From time to time you discover something new. This week we learnt two facts that have been effecting and will effect mortgage processing in the future.
Firstly – the information that Credit Agencies can disclose to lenders is about to change. To date (as far as we are aware..!) they have been able to provide information about payment history, late payments, outstanding balances and so forth. But now they can also see salary credits and income into UK bank accounts. They can pass this information on.
Blimey.
So no need to prove your income for a Bank, they will know it anyway! (Which sort of makes a nonsense of the Vickers report and the heightened levels of underwriting.) Frankly the Banks don’t like having more staff doing more work. Less work, more profit. With this new facility going forward, it’s easy to see how they will do this.
And yes we did ask if this posed a data protection issue. Apparently not!
Secondly it turns out that not all Banks report information in the same way, or to the same level of detail to the Credit Agencies. One bank in particular reveals much less information. As a result, it’s difficult if you are with that particular Bank to pass anther’s credit score. We can only speculate as to their reasoning for doing this, however an effect is that you end more likely having to go back to them to get a mortgage.
Very Cheeky – No?
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