Credit Reference Agencies - Who Really Uses Who?! UPDATE

Notmegov_2

Hi

Just wondering as i can't seem to find upto date info on who HSBC use for credit checks on there mortgages

Thanks for the help

Notmegov

never-in-doubt

Notmegov wrote: »

Hi

Just wondering as i can't seem to find upto date info on who HSBC use for credit checks on there mortgages

Thanks for the help

Notmegov

Experian first and if more info needed then Equifax.

HSBC are partners with Experian so always use them first, except when you have an account and they do a monthly check (CAIS) they somtimes rely on data from CallCredit as its cheaper (by all accounts).....

In your case, for a mortgage it will be checked through Experian and Equifax i'd say, but deffo Experian first and foremost.

izools

never-in-doubt wrote: »

Thanks, this is perfectly normal. They done so with me as well. Basically if your Equifax comes back clean they will offer you account; if any discrepancies they search Experian.

Interesting you say that, as my OH applied for a Barclaycard Initial in June and got turned down, they ONLY searched Equifax.

I hope to god that they do only search equifax, as I have a Provident account on my experian report ONLY which is giving me major grief.

The account is settled now but is the only account on my report with previous arrears on it.

And of course I'm moving on the 1st and I'm sure some of you know about Equifax address links vs Experian address links...

never-in-doubt

izools wrote: »

Interesting you say that, as my OH applied for a Barclaycard Initial in June and got turned down, they ONLY searched Equifax.

I hope to god that they do only search equifax, as I have a Provident account on my experian report ONLY which is giving me major grief.

The account is settled now but is the only account on my report with previous arrears on it.

And of course I'm moving on the 1st and I'm sure some of you know about Equifax address links vs Experian address links...

Hi

I know Barclays are linked to Equifax - I was referring to HSBC using Experian.....

So to answer you, if you apply for any Barclays or Sygma Bank stuff then they will only search Equifax.

I sure do know about the problems with linked addresses, in my opinion Equifax is the problem with links, not Experian :beer:

izools

It depends what we mean by "Problem"...

... In my experience when a creditor has searched an address on my equifax file they also see the information at my prior address, but not the one prior to that.

... However with Experian they see EVERYTHING.

... And when I move, I'm quite happy for a potential creditor to see things at my last address, but my address prior to that I'd much rather never happened TBH.

I have no intention of cheating a creditor out of anything, I just want to be rid of Virgin Mobile and Vanquis!

never-in-doubt

izools wrote: »

It depends what we mean by "Problem"...

... In my experience when a creditor has searched an address on my equifax file they also see the information at my prior address, but not the one prior to that.

... However with Experian they see EVERYTHING.

... And when I move, I'm quite happy for a potential creditor to see things at my last address, but my address prior to that I'd much rather never happened TBH.

I have no intention of cheating a creditor out of anything, I just want to be rid of Virgin Mobile and Vanquis!

Ahh same problem then! You're specifically referring to the link in linked addresses but if the data is older than 6yrs then Experian cannot show the data - just the address.

Linked addresses will remain for as long as they are pertinent to your report, in that any account remains open/defaulted etc must be properly seen out before the link will be disassociated.

Example 1.

I live at 1 anytown and move to 50 browntown. I have a hsbc bank account and a barclaycard.

I close the barclaycard but forget about hsbc and move to my new address. I then apply for some credit at new address and give previous address - the application is declined and so I check my credit file. There shows a few addresses, my current one, my previous one and a linked one (the same as previous in this example).

The link will remain for as long as I keep the HSBC account open and active. So lets assume I want to close it, as I moved with the account being live then the linked address will remain for 6yrs until after this account has been closed at which point it will drop off my credit file.

Example 2.

This example assumes the above but that I closed my hsbc bank account and barclaycard at the same time, then moved.

In theory there would be no linked address - only a previous address as there are no current or past liabilities at the linked (previous) address. So my credit file would simply show my current and previous address with no link.

Make any more sense now?

izools

Example 3

Customer moves to new address, takes all active accounts, that have flawless payment history, (two credit cards, and one bank account) to new address and registers on the electoral role.

No previous address has any outstanding accounts or defaults or CCJs (but a plethora of settled / satisfied / partially satisfied ones).

Customer waits six months at new address to give time for electoral role and accounts to update as all reflecting at being at the new address.

Customer applies for a credit card, and mistypes the length of time that he has been at the new address as six years instead of six months.

Creditor searches Experian, and sees information relating to all prior addresses.

Creditor searches Equifax, and sees information relating to current and most recent prior address.

Correct?

never-in-doubt

Yes 100% correct because as explained in example 1 (there are only 2) you have brought exiting credit with you thus the link will remain until the closure of those accounts - even if it is 20 years the link could remain.

never-in-doubt

HSBC credit card now reports to Call Credit (so all 3).

Bank of Ireland report to EX & EQ only

Laredoute & JD Williams also both report to Call Credit.

sorry if data repeated, but just checked last months reports and noticed that Call Credit was slightly amended with these companies reporting to them.

dukey

Norwich and Peterborough report to Exp and Equ. Not sure about CC.