Credit report (Whole system has a HOLE)

haisharif

Hi,

I had lots of incorrect information in my credit report (Experian) and my mortgage application got rejected. After fighting for 1 month (calling, mailing, posting) experian I corrected 50 % of the incorrect info and I am still waiting for other 50 % ( electoral reg, credit card balance) as they update the info only once in a month (how stupid ???).

I went to other ref agency today ( Equfax) and saw the same !!!! (incorrect information) in my credit report. I dont understand if these agencies work so independently how will we know which lender is checking which credit agencies ????? and even if we do we have to chase all the three agencies to correct them and up to date. The third one (Call credit ) doesnt come free as the other two comes with 30 days free trial.

Sometimes I think the system itself is screwed up.

Any comments ????

Dan_1976

It has its problems, its not bad if you think about the task they have to do.

A lot of people and info!

dunstonh

I have found a handful of cases over the years where data is wrong. For most people its fine and it does the job it needs to do.

The hardest part I have found is that when there are errors, Experian (who I use) are a nightmare to deal with. Every time they give out incorrect information or try to pass the buck.

Dan_1976

Thats a financial services thing big D, pass the buck and then go the finance company and they pass it back to the credit agency.

ernie100

It is unfair that its only updated once a month,and not even at the same time. I have lots of entries that are not correct as I have recently worked hard to pay off things etc........When you ask the relevant company to update Experian etc, they say no we can only do it once a month

Trollfever

More information can be found here:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Dan_1976

ernie100 wrote: »

It is unfair that its only updated once a month,and not even at the same time. I have lots of entries that are not correct as I have recently worked hard to pay off things etc........When you ask the relevant company to update Experian etc, they say no we can only do it once a month

I think once a month is fair, its a big task to keep a lot of info up to date, If they did it weekly you would either get more errors or a fee will be added somewhere.

Ithink they could improve when dealing with issues as your having, this side of the business is a pain.