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Credit Reference Agencies - Who uses who? discussion area
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Former_MSE_Dan
Posts: 1,593 Forumite
in Credit cards
This discussion relates to the Credit Reference Agencies - Who uses who? table.
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Former MSE team member
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Hi folks,
The discussion after this link got rather confused and jumbled around, so i've deleted it and wanted to add a note.
First to clarify, the information in the table comes directly from the lenders themselves. This is their published policy. If anyone has any queries or different information please post it and we will challenge them - we are currenly doing so with Amex.
Where two CRAs (credit ref agencies) are listed thats because two are used. Sometimes these are used together, sometimes these are used separately. Unfortunately this information isn't published and is only available after applying.
It's important not to draw the conclusion "my letter said Equifax on my credit card application thus they use equifax for all applications" this isn't necessarily true.
This isn't an exact science, the table is there to do its best based on the published information, but remember doing this is more an art, providers don't want you to beat the system so it isn't always as straightforward as it seems.
All the best
MartinMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Just a quick note to say that Amex have now confirmed that they use all 3 CRAs, depending on the circumstances and customer.
The Table should be updated tomorrowFormer MSE team member0 -
MSE_Dan wrote:Just a quick note to say that Amex have now confirmed that they use all 3 CRAs, depending on the circumstances and customer.
The Table should be updated tomorrow
I think you should recheck all the the companies. :cool:0 -
I have just been credit checked by Northern Rock who used Eqifax, not Experian as indicated in the 'Who uses Who' table.0
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FlyTrap wrote:I have just been credit checked by Northern Rock who used Eqifax, not Experian as indicated in the 'Who uses Who' table.
Was this for their credit card?? If so, then it would be the Co-op Bank who did the check (although I know they use both).
My own view, based on own heavily stoozed records, is that you might as well forget about Equifax as few of my credit applications show on there & those that do are all replicated on Experian.Ethical moneysaver0 -
Just been to Nationwide, they used Experian, but I was told they also use Equifax.
dcac's lovechild0 -
Who uses them: You can - to protect yourself from ID Theft!
http://www.techworld.com/security/features/index.cfm?featureid=19540 -
I’d like to clarify a few points:
There are three credit reference agencies in the UK (Experian, Equifax and CallCredit). In terms of volume of credit checks made, Experian is the largest, but as Martin's article and several money savers on this and previous threads point out, some lenders do use one of the other two agencies. Also, many lenders do have access to more than one agency and will use different agencies according to a number of criteria, including the product you are applying for or the system they are processing your application on.
Lenders can only search your credit report (with any credit reference agency) with your permission, so if anyone thinks their report includes unauthorised searches they should contact the relevant agency so they can investigate it.
Each search of your credit report leaves a footprint that stays there for 1-2 years depending on the agency. Lenders do look at your recent credit application history and often investigate further where applicants have a large number of recent credit application searches, because this can signal over-commitment or identity fraud.
Regardless of which credit reference agency a lender uses for the initial credit check, with few exceptions any subsequent account that is opened will be shared with all three credit reference agencies. Likewise, the three agencies store the same public record information (like electoral roll, court judgments, individual voluntary arrangements, administration orders and bankruptcies).
In the past, several large high street banks only shared customer information on accounts that went into default. But this is changing and many banks now share information about all their customers with all the agencies. Of those that don’t, most have plans to do so soon.
So, as far as we are all concerned, the only tangible difference a lender’s choice of credit reference agency usually makes to us is which credit application footprints the lender sees. And only in exceptional cases will the number of footprints showing on your credit report actually affect your application.
Hope that’s useful.
James (Money Saver and Experian manager)“Official Company Representative
I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
hi there,
found the table really useful - but have an additional question I'm looking to answer.
Are there any mortgage lenders which use call credit scoring system?
From the table I went in today to Skipton to find out more about a mortgage. I've checked my credit files through https://www.checkmyfile.com and my scores are more favourable with companies who use call credit agency.
from the meeting I've discovered that skipton doesn't neccesarily use a scoring system - but checks for defaults (max 2) (£1k each) and time period since last default was closed (needs to be 12 months)
I fell down on this point - but cleared everything else - so theoretically I can apply for a mortgage with Skipton in 6 months or so.
Any help is warmly appreciated0 -
HI ! Can anyone advise us as to the best company to contact for a loan as we have a poor credit rating (apparently), skimmed the web and found hundreds but would prefer advice from you guys !Many thanks .Northerner123MSE_Dan wrote:This discussion relates to the Credit Reference Agencies - Who uses who? table.
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