Dobbing ourselves in to Experian?

jennlx

We are first time buyers (hopefully!) and have recently checked our credit reports with Equifax, Noddle and Experian. I have clean record, my husband has two issues.

1. £500 default on Nationwide credit card in 2009 (when we shut down our Nationwide accounts, we must have overlooked this one - they have never chased us down for the money), shown on Noddle only

2. £4,700 loan from 2003, defaulted but repayments made until 2009 on a continual basis, whereupon asked for statement of account (as seemed too much interest and charges had been added) - appears bank didn't have it, debt attempted to sell onto debt agencies but when we ask for this from them also, they return debt to bank. This has happened twice, and looks like has been picked up by another debt agency as we received a dubious letter "get in contact with us regarding a matter").

We are perfectly happy to rectify these matters and are in the process of doing so, but should we be concerned that these are not on his credit reports? Item 1 was on Noddle only and item 2, while it used to be on Experian report, has now fallen off. When I spoke to mortgage adviser, she told me that I need to inform Experian of these two debts and wait a year to rebuild his credit. Uhm, why? Experian shows nothing and his record is showing an 'excellent' score currently. I'm all for honestly and all that - and the debts will be repaid this week, but it's going to be difficult enough to get a mortgage as it is (and he's turning 40 and we have two young kids, and the need for a house is overwhelming). Isn't it also up to the lender to register debts with credit agencies, and not us? Or is there something to be gained from getting them added, then shown as settled? (apart from transparency and honestly, of course )

samtoby

Some banks do not report to all agencies. I have a loan that shows on Experian but not on Equifax. I think its common that you do not have all credit showing on all reports.

Not sure why you need to make sure all information is correct on all and showing on all?

samtoby

Once these are cleared (why has it taken until now for these to be cleared?) you could explore a mortgage I am sure but you would need a good deposit.

Visit an all of the market broker.

jennlx

Yes, this is what I thought: that all banks use their credit reporting of choice. All very strange...

samtoby

Oh and just for note my credit report says very poor but I can get credit fine but my friend is on excellent and gets declined all the time. Doesn't matter on your score it does not mean anything its the physical data contained in it and depends on a lot of factors such as your salary, how much available credit, how long accounts have been open and how they are managed. You could have a limit on a credit card of 20k but only early 20k with £100 that you pay off every month in full but that would mean if it was maxed, how would you afford it.

Gentoo365

You are not obliged to inform experian etc. However you are expected to inform the mortgage company of these commitments.

If they are repaid and you are not specifically asked about them then you are not really doing anything wrong. You just say that you have no outstanding commitments.

If you still owe money you should include it on the commitments section of the mortgage app.

gazfocus

What date did your husband default on the loan? Defaulted accounts drop off your credit report after 6 years from the date of default so that could explain why it has disappeared.

To be honest, I would find a different mortgage advisor, just print off your credit reports and take them to the mortgage advisor and see what they say. Don't mention anything about any debts that are not showing on your credit reports.

jennlx

He defaulted from the loan probably in 2004ish. I guess this is probably why it has fallen off the credit report. I think we'll settle them, not say anything to Experian and apply in a years time and see what happens (obviously declaring them if necessary but not pushing Experian as to why they're missing). I really liked the mortgage adviser though, annoying!

billybear1

You might not need to wait a year, unless that is to save the deposit. As others have stated... Get your reports and go and see a decent adviser.