credit applications. Although originally intended to weed out fraudulent applications, you can easily fall foul of its database: http://www.theguardian.com/money/200...-credit-agency :spy::spy::spy:

National Hunter will warn a lender if its checks suggest that an application is "suspect". In turn, the lender's computer may then turn down an application, without informing the applicant precisely why, or which database was checked. The vast majority of its rejections are likely to be for entirely legitimate reasons.

But quite how many files National Hunter holds on individuals is unknown. And what if the "suspect indication" arises because of human or computer error - or because you presented the lender with facts that it cannot easily check?

"Suspect" or "inconsistent" facts, which may cause applications to be flagged as fraud risks, can include:

• Change of employer over a short period;
• Differences in spelling of a surname, initial, or date of birth;
• Change in driving licence number or a variation in other identification documentation;
• The same mobile phone number from more than one applicant;
• A substantial change in stated salary over a short period;
• Income which is difficult or impossible to verify;
• Applicants using details that are apparently from a deceased person.

Barclaycard is a major user of National Hunter. "Every night, we send it almost all our card applications. Next morning, its computers send them back, either with OK or showing a potential fraud," a spokesperson says. "If it's the latter, then we might decide to contact the applicant, although that may depend on other factors."

[nemesis45]

Re: Your REAL credit file !

National Hunter assist in weeding out suspect applications, false/ fraudulent data provided/ or suspected to have been provided in the past.

I good thing in my opinion.

nem

[Berniethebolt]

Re: Your REAL credit file !

I read the article and it would appear that you have no right of reply so many people will fall foul of national Hunter because they change jobs, move frequently or even just even something as simple as using your known by name such as Jack instead of your given name of John and yes Jack is a diminutive of John as well as a name in its own right

[Debt Camel]

Re: Your REAL credit file !

Whenever you are turned down they'll always refer you to your credit files.

That's true, but you are also entitled to ask them what fraud databases they consulted - these are likely to be Hunter or CIFAS. Then you can ask Hunter and/or CIFAS what information they have on you.

Fraud databases are an essential tool - without them we would all be spending too much of our lives trying to prevent identity theft.

Should lenders be more open about them? Probably not. Most people are turned down for credit for reasons connected to their credit records or past history with the lender - few because of fraud checks that have come up with a "false positive".

hmmm I feel a blog post coming on ....

[FlamingParrot]

Re: Your REAL credit file !

That's true, but you are also entitled to ask them what fraud databases they consulted - these are likely to be Hunter or CIFAS. Then you can ask Hunter and/or CIFAS what information they have on you.

You can only ask if you know about their existence in the first place, the banks and retailers don't exactly volunteer that information, when you get turned down for credit all they used to tell you was to get a copy of your credit file. That was years ago, I've not applied for any credit recently. People only find out about those fraud databases when they've been the subject of fraud or ID theft themselves, yet as the article clearly says, they are routinely used to decide credit applications.

Fraud databases are an essential tool - without them we would all be spending too much of our lives trying to prevent identity theft.

Should lenders be more open about them? Probably not. Most people are turned down for credit for reasons connected to their credit records or past history with the lender - few because of fraud checks that have come up with a "false positive".

Why shouldn't they be more open about them? It's hardly going to encourage more fraud, is it?

I have read a few more detailed posts where people with unblemished records get turned down for credit because those databases flag up a number of inconsistencies with credit applications, most of which have a totally innocent explanation. It's fair enough to have those records for our own security but why keep them so hush-hush?

hmmm I feel a blog post coming on ....

Good idea! :clap2: Post the linky. :typing:

[Hosker]

Re: Your REAL credit file !

Some posts here seem to suggest that lenders have a different "Credit File" this is not correct.

Lenders have access to the same data as you do form Experian, Equifax or Call Credit.

Infact its less - you get to see all "soft" footprints on your file - mortgage lenders only see "hard" footprints. I think they are limited to three years details too.

Where there is confusion is "Credit Score" that is just a dumb indicator and whilst some lenders may ask Experian what that score is; its has nothing to do with the credit report.

What matters to the lenders is the content of the report, not the dumb indicator number.

If you are on the "National Hunter - Fraud prevention service" then this should also be listed on Credit Expert (one of the last box's on your report) of course you can SARN "National Hunter".

Lender of-course may use different database or more likely have one we dont know about.

"National Hunter" takes information you submit to lender Y and cross references it with information you submit ot lender X at a later date. Its stated intention is to protect against impersonators but it is also used to ensure you are not misleading the lender. So... always provide accurate information, but more over. Keep a copy of applications and keep the dates and information accurate.

For instance; on finance applications. I get the dates I moved in or out of places form Credit Expert. It matches every time.

TL;DR; The devil is in the detail, always read your Credit Report not your Credit Score.

[nemesis45]

Re: Your REAL credit file !

In practicality the credit " score" is a day to day indication for the individual as to how a credit application May be viewed by a potential lender, the reality is that each potential lender has its own in house assessment tools used in conjunction with CRA file data.

Having once been involved with an individual who had made a Subject Access Request to N Hunter I can tell you such action is not met with enthusiasm to respond.

nem