Re: can banks find out what other banks you have through credit ratings or something

My student overdraft never seems to turn up on my Equifax/Experian reports. The banks don't seem to care in the slightest if you have more than one student account, but they do care if you have overdrafts on more than one. The terms and conditions probably say that you have to pay your student loan directly into your student bank account.

I had two student accounts when at university, one always in credit and the other always overdrawn. A friend of mine had two accounts also, with the same banks as me. I never had any trouble paying my loan into only one of them, but he eventually had the overdraft facility on the one he wasn't paying the loan into drastically reduced.

When you take out the account, you need to declare whether you have any other current bank accounts. (I did declare mine, but at the time I had no overdraft facility on the first one so the second bank didn't mind). Your friend doesn't really want the major high street banks to decide that he is the type of person who will lie on application forms and think nothing of breaching their terms and conditions!

Laura

Yes, but it's presumably against the T&Cs of them all, and the worst case scenario *isn't* that all but the first kick him out, but that they all will, leaving him up the creek without the proverbial paddle.

None of my bank accounts show up on the Experian credit reports I've seen on myself. Some credit cards do, but only those that I have an outstanding balance on. Dormant cards don't seem to appear.

It's potentially more serious than that I believe; applying for, and being accepted for a loan by giving false information, is theft.

Daytona

It's fraud at worst, surely. Theft requires an intention to permanently deprive. If you fully intend to repay the loans, there is no theft.

"Ronald Raygun" wrote

I've always thought that rule rather silly...

Scenario: I nick (oooops borrow!) the big BMW from down the road, intending to return it in (let's say) a year's time (I'll nick - I mean borrow - another car then!). I cannot be done for theft?!!! :-)

Sorry, yes - it's deception under Theft Act 1968

Daytona

In message , blib writes

Unlikely that this is the case for bank accounts, and what is a 'payment history' for a current account?.

Credit cards, mortgages, loans, yes, but current accounts? = no.

When a bank opens a new account it performs a credit register search so every time you open an account the search will be recorded. What the credit search WILL show will be the searches performed by the other banks, i.e. they will leave a 'footprint' on the file. It is these multiple footprints that will give the game away.

In message , Tim writes

No. Thats why you would be prosecuted for taking the car without the owners consent, not theft.

This is not true, on my Experian Record, it shows my current accound, and even shows that I was over my overdraft limit once.

I heard somewhere of a case where a amn was prosecuted for 'borrowing' some cash from the company safe. He was charged with theft because the bank notes he returned were not the same as the notes he took in the first place..

In message , blib writes

Thats interesting, may we ask which bank it is please?

In message , blib writes

That is very interesting. The 'clearing' banks dont do it, but obviously from your report, Halifax do. Thank you for the information.

Is it not the case that when an account has an overdraft on it, there is a credit agreement, and therefore that is why it is shown?

May not be always the case because BoS used to put nothing on credit reports even cards and mortgages.

I've got my friend scared :P Anyway couldn't they argue that he would have paid interest on the loans and say that the loss of interest is theft

In message , JKJK writes

But there would be no loss of interest would there?