[Snap] Ridiculous reason (poor credit history) for new account rejection

Forums › 2degrees (including Slingshot, Orcon, Flip, Stuff Fibre, MyRepublic, 2talk and Vocus) › [Snap] Ridiculous reason (poor credit history) for new account rejection

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#1282439 13-Apr-2015 19:10

Credit History is held by 3 companies. As mentioned, bank balances don't have a lot to do with it if you're going off the report alone, which most companies do.

If you've been rejected, your credit history is evidently not in good standing for some reason and this has absolutely nothing to do with snap. Its increasingly common for service and utility companies to run credit checks, and if you fail a credit check unexpectedly you should be requesting a copy with each of the 3 companies immediately and auditing your credit history. Evidently someone has put a mark against your name.
https://www.sorted.org.nz/a-z-guides/your-credit-history#s3.

The refund is likely a matter of process as someone mentioned, likely them putting them all through in batches each month. They will gain next to nothing by holding your money for that time period.

tantesusi

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#1282441 13-Apr-2015 19:11

richms: They don't care that you can prove that you pay your bills on time at the moment. And only $1000 in the bank isn't anything great if you have loads of other debt etc.

Find another ISP that does prepayment and you should be fine.

Yes I probably will just stick with my current provider.

LennonNZ

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#1282442 13-Apr-2015 19:12

Most companies will just a Debt system like Veda to look up the "risk" that a person is for getting credit. Veda has 0% idea how much money you have and just base a score on credit history.
You can see all about it @ http://www.veda.co.nz/business/consumer-intelligence/credit-history.dot

tantesusi

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#1282443 13-Apr-2015 19:14

eXDee: The refund is likely a matter of process as someone mentioned, likely them putting them all through in batches each month. They will gain next to nothing by holding your money for that time period.

Refund batch each end of month. That is silly and unfair. Refund should be done up to 3-5 days and not relying on batch process which occur once a month.,

Jase2985

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#1282456 13-Apr-2015 19:31

tantesusi:
eXDee: The refund is likely a matter of process as someone mentioned, likely them putting them all through in batches each month. They will gain next to nothing by holding your money for that time period.

Refund batch each end of month. That is silly and unfair. Refund should be done up to 3-5 days and not relying on batch process which occur once a month.,

you may think its silly

but it probably is an automated process, just like them paying their creditors (companies they buy their services off) monthly, it will just get bundled in with those outgoing payments.

its the same with the majority of big companies out there, all their outgoing payments go out once a month.

JimmyH

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#1282458 13-Apr-2015 19:33

They are entitled to refuse your business for pretty much whatever reason they choose - as long as it's not a prohibited ground for discrimination in the Bill of Rights.

They are under no obligation to enter into a dispute/dialog with you on this point, or allow you to prove that you are probably credit worthy, unless they want to do so. And, for a low-value contract, the staff time involved would probably eat their profit margin irrespective of whether you do actually pay.

They should, however, promptly refund your money. If you paid by credit card and you really feel annoyed, you could always initiate a charge-back with your bank, on the basis that the paid for service wasn't provided and they haven't refunded you.

tantesusi

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#1282460 13-Apr-2015 19:36

JimmyH: They should, however, promptly refund your money. If you paid by credit card and you really feel annoyed, you could always initiate a charge-back with your bank, on the basis that the paid for service wasn't provided and they haven't refunded you.

Yes but unfortunately I chose direct debit instead credit card when register.

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tantesusi

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#1282461 13-Apr-2015 19:40

Jase2985:
you may think its silly

but it probably is an automated process, just like them paying their creditors (companies they buy their services off) monthly, it will just get bundled in with those outgoing payments.

its the same with the majority of big companies out there, all their outgoing payments go out once a month.

Their creditors are different with customers and SHOULD be treated differently.

They want your money ASAP / instant but if we ask refund you have to wait the batch process? FUNNY!!!

dejadeadnz

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#1282478 13-Apr-2015 20:08

I work in a reasonably senior management role for a retail bank. I can tell you that I and many, many of my counterparts in this and competitor banks will withdraw hiring offers upon a consented-for credit check turning up even small (but undisclosed) defaults, even for roles where people have no access to clients' money. People like the OP might think this is stupid or counter-intuitive but it's often the so called small "irrelevant" defaults that bother employers and other people you care to impress the most. I can much more readily accept that someone might have done their best but just screwed up in business and couldn't pay back $150K in personal guarantees or if they foolishly guaranteed their husband's "guaranteed win" business venture as an unsophisticated housewife and went bankrupt.

I find it hard to take seriously people who refuse to remedy small defaults or allow things like mobile bills to be run up to a point where they get listed as being in default, in light of my experience working as a volunteer in community organisations helping people to negotiate payment plans etc with phone companies and utility companies. Most are actually very receptive if you would just talk to them early and honestly. Sorry to say it OP, if someone told you that you had poor credit history, I'd ask for the your credit reports with all the agencies and fix up your credit file right away instead of calling Snap stupid.

OTOH, I have nothing but contempt for Snap's refusal/inability to refund you right away. That's just not on.

mdf

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#1282479 13-Apr-2015 20:08

Can't comment on their refund policy, but in terms of credit reporting, you have the right to get your credit report (for free) from the credit agencies and, if it's incorrect, have it fixed. Since 2012, New Zealand has used something called comprehensive reporting, which means that you get positive marks for paying things on time. And obviously negative marks for not. This builds up your total credit score. If you don't think you've had any non/late payments in the last two years or so (some things, like bankruptcy, go back further), you should ask for your credit report.

The Privacy Commissioner is responsible for this stuff. See https://www.privacy.org.nz/the-privacy-act-and-codes/codes-of-practice/credit-reporting-privacy-code/.

tantesusi

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#1282482 13-Apr-2015 20:16

dejadeadnz:. Sorry to say it OP, if someone told you that you had poor credit history, I'd ask for the your credit reports with all the agencies and fix up your credit file right away instead of calling Snap stupid.

OTOH, I have nothing but contempt for Snap's refusal/inability to refund you right away. That's just not on.

Right, who can I ask for credit reports? I called SNAP support earlier right after I got their email refusal and the support I spoke to can't see / provide details on their decision on credit check. Obviously whatever the report they got was wrong..

mdf

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#1282486 13-Apr-2015 20:24

http://www.centrix.co.nz/Personal/Get+my+credit+report.html
http://mycreditfile.co.nz/
https://www.checkyourcredit.co.nz/MyAccount/Order/StandardService

Jase2985

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#1282492 13-Apr-2015 20:34

snap will outsource the credit checking to a 3rd party

tantesusi

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#1282499 13-Apr-2015 20:45

mdf: http://www.centrix.co.nz/Personal/Get+my+credit+report.html
http://mycreditfile.co.nz/
https://www.checkyourcredit.co.nz/MyAccount/Order/StandardService

Thanks. Requesting the reports now..

Jase2985

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#1282635 14-Apr-2015 08:32

its not going to help you in this situation but it should be able to help you in the future as you can work out why you have bad credit and attempt to fix it.

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