Looking at Equifax & Experian side by side

MoneyWasting_Expert

Finally got my issues with Experian sorted. An old application removed and was able to sign up for a new 30 day trial. I have been a happy Equifax costumer for over a month now and have seen a lot of improvements on my Equifax file and wanted to see how my Experian was being updated.

First the good news, there are no nasty surprises on Experian. All lenders and creditors are reporting to both Agencies and all information is up-to-date (though Orange is lagging more with Experian) and a new Capital One account that was opened has just been added to Equifax and not appearing on Experian as of yet but I dont even have my first bill so nothing to worry about. Also can confirm that Cap1 searched both Equifax and Experian. Shop Direct only searched Equifax, MBNA and Cabot only searched Experian.

My main issue so far though has been the way the accounts are presented. I have defaullted on many accounts in the past and now debts are being settled in full. The way this is translated on the files of either agency feels very different.

Though all information is correct and up-to-date with both agencies, my Equifax Credit Report looks a hell of a lot better than my Experian Credit Report. And the reason for that? There is less red on the Equifax report.

Maybe I am reading to much into it all? When a default account is paid off that account goes green and the status is updated to Settled on Equifax. On Experian the account stays red and the status stays at Default (in red lettering) while balance is changed to Satisfied, which to me even the language used doesnt really paint a picture of how you actually settled the account. If your account is always in green and then closed its settled, however if in red then settled, its satisfactory? While with Equifax all acounts settled show as being Settled not Satisfactory. Ok I am probably melting some heads here:rotfl:

I have been paying debts off in full bar one creditor which was Santander. They gave me a repayment plan and knocked a mere 20 pounds of the balance which at the time was around 700 pounds. It was not by desire to have this the repayments were rounded up to a figure that saw the discount. On Equifax again the account is glowing Green, its status is Settled. Then there is a note left stating Partial Payment - Partial Payment accepted as a Full and Final Settlement but did not cover the wole outstanding balance.

On Experian the account shows as being in the Red, Default, and balance now Satisfied with a note saying Partial Settlement and nothing else, no mention of it being acdepted as full payment.

One last thing is my Barclays Current Account. I had charges on the account which are now cleared:j and back to working order and Barclays changed the status for 3 months to Arrangement to Pay (red boxes) with Equifax. On Experian it actually shows in green as U. What does that imply and is it actually better than AP on the file?

Well thats about it, some nice summary features on Experian, the monthly charge sadly has priced this service out for me. Had it been 6.99 I might of continued with both Equifax and Experian. My mind at rest a bit more now knowing what is actually on both files.:j

MoneyWasting_Expert

Would like to add, that a default account on Experian still carries a current payment history for each, while on Equifax once the account enters default no payment history will show once at that status, the balance alone is updated.