equifax wont update my information for our mortgage!!

roojuice1

Also, We werent using a mortgage advisor, however, we are now to see if they can persuade Leeds otherwise, or possibly find another product available at 95%.

I do not agree it is not Equifax fault. Currently they are providing lenders with FALSE information. How is this ok? After providing them with further evidence on our electoral role update they still refuse to do so!!
Lenders are using these companies in order to get an idea of the reliability of the customer, to protect them from reposessions.

They can only see the score therefore can't see a breakdown of why.

I do however feel like the system Leeds are are using is wrong, and relying on one companies scoring system is flawed. Not discussing the problem with us and considering our reasons is frustrating.

If they used experian there would be no problem as we are close to the top score.

holly_hobby

Just to beware that the "credit score" as shown on a online CRA search such as Experian, Equifax or Callcredit, has little baring in reality to that of a mge lenders credit score, which is a underwritig matrix based on your credit history, plus additional paramaters in respect of employment, family situation and other areas.

Hope this helps

Holly

roojuice1

That is true!
Only thing is, we were accepted for the mortgage early this year and the only thing that has changed is we are not on the electoral role as we sold our house and moved out. So this leads me to believe that they must rely fairly heavily on the score provided by equifax. Our credit has not changed otherwise and nor has the threshold score for Leeds.
Does that make sense?

holly_hobby

Sure there will be no problem - but just wanted to make you aware (or others whom aren't) that the scores on the doors with the on line CRA searches you can do, are a little different to those performed by mge lenders.

Having already been accepted for a mge, and nothing changing apart from your VR situ (inc no further mge lender searches), that will obv bode well for you, esp if with the same lender as your original (albeit you don't know how the Leeds scoring system is weighted, so won't know if its "threshold" as you say has changed or not - even us mge brokers/mge profs are not privy to how lenders score and weight apps).

Getting back to the plot, speak to the lender, advise them of the VR situ, advise that your LA can confirm your registation and why there will be a delay with this data being uploaded with Equifax - also asking if there is any additional documentation they will accept as POR given the particular circumstance you find yourself in as a result of the Equifax procedural issue.

Hope this helps

Holly

HARSA

roojuice1 wrote: »

Also, We werent using a mortgage advisor, however, we are now to see if they can persuade Leeds otherwise, or possibly find another product available at 95%.

I do not agree it is not Equifax fault. Currently they are providing lenders with FALSE information. How is this ok? After providing them with further evidence on our electoral role update they still refuse to do so!!
Lenders are using these companies in order to get an idea of the reliability of the customer, to protect them from reposessions.

They can only see the score therefore can't see a breakdown of why.

I do however feel like the system Leeds are are using is wrong, and relying on one companies scoring system is flawed. Not discussing the problem with us and considering our reasons is frustrating.

If they used experian there would be no problem as we are close to the top score.

I understand where you are coming from. I work in data management and deal with large data sets on a daily basis. I can tell you that it doesn't take long at all to match-back different datasets and for equifax to update their systems. It took Experian overnight to update everyone else electoral roll details so why can't it be the same for Equifax?

Like I said before try a different lender that;

1. Only uses Experian (there is a thread on this site that tells you which lenders uses what credit reference agencies)

2. will consider other ways of confirming who you are and if you live at your address.

Good Luck