Credit Reference Agencies!

Series2aFan

Dear All,

My story starts with me walking past a car dealership and venturing in to look at a car that had taken my fancy. We talked through the figures and I went away to mull it over.

As good advice will tell you these days, I signed-up to Experian to check what's-what and was pleased to see that it was healthy. So with the knowledge that the Credit Referencing God's had given me the green light, I strolled back to the car dealership to purchase the car.

It wasn't until the dealer had done their search that things turned somewhat sour. Something was amiss. We sat down and I shared with them my report, fresh from the printer, and we were all confused (as the Finance firm supporting the deal would not elaborate on anything more than the fact it wasn't good and they would not underwrite the loan).

So, I enquired as to whether they had used Experian, to which the answer came 'No, we use Equifax'. I'd never heard of Equifax before, so I've done some digging around.

Cutting a long story short (too and fro with Equifax at an alarming rate per minute call, not getting anywhere fast - which is a separate issue), I finally got visibility of my credit score with them. It was certainly not healthy.

My concerning point here, is that we have several, large Credit Reference houses who are in a position of great power over our lives, yet they are not consistent in their approach nor practice it appears. Regulation needs to step in, as I'm sure I won't be the only person reading this that has very different credit scores from two "renowned" credit reference houses which are making life extremely challenging in what are still very difficult times.

They need to be brought under the spotlight over their internal processes and applied governance over their working practices.

Willing2Learn

Hi Series2aFan and welcome!

Exactly what data on the Equifax report is negative?
Is everything recorded correctly?
Have you checked the data, line by line, for errors or negative markers with both Experian and Equifax?

Please don't use the score from either Experian or Equifax as evidence of credit health. The scores they use are meaningless and are not used by lenders. They will mislead you. Lenders score you based on the recorded data in your report and in accordance with their own criteria and specific fininacial product. This is why you must go through each line of your reports with a fine-toothed comb.

You are on the electoral roll Yeah?

Tixy

Hi

There are 3 different credit reference agencies and all will contain slightly different information. That is because they can only report on information that is provided to them, and many credit providers/banks only report to 1 or 2 of the agencies.

They should all 3 have the same public information - that information as to whether a person is on the electoral roll and whether they have any CCJs or have entered in to an insolvency agreement or bankruptcy. But the credit account information, and credit application searches can vary a great deal.

To be certain of what a potential lender could see you need to check your credit report with all 3 agencies (not the scores they sell - as these are not what a potential lender sees - you just need to focus on ensuring that the raw data on the credit file is accurate).

harrys_dad

Maybe you should be grateful that you have been stopped buying a car that you needed credit to buy. There are many decent cheap older cars out there that are within your budget without borrowing I would guess and would do a job.

maximus999

Harrys dad, why would he want a banger when he obviously works and should have the good things in life wether it be on finance. or paid in cash. That is the whole point of finance which drives the economy!

I agree that why should there be 4 credit reference agancies (to my knowledge). They all report different things and can have a MAJOR imact in our lives which is clearly shown.

rizla_king

Series2aFan wrote: »

As good advice will tell you these days, I signed-up to Experian to check what's-what and was pleased to see that it was healthy.

Good advice would tell you to check all 3.