Experian & Equifax 11 April 2013 at 5:20PM in Credit File & Ratings 8 replies 2.4K views

xxmisslimberxx

Hi everyone,

I just wondered if anyone else is having the same issues I am with the different credit reporting companies...

I bought my equifax report yesterday and got a "fair" rating. Today I bought the experian one and was rated "excellent"

I have two small defaults (settled) on my file, one from 2011 and one from 2008 for mobile phone bills.

Any ideas why they would differ so much? Will this affect me when trying to get a mortgage.

Thanks in advance for any replies

Thrugelmir

xxmisslimberxx wrote: »

Any ideas why they would differ so much?

They hold different information.

Until such time as a lender requests a credit profile of you. The records won't be updated with information held elsewhere.

macarena123

Also bear in mind that the "scores" they give you are pretty worthless as they use their own criteria.

Obviously if you have a red flag for CCJs, defaults, etc, this could be a problem. However a mortgage lender will also look at things like income, employment status and deposit size when assessing you, none of which are taken into account by Equifax or Experian, and could make or break your application with a lender.

My advice would be
1) Check that the info is correct, i.e. they have your correct addresses, show you on the electoral roll, and don't have any erroneous missed payments, etc on the file. Then forget about their score.
2) If you have concerns about any past issues, talk to an independent broker, who can give you more accurate information about how much of an issue these may be

Good luck!

xxmisslimberxx

HELP! Just realised why my credit report looks so much better with experian... Some of my mums credit cards and loans (which are immaculately paid) are on there as we have the same name and address (except she's mrs and I'm Miss) will this affect me?!

Annisele

You need to get in touch with Experian and get them to fix it - as it stands, the mistake will affect you and your Mum.

macarena123

Yep - you should look at your report from all three agencies: Experian, CallCredit and Equifax (who are a total nightmare by the way).

Note any errors like the ones you''ve found and ask them to update their file. It's all fixable. but you should get it corrected before you apply for a mortgage.

bigadaj

Though ironically this is one instance when the OP may be benefitting from an error by a cra. Might be tempting to wait for correction if a mortgage application is being considered in the near future.

Annisele

But a history of repaying a loan isn't entirely a benefit - if a lender thinks the credit cards and loans belong to the OP, they will reduce the amount the OP can borrow.

Experian_company_representative

As well as name and address, credit checks are guided by dates of birth, so I don't know how this could have happened. However, if you request a financial disassociation via the Experian website we will sort this out I'm sure.

James Jones