Credit file & Credit card churning

[get me outta here]

Who was it that you called to have it removed, AMEX?

Amex was listed as a current provider despite me cancelling my card over a year ago. I contacted them to have it removed and they advised me that they would. I also advised it had adversely affected another credit application. They sent me a cheque for $100 to make up for it. Doesn't really make up for it but hey, I'll bank that cheque and move on with life.

 

[ComeFlyWithMe]

Who was it that you called to have it removed, AMEX?

Umm, yes. They are the only ones with authority to do so as it was listed as a "current product".

 

[ExcuseMyFrench]

You convinced me to go back and look into that subscription to VEDA. Turns out one can get a free copy of their credit file within 90 days after each credit application declined.

So that's what I did. I just need to send them a copy of the declined application letter.
Maybe there is an error on my credit file and I can get the bank to revise their decision?! One can dream.... :mrgreen:

 

[ComeFlyWithMe]

You convinced me to go back and look into that subscription to VEDA. Turns out one can get a free copy of their credit file after each credit application rejection.

So that's what I did. I just need to send them a copy of the rejection notice.
Maybe there is an error on my card and I can get the bank to revise their decision?! One can dream.... :mrgreen:

I actually think it's money well spent. You can setup alerts and they check online sources for identity theft, send you email alerts when there is a change to your credit file, and on my plan I get 4 full credit reports each year. I also get my credit score monthly.

I have it on good authority that practically all major banks use Veda for credit checks. We use it to check new customers out also before extending them a credit account.

 

[exceladdict]

Amex was listed as a current provider despite me cancelling my card over a year ago. I contacted them to have it removed and they advised me that they would. I also advised it had adversely affected another credit application. They sent me a cheque for $100 to make up for it. Doesn't really make up for it but hey, I'll bank that cheque and move on with life.

Did the bank that rejected this application also list an enquiry? If so, I'd bring this up with them, and ask them also to remove it.

I had a bank once say to me "if your application is rejected, we won't leave an enquiry on your account".

This might gain you a month or two in terms of getting your next card sooner.

 

[TomVexille]

Did the bank that rejected this application also list an enquiry? If so, I'd bring this up with them, and ask them also to remove it.

I had a bank once say to me "if your application is rejected, we won't leave an enquiry on your account".

This might gain you a month or two in terms of getting your next card sooner.

Sounds like that bank has no idea how credit reporting works

 

[exceladdict]

Sounds like that bank has no idea how credit reporting works

Can banks withdraw enquiries?

 

[ComeFlyWithMe]

This wasn't an enquiry, they were listed as a current provider, so they asked why I hadn't declared that card on my application. I told them that I hadn't had the card for a year.

They didn't reject the application but made me jump through more hoops than should have been necessary, such as proving the account was closed. Rather difficult after a year.

 

[ComeFlyWithMe]

Can banks withdraw enquiries?

No. An enquiry is just that. It places a note on your credit file. It can't be removed or reversed, it's more like a log.

 

[burmans]

Sounds like that bank has no idea how credit reporting works

I agree, an enquiry is an enquiry, regardless of the outcome. Nevertheless credit providers would react differently to this, undoubtedly most would just tell you to go away, anecdotally there are a small number who would remove the enquiry as a way to make you go away. Personally I think this is dishonest.

 

[exceladdict]

No. An enquiry is just that. It places a note on your credit file. It can't be removed or reversed, it's more like a log.

Sounds like that bank has no idea how credit reporting works

I agree, an enquiry is an enquiry, regardless of the outcome. Nevertheless credit providers would react differently to this, undoubtedly most would just tell you to go away, anecdotally there are a small number who would remove the enquiry as a way to make you go away. Personally I think this is dishonest.

Glad my situation didn't end badly then. Thanks for the FYI.

 

[ComeFlyWithMe]

I agree, an enquiry is an enquiry, regardless of the outcome. Nevertheless credit providers would react differently to this, undoubtedly most would just tell you to go away, anecdotally there are a small number who would remove the enquiry as a way to make you go away. Personally I think this is dishonest.

I question whether they can "remove" an enquiry.

 

[burmans]

I question whether they can "remove" an enquiry.

Well I cant really disclose how I know this occurs so you'll just have to question, it unless you have an opportunity to question me privately sometime!

 

[woodborer]

This wasn't an enquiry, they were listed as a current provider, so they asked why I hadn't declared that card on my application. I told them that I hadn't had the card for a year.

My own experience is that credit providers are pretty lax at removing that listing. I just complain to Veda, they're the ones selling the information, they're the ones that need to ensure it is accurate.

 

[Beta4Me]

I question whether they can "remove" an enquiry.

100% they can. I've successfully had Citibank remove 5. There has to be a good reason (in my case they were illegal checks as they were never authorised), but it can be done and it's not super difficult.

 

[tim374]

100% they can. I've successfully had Citibank remove 5. There has to be a good reason (in my case they were illegal checks as they were never authorised), but it can be done and it's not super difficult.

I had the same, 2 unauthorised checks with Telstra. Unfortunately it took 8 months, 2 complaints and the Ombudsman to get it fixed. But it can be done if they are not legitimate enquiries.

 

[cmon0005]

I question whether they can "remove" an enquiry.

I once applied for a loan with nab, checked my file there were 2 enquiries over 2 days with same application id. Contacted Veda about it they actually removed the 2nd enquiry themselves.
So I guess when there is a genuine error yes.