There is a database of approximately 640,000 names held by a member group of finance lenders as part of fraud prevention exercise set up in 1993. Most people wouldn’t know their names are on it though, yet it could be the reason why finance applications keep getting rejected.
The National Hunter database
The National Hunter database was set up initially to tackle fraud. In the 1990’s any lenders who had concerns regarding applicants could enter the details onto a database, which was accessible by 50 member firms.
For example, someone applying for a regular mortgage could be marked as a “hidden buy to let” if suspicion arose for whatever reason and subsequently this information would be shared amongst the mass of lenders in the group.
Practically impossible to get credit
Most people listed on the register will find it virtually impossible to obtain credit. Whilst there is an option to check the database for your name and details, with a £10 admin fee, there is no appeal system as such and borrowers must simply revert to their lender if they are unhappy with the findings.
It is the lender’s decision whether to amend the entry or not, else it will remain for up to size years.
Credit scores or credit histories are not kept on file, this system is simply designed to be a means of communication amongst lenders to jointly tackle fraud.