Calling all bankers and financiers. a bank credit question?

Question

Guessers need not apply.

Ok apparently there are 3 major credit search companies used in the UK so my question is out of Experian, Equifax and Callcredit, which do the major banks use when checking out your credit?

Thanks in advance :)

Answer 1

This webpage answers your question:



http://www.moneysavingexpert.com/cards/c...

Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances.  To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.

Answer 2

FICO score. I'm not guessing...this is my job.

Answer 3

FICO score was developed by Fair Isaac Corporation. It is today's most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from the three national credit reporting agencies (also called credit bureaus).

Lenders may make a credit card or personal loan decision based on a single agency's score, although others such as mortgage lenders often will look at all three scores.

Your score with each provider is likely to be very similar, and although the data they hold may be slightly different, your history is likely to be the same across the majority of your past credit.

In reality (weather your application will be approved or not), which agency the bank uses does not make much difference.

If you wanted to find out which company a bank primarily uses, I'd suggest calling into the banks you are interested in and ask for a form to obtain your credit report as you are concerned that something maybe wrong. They should all give you the relevant form for their primary credit beaureau.