Equifax Credit Score 600 points less than Experian!!!!

pammy1806

Hi all

Ok im intending to be a first time buyer, nothing major just a wee house around 50k max (10% deposit i will get from selling my car) I've been to my bank and they said based on affordability i could borrow up to £60 this is taking into account £3000 on credit cards and a loan of £7500, all seemd great. He said he couldnt do an offer in principle until i put an offer into a house.

I decided i should do an online credit check and signed up to Experian, which shows an excellent score of 999, again GREAT however i noticed it did have details of my majot credit card with balance outstanding of around £2300 nor did it have details of my loan!! So i though maybe this info was held by Equifax.

I signed up to Equifax to be shocked when i had a fair score of 376! it appears to have my 3 credit cards listed in agreements section with balances a month or so old, so they obviously know about them but it says i have no agreements at my current address (all 3 have been changed to my current address many months ago) My tesco Loan doesnt appear here either, yet it has settled my old loan which was done on the date.

My electoral register seems to also be marked as very poor, i've since informed the electoral agency of current address but could take months to update.

My question after all that is, i have seen a house i would love to put an offer in but is there any chance of me getting a mortgage with Equifax being so poor and having incorrect info?

What are my chances? Also with a loan of £7500 and £3000 on credit cards is it even likely? I have no negative credit history, i have had many agreements all paid on time up to date or settled!

Your opinions greatly appreciated!

BoracicLint

Although the score itself is irrelevant to a lender (they use their own scoring methods) and may use any of the credit agencies to source your information, I would take some time out and get everything sorted before proceeding, at least get your electoral reg. up to date.

I recently updated my electoral role address and this only took about 2 weeks to take affect.

If you really cant afford to let this house go, perhaps print off your credit reports from all three agencies and see a broker, who might be able to tell you if its worth applying.

Dave_Ham

If there is nothing negative on Equifax, seriously negative then do not worry.

It is likely your bank will largely use Experian and just use Equifax to check for any additional naughties, obviously dependent on the lender.

I would expect this to all be ok for you to get the wee house...

pammy1806

Thanks

No there is nothing major, i think in my whole history of around 8years and 18 agreements i have had 3 late payments.

You wouldnt think on an income of £25k, looking to buy a house of £50k, 10% deposit, a loand of £7500 paid over the next 4years and £3000 on credit would be adverse to my application?

I have arranged an appointment with a recommended financial advisor for next week, but should i wait until my electoral roll is updated? The agency said this could take into December or beyond to see a reflection on Credit Report.

Dave_Ham

It is fine, see the advisor - perfectly fine.]

The lenders do not look at the scores, just the content....!

harvey115

The electoral role might appear maybe in January or late December.

Speaking to the advisor to get a better feel of the process and come back with any worries over here to discuss i.e. advisor fee structure, suggested lender etc.

kingstreet

FWIW - not very much in my opinion as these scores are pointless, Equifax only goes up to 500 and Experian to 999.

pammy1806

Oh so Equifax doesnt go up to 900 like Experian, on there coloured scoring grid it would give you the impression it did.

kingstreet

pammy1806 wrote: »

Oh so Equifax doesnt go up to 900 like Experian, on there coloured scoring grid it would give you the impression it did.

AFAIK it's only 500. I'm sure someone else will correct me if I'm wrong. They normally do!