I think my MVL may be affecting my personal credit rating

[zippy.mini]

I'm very confused. I stopped contracting last June and put my company into MVL. In August my husband and I successfully arranged a buy to let mortgage to buy a house. The MVL final distribution was made to me in November and finalised. A couple of weeks ago we went to open a Natwest platinum select account and we were turned down! My husband already had a personal account so he upgraded that one instead and added me to it, which got us round it, so I sort of forgot about it.
Then yesterday we applied for another buy to let mortgage in principle with the same lender as before with all the same criteria and we have been declined again! I got my Experian credit report and my personal rating is 999 - Excellent! The MVL is the only thing that has changed - it doesn't appear on my report anywhere but could it come up in other searches banks do?
My husband's credit report is just as good as mine and he's a permie and was accepted for the Natwest account so all guesses are that it's me that's the problem.
As we have been told numerous times that an MVL won't affect personal credit, I would welcome advice as to whether the company I used could have done something wrong when they filed to cause this? Or is the advice we've been receiving incorrect after all?

[ELBBUBKUNPS]

I'm very confused. I stopped contracting last June and put my company into MVL. In August my husband and I successfully arranged a buy to let mortgage to buy a house. The MVL final distribution was made to me in November and finalised. A couple of weeks ago we went to open a Natwest platinum select account and we were turned down! My husband already had a personal account so he upgraded that one instead and added me to it, which got us round it, so I sort of forgot about it.
Then yesterday we applied for another buy to let mortgage in principle with the same lender as before with all the same criteria and we have been declined again! I got my Experian credit report and my personal rating is 999 - Excellent! The MVL is the only thing that has changed - it doesn't appear on my report anywhere but could it come up in other searches banks do?
My husband's credit report is just as good as mine and he's a permie and was accepted for the Natwest account so all guesses are that it's me that's the problem.
As we have been told numerous times that an MVL won't affect personal credit, I would welcome advice as to whether the company I used could have done something wrong when they filed to cause this? Or is the advice we've been receiving incorrect after all?

This is concerning, what reason did the bank give for declining ?

All the IP's I spoke to said it wouldnt and I spoke to about 5.

[Maslins]

I'm very confused. I stopped contracting last June and put my company into MVL. In August my husband and I successfully arranged a buy to let mortgage to buy a house. The MVL final distribution was made to me in November and finalised. A couple of weeks ago we went to open a Natwest platinum select account and we were turned down! My husband already had a personal account so he upgraded that one instead and added me to it, which got us round it, so I sort of forgot about it.
Then yesterday we applied for another buy to let mortgage in principle with the same lender as before with all the same criteria and we have been declined again! I got my Experian credit report and my personal rating is 999 - Excellent! The MVL is the only thing that has changed - it doesn't appear on my report anywhere but could it come up in other searches banks do?
My husband's credit report is just as good as mine and he's a permie and was accepted for the Natwest account so all guesses are that it's me that's the problem.
As we have been told numerous times that an MVL won't affect personal credit, I would welcome advice as to whether the company I used could have done something wrong when they filed to cause this? Or is the advice we've been receiving incorrect after all?

Have you asked the bank/Experian?

[bobspud]

Hi,
there are three major agencies. Experian, Equfax and Call Credit.

I had a very good rating according to Experian (999) and Equifax. However when I looked at call credits information via Noddle I have found they had different (incorrect) data held about a loan that I had previously terminated early in 2007 and settled the same month. They had turned the settlement into a DF that ran until 2009

I am in the process of getting that sorted out. But in the mean time their incorrect information has stopped me getting credit on several occasions and would have prevented me working in the finance industry so I am less than happy right now.

[zippy.mini]

Thanks for the replies. At the moment I have no information from the Bank as to why. The AIP was done by a broker and he is in the process of trying to find out, but he tells me they are not obliged to disclose their reasons for the decision, which I find absurd!
Interesting re the difference check agencies - I will check them all now.
Thanks

[ELBBUBKUNPS]

Thanks for the replies. At the moment I have no information from the Bank as to why. The AIP was done by a broker and he is in the process of trying to find out, but he tells me they are not obliged to disclose their reasons for the decision, which I find absurd!
Interesting re the difference check agencies - I will check them all now.
Thanks

I remeber from you previous posts you did MVL and then went contracting again did you setup a new ltd etc ? I know lenders etc tend to want to see a year plus / accounts on a ltd before lending.

[cojak]

Hi,
there are three major agencies. Experian, Equfax and Call Credit.

I had a very good rating according to Experian (999) and Equifax. However when I looked at call credits information via Noddle I have found they had different (incorrect) data held about a loan that I had previously terminated early in 2007 and settled the same month. They had turned the settlement into a DF that ran until 2009

I am in the process of getting that sorted out. But in the mean time their incorrect information has stopped me getting credit on several occasions and would have prevented me working in the finance industry so I am less than happy right now.

+1

Equifax and Experian are mature players in this market (indeed I my last permie job was with one of them many years ago) and so their data are pretty accurate. Call Credit is the new boy in town so I'm not surprised that their data aren't.

Contact all for your credit info, but I would also call either Equifax or Experian for (generic*) advice on your MVL.

Personally I would be surprised if an MVL didn't affect your rating but an advisor will be able to provide you with better information.

*Remember, it's these companies jobs to provide accurate data on your credit history. Ultimately the decision to take you on rests with the client companies using that data. You may have to go back to the company who rejected you for further information.

[ELBBUBKUNPS]

+1

Equifax and Experian are mature players in this market (indeed I my last permie job was with one of them many years ago) and so their data are pretty accurate. Call Credit is the new boy in town so I'm not surprised that their data aren't.

Contact all for your credit info, but I would also call either Equifax or Experian for (generic*) advice on your MVL.

Personally I would be surprised if an MVL didn't affect your rating but an advisor will be able to provide you with better information.

*Remember, it's these companies jobs to provide accurate data on your credit history. Ultimately the decision to take you on rests with the client companies using that data. You may have to go back to the company who rejected you for further information.

Will be very p*ssed off if it does impact personal credit, though the orginal poster said her credit file was clean and didnt show it, though on a recent credit check I had it did ask specifically about MVL and CVL's. Also I know the banks get a file from the different credit agencies for business Credit details and this list liquidations so though its not on the personal credit file they may be linking the personal and business credit files on company director details. Surely the IP's though should of known this if this is true though ?

Zippy.mini, were you business accounts at the same bank you tried to get the mortgage and new premier acccount through, also was you partner who didnt have issues with credit check a director of you MVL'd company ?

[zippy.mini]

Please let us know what you find out, alot of us work in financial services so an issue with credit checks = no contract.

I remeber from you previous posts you did MVL and then went contracting again did you setup a new ltd etc ? I know lenders etc tend to want to see a year plus / accounts on a ltd before lending.

I did go back to contracting but I'm working through an Umbrella this time around. For the purposes of the mortgage application, we said that I'm not working as that was the information used on the previous application (that was successful and is running fine)... My earnings will always be unreliable, so I didn't want any decision to be based on what I'm currently brining in. It shouldn't be anyway for a BTL mortgage, it's the rent that's most important. Hubby easily satisfies the earnings criteria they do stipulate (at least one party has to earn at least £25k).

I've now checked all 3 - Experian, Equifax and Noddle (Call Credit). I'm in the excellent bracket for all. So I've really got no idea what's going on here. The only thing is that there are 3 searches on my file in the last 6 months. 2 from when we took out the previous mortgage in August (we changed our mind who we wanted to go with) and one for that Natwest account I mentioned above. Hardly excessive!

[zippy.mini]

Zippy.mini, were you business accounts at the same bank you tried to get the mortgage and new premier acccount through, also was you partner who didnt have issues with credit check a director of you MVL'd company ?

No and No