Is there something wrong with Experian??

Jojo1daffy

Sorry this is quite a general question, but it's to do with a mortgage application for me so I've posted in this section.

I have a clean credit file, the only open files on my report are my current account (not overdrawn), my bank credit card (credit limit £1000 - balance £200), Gas + Electric DD - up to date.

My credit card balance in January was £800, February £600, March £400, April now £200. On my current Experian report the balance is £800.

My credit score in January was 920.
My credit score now is 803.

How does this make sense?

I've queried this with them and they just give the same script-led robotic fobbing off crap that amounts to 'it's correct'.

kingstreet

Read this thread and note the comments, particularly those of Paul Herring and the Experian rep;-

https://forums.moneysavingexpert.com/discussion/3158508

Jojo1daffy

Thank-you for that - excellent thread!
Rang my bank earlier to see why the balance on my credit card is not been reflected on Experian although the payment history is up to date (makes it look like I have been making the min payment and then using the card and having no impact on the balance which is not the case). The bank have no idea why as they pass the balance etc to Experian who have not been updating correctly. The bank are manually going to update the balance of the credit card on my credit file.

I think the upshot is: Experian - the main credit reference agency that the majority of lenders rely on for inital credit decisions relating to life-changing events such as mortgage applications are actually a pile of crap.

dunstonh

I think the upshot is: Experian - the main credit reference agency that the majority of lenders rely on for inital credit decisions relating to life-changing events such as mortgage applications are actually a pile of crap.

I think its fairer to say that they are prone to error and like to pass the buck and blame others but in most cases what they do is fine.

I have found when it works, which it does in most cases, it works well. However, when there is a problem they are a nightmare to deal with and either pass out misinformation at best or tell outright lies at worst.

Thrugelmir

Jojo1daffy wrote: »

I think the upshot is: Experian - the main credit reference agency that the majority of lenders rely on for inital credit decisions relating to life-changing events such as mortgage applications are actually a pile of crap.

Lenders have access to far more information than what consumers view. Consumer reports are merely a subset of the data and a way of generating money for something which to many is worthless.

Jojo1daffy

I was specifically told (by the Co-op Bank) I was declined on the mortgage application because of a credit score provided by Experian that indicated I had a high level of credit. I've had to send in my credit report to prove that that is not the case. They lost that, I sent it again. They found the first one - it was on someone's desk in the wrong file. I'm still waiting on a decision.. I think between the bank and Experian it's been one big !!!!-up.

Thrugelmir

Some credit data is only updated every 3 months on Experian. The system isn't instanteous for all activity and a delay of a month isn't uncommon. The systems are built to protect lenders or providers of credit not provide consumers with their own "credit rating" on which to base themselves.

Jojo1daffy

Searches take 24 hours, other information updates every 28 days. I am in Equifax and Experian every day for my job, so I know how it works.
The payment history on the card has updated every month. It was updated 13th Feb, then 13th March showing 0 - payment up to date. But the balance hasn't changed since Jan. I'm not wanting my own 'credit rating' - I'm wanting a honest representation of my credit history.