Credit agency searches

Experian say they keep searches on file for 12 months.

"Back to the days when" -- One has to marvel at the perspectives of these whippersnappers to whom four years is a long time...

As someone else has already said, such searches tend to be removed after a year, so it shouldn't *affect* future ones, but in any case only you can *effect* future applications.

Sign of the times, when not even graduates can be relied upon to know the difference.

I had always been sure that one *affected* an application for credit and it had an *effect* on your credit record :-(

Sign of the times of society dumbing down I'm afraid :P

On another note I have now found out Equifax retain records of a search for two years compared to Experian's one so I could be accused of being lazy as well as ignorant....

Regards, Far

[top-posting corrected]

Well, be unsure. When you affect something, you are having an effect, but when you effect something, you are bringing it about. And don't let's get into what happens when you have an affect.

Well, since both 1 and 2 are less than 4, I think you should effect a celebratory party.

In message , Far writes

Agencies record that a search took place for a year or two, but AFAIAA they DONT record the outcome of the ensuing decision. I.e. it will say "creditco searched on 1/1/03" and not "creditco searched on 1/1/03 and decided that there was now way it was going to lend dosh to THIS loser".

Their purpose is to spot a rapid accumulation of credit facilities like the ones I got.

"john boyle" wrote

I've heard this argument before, but surely it is invalid? If the application *was* successful, then surely there would also be an entry in the credits showing whether the person had made payments on time or not?

So why can't a subsequent lender realise that the decision was "no", simply by seeing the following combination: (1) "creditco ABC searched on 1/1/03"; (2) Nothing in the credit listings from lender ABC after 1/1/03.

On the other hand, if they see: (1) "creditco ABC searched on 1/1/03"; (2) "last 6 months payments all paid on time to lender ABC"; ... then they can be sure the application (relating to the search) was successful.

Or am I missing something here???

In message , Tim writes

Yes. Searches are made for all sorts of reasons and often by companies who dont subscribe to the extra service of recording credit behaviour after the credit has been granted. I.e. rental agencies checking on tenants, banks when opening accounts etc., some mobile phone companies etc.,

Also customers change their minds- apply for a loan then decide they really don't need the car and don't go ahead- borrow money from a relative instead or find a cheaper loan after the credit search is done. It would be rather presumptive of a lender to think they can read anything about a decision into the fact a search was done.

I understand that some lenders like to see an occasional search, it means the person is actively transacting business. They dont like to see too many in a short space of time however. Although I have no idea about how many are too many.

James

"john boyle" wrote

But we are talking about a *credit card* company here. Do you know of any

*credit card* companies that, after a search to Experian/Eqifax and a successful credit card application, will proceed *not* to provide details of payment history??

What if there is no payment history? Suppose the customer applies for a credit card, gets it, and doesn't use it except for an interest free balance transfer. As there will be no payments due until the interest free period runs out, none would occur, and none would be recorded. Or do even null payments get recorded?

"Ronald Raygun" wrote

I don't know of any credit card that doesn't require minimum monthly payments (often 2%-ish of balance) - even when only a balance transfer has been effected on an interest-free deal (except a few which might allow a payment holiday, perhaps 1 month every now and then, entirely at their discretion - but never for 2+ months on-the-trot).

Do you know of a credit card which doesn't require *any* payments until the end of an interest-free period? Please let me know - I'll have some of that!!!

Sorry, no. But there are credit agreements (not involving cards) such as "Buy this sofa on 4 years' interest free credit with nothing to pay for the first year, and we'll deliver before Christmas".

That could be because you looked at the small print and decided not to sign the form, or you changed your mind afterwards.

On Experian a No Payment required is shown with a "U"

"Jonathan Bryce" wrote

Errmmm - they need your permission to do a credit check, and this permission is normally provided by signing the form, isn't it? So if you "decide not to sign", they would never make the credit check & no search would ever appear....

Sometimes, particularly with mortgages, there will be a separate form for agreeing to the credit check.

MostIn message , Ronald Raygun writes

Most interest free cards still need a monthly payment.

Yes as a zero or a U.

Usually that is part of the app form declaration and no other signature is required.