Why doesn't Experian Automaticaly Update?

Jakestar

I stupidly applied for a CC without checking my credit files, as I believed they were all OK. I got declined.

I've now just checked, and experian hasn't picked up on my current or last address (3 months and 8 months repsectively), this may well be a big contributory factor into me not getting accepted.

For the last 2 yeasrs (throughout my last tenancy and during my current) I have used my CC (M&S Money (HSBC)) every month, have had a loan (HSBC) and an overdraft facilitiy with my current account (HSBC).

I update all my accounts when I change address, so all my accounts had my current and previous address on file and I've always been on the electoral role.

So logic would dictate that HSBC report to experiance / equifax et al. and they would therefore pick up on my current details?

Or is this not how it works and everytime I change I address I have to manually update all my credit files?

If so what is the point in financial institutions reporting to these companies if they don't even pick it up on your file??

Silvafox

Neither Experian or Equifax picked up my address move after 4 months - so I simply updated the details myself and they updated my files within a couple of days. I think they would pick up on the changes 'eventually' but if you're applying for things in the meantime then I'd update them manually.

No idea why the don't or can't update quicker.

Jakestar

Silvafox wrote: »

Neither Experian or Equifax picked up my address move after 4 months - so I simply updated the details myself and they updated my files within a couple of days. I think they would pick up on the changes 'eventually' but if you're applying for things in the meantime then I'd update them manually.

No idea why the don't or can't update quicker.

Cool, glad it's not just me then. I have updated my addresses manually, so hopefully by tomorrow it should be upto date.

Currently my current overdraft and CC accoutns do not show up as a "credit account" on experian (as they are registered at my current address), experian doesn't even know they exist, however I'm presuming that once Experian update my address, those credit accounts will be shown?

Annoying why these companies can t just maintain things automatically, especially if credit institutions should be "reporting" to them!

izools

Jakestar wrote: »

Cool, glad it's not just me then. I have updated my addresses manually, so hopefully by tomorrow it should be upto date.

Currently my current overdraft and CC accoutns do not show up as a "credit account" on experian (as they are registered at my current address), experian doesn't even know they exist, however I'm presuming that once Experian update my address, those credit accounts will be shown?

Annoying why these companies can t just maintain things automatically, especially if credit institutions should be "reporting" to them!

Ahh I see what you're saying now - you've told the institutions that you hold accounts with that you've moved but you didn't update your Credit Expert membership with your current address and the fact you've moved?

Experian only show you data pertaining to the addresses that you've told them about even if you have data residing at other addresses which are linked on your file.

As you say, now that you've updated Credit Expert too, the data you see should reflect your new address tomorrow

Majestic

I'm lead to believe that being at an address for anything less than a year is not viewed too kindly by potential lenders. They like to see stability in that area of your Credit file, for correspondance one would imagine.

I would also imagine not being on the electoral roll (at all) would be an absolutely huge factor in you not being granted credit.

I had a similar problem and contacted the local council, who sent out a letter confirming my Electoral Roll status, which I forwarded onto Experian and Equifax, in an effort to get the ball rolling.

Good luck.

Jakestar

Majestic wrote: »

I'm lead to believe that being at an address for anything less than a year is not viewed too kindly by potential lenders. They like to see stability in that area of your Credit file, for correspondance one would imagine.

I would also imagine not being on the electoral roll (at all) would be an absolutely huge factor in you not being granted credit.

I had a similar problem and contacted the local council, who sent out a letter confirming my Electoral Roll status, which I forwarded onto Experian and Equifax, in an effort to get the ball rolling.

Good luck.

I am on the electoral roll and always have been, its just that experian didn't know!

I agree about moving home, but I'm renting in London, the maximum time I will stay in 1 place is 1year, so I have no hope in that area until I buy!! That said, with experian updated they have all ky info and electoral roll info now and correct, they say my credit score is 989 and presumably that's taking into account my recent change of address, only time will tell I guess