How Much Do the Banks Know about you?

Three main sources that are used to pull together for your credit score:
1.) You will always have to fill out an application. In this application you will put basic things down that they need to know. Your address, basic income information and things like that. This information is taken seriously and needs to be correct.

2.) If you have a previous account with the place that you are applying with, then that could play in your favor. For instance, if you have a good payment history with this particular lender, they will look at that in your favor. On the other hand, if you have not made payments on time, then they will be less likely to look at giving you another loan.

3.) There are different agencies that can collect information about you based on your credit history. All lenders use one of these three agencies to take their information from. These agencies are Experian, Equifax and Call Credit. Their data comes from 3 sources.
a. The first is Electoral roll information. This is a list of where you live and with whom. This information is openly available
b. Court Records, the CCJ, or County Court Judgments will indicate whether or not you have a problem with debt. Also, they look at Bankruptcies.
c. All Financial Data acquired they have. This means that all of your financial information is in their hands. They can tell when you made a payment, how much, and how much debt you have left.

Is there anything they don’t know?
Yes, there are things that aren’t listed on your credit report. They are as follows:
• Tickets and fines: These do not show on your credit report. Although they are court issued, they have nothing to do with your credit history and therefore will not be shown on your report.
• Savings Account Information: These funds have no bearing on your credit report, neither good nor bad.
• Medical History: Your medical problems that you’ve had are not on your credit report, but do be careful that you don’t get behind in medical bills, because those will surface on your report.
• Criminal Record: These lenders cannot discriminate against you if you have a record. These convictions are not listed on your report.
• Child Support: There will be no given information on whether or not you give, receive or have done either in the past regarding your child support. This information is barred.
• Relatives: Unless you already have a joint loan with a family member, their information will not be provided.
• Student or Government loans: These amounts cannot be used against you in a credit report, unless you have past due payments that you owe.

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