Equifax credit rating issue

sophieev

Hello All

Wondered if anyone had any advice on this issue.

Equifax is not listing my credit cards or other credit agreements that I have on my credit report. This is having quite an impact on my credit score with them and also on the report itself. Other than my mobile phone contract, I am showing up as having no credit agreements. I do have other credit agreements.

I have spent hours on the phone to these jokers getting them to correct a series of other serious errors. That is all now done but they refuse to correct the credit agreement section to reflect my actual credit agreements on the basis that my bank does not provide them with information - notwithstanding that I have sent them evidence of these credit agreements. I have also called my bank to see if they can help by providing info to Equifax - but they have refused.

Equifax have suggested that I should try to get round this by taking out random credit cards with providers who provide Equifax with information. This is not really something I wish to do.

Does anyone (particularly the brokers out there) know whether this is really going to impact my chance of getting a mortgage ?
Do people actually enter into credit agreements that they do not need or want simply in an effort to rectify the failings of a credit agency ?

The whole situation just seems so fundamentally wrong. I pay them for the opportunity to look at the mess they have created due to their failures and incompetence. I then attempt, at considerable cost in time, phone calls and sanity, to correct it - and even when they agree and acknowledge that I am correct they just come back and say "computer says no". With such high stakes, these agencies should not be allowed to get away with their appalling standards.

kingstreet

Their "scores" are pointless and a waste of money and bear no relation to reality when you apply for a mortgage.

Some lenders provide information to, and take information from, just one CRA. So, your accounts could show on one CRA credit file only.

If you have a clean credit history, have been in employment and residence at your current address for a decent timespan and have a decent deposit, you should be fine.

Check all three of your statutory credit files once a year, or a month or two before you apply for a mortgage, just to make sure there are no errors which need correction.

sophieev

Thanks

This really annoys me.
My file is all clean apart from a few late mobile phone payments (1s or AAs) - long story. This mobile phone account is all that shows up on my Equifax file - not the several other credit agreements where the payment history is completely clean.

We are good credits. Good salaries, 25-30% deposit, in same employment for 6 yrs, been in current flat for 6 yrs etc.
It worries me that I could get rejected due to this report.

The late phone payments I will need to take on the chin - latest was over 18 months ago. We have spoken to a broker about this and he reckons we may be able to get round this.

Would a broker know which lenders use Equifax ? - idea being that we do not apply for mortgages with any lender that uses Equifax as part of their credit decision.

droiderm

I wouldn't personally worry too much if your current credit agreements don't appear on Equifax, if they are not supposed to.

It might be worth checking with your credit providers, if they do report to Equifax. All of mine do. Just to ascertain if there is a mistake. If your current providers do, get it in writing from them to have something to start with.

Did you use all of your previous addresses when applying for your report?

If your current providers do report to Equifax, then get the evidence, call Equifax and ask to speak with someone frome the UK. I was told blantant lies by their offshore call centre. I had success speaking with someone from the UK.

All said, for a mortgage application, the lender you have in mind may not search Equifax. Might be worth checking that, before getting too frustrated. It is frustrating, I have been there.

sophieev

It is Lloyds. They do not (and will not) report to Equifax.

Equifax in particular have been an absolute disgrace, they really have.

Wh05apk

I wouldn't worry about this, from what you say you have a good case, shame about the late mobile payments, but that shouldn't be too much of a concern.

Just wonder, your address, is it a flat, or name as opposed to a number?

sophieev

Funny you should ask Wh0.....

The postal address of my flat is along the lines of "Flats A - D" 5 Big Street - i.e. the post office (PAF) address finder service has it stored as such. This is the only address the Equifax site would let me enter - "Flats A - D".

This caused a total mess as I am on the electoral register and all my credit agreements are (logically) registered against my own address - which is "Flat A" not "Flats A - D" (clearly I do not live in all of the flats).

This took two weeks of daily calls to sort out. Equifax initially insisted that I make the post office register my own flat separately on their system. Quite rightly the (very helpful) post office refused, pointing out that their system is not set up for credit agencies, rather it is there to help a man in a street with a lot of letters in his hand know which hole to stick them through.

Anyway after MUCH to-ing and fro-ing this got fixed somehow.

But this should never be an issue for anyone in this situation. Equifax uses this PAF system which could cause an issue for anyone in a flat. However..... The Post Office also has a "multi-occupancy" database which registers individual flats in a building meaning this problem should never occur. Thing is that it cost the Post Office a fair bit to put this together so (reasonably) they make a small charge for access to the service. Equifax does not subscribe to it. Given who Equifax is and what it does, I find this incredible.

droiderm

Check this thread for who uses who. Might be useful.

https://forums.moneysavingexpert.com/discussion/1033817

Thrugelmir

sophieev wrote: »

It is Lloyds. They do not (and will not) report to Equifax.

Lenders provide their data to one credit agency (of their choice).

I'm unsure as to what you are trying to achieve. Ultimately your credit record will be checked who ever you use to obtain finance.

sophieev

I am trying to achieve a mortgage offer from a lender which is not the institution I bank with.

I fully understand that my credit record will be checked. Which is why it would be nice if my Equifax credit report was accurate - i.e. it said that I had three separate credit agreements which have no late payments and high limits on them. This would make me look like a much better credit than the current report does - it is also the truth !

Instead my Equifax report says I have only one credit agreement - my mobile phone contract - which makes me look less creditworthy. This is because Lloyds (my bank) do not report to Equifax. A mortgage lender, however, may seek to rely on an Equifax report.

My Equifax report is not accurate and I have been told that there is nothing I can do to make it so.

Do you see the issue now ?

Thrugelmir

sophieev wrote: »

i.e. it said that I had three separate credit agreements which have no late payments and high limits on them. This would make me look like a much better credit than the current report does - it is also the truth !

I can see where you are coming from. However has little bearing on how you will be scored for a mortgage.

Lenders obtain datasets from the credit agencies, and will score you themselves.

Banking with a lender, saving with a lender offers far more brownie points. That just repaying a loan.