Credit Reference Agencies vs Statutory Report

[Deleted User]

Hello,

So I am confused, What is the difference between the likes of Experian and Equifax vs Noodle vs your statutory credit report?

I have used all bar the statutory credit report but I don't actually understand the differences?

Say I go to bank A for finance and I know Bank A uses Experian.

Will they get my statutory credit report, which is the same as the £2 one I can get, or do they get a version I would get if i paid the (frankly absurd) £14.99 a month?


From What i understand:

Experian: £14.99 a month, Includes protection
Equifax: £14.95 a month, Includes protection
Noodle: Free - Call credit statutory report

Statutory Report - £2 from any of the lenders

I have had errors on my Noodle report that included financial associations and have had them removed by Noodle - Does this mean (as it is the statutory one i believe?) that it would be removed from all of them?


I'm a tad confused and don't seem to be able to find information online?

markolexus

There are three credit reference agencies in the UK - Experian, Equifax and CallCredit.

Noddle is an advertisement supported free website which gives you access to your CallCredit file.

Noddle pushes its premium services hard on the free site.

The Banks probably use all three agencies - perhaps just rotating them to put entries on files.

Your "statutory report" is available from each Credit Reference Agency - not from Lenders. The fee is capped by law at £2. They will want some id such as utility bills if doing this by post.

I think the advice on MSE is mainly that people should check their credit file - either by the statutory report or using the free services and cancelling before the month is up. Noddle however is always free.
You should do this once a year - to check for errors and possible ID Theft.

But do not go for any enhanced protection, credit monitoring or insurance - it is expensive, poor value and most people do not need it. If you think you do need such a service - it might be wise to check with people at this site first.

If Noddle removed entries they will have been removed from CallCredit - but not the others to which Noddle has no access.

sirwiggum

I found the statutory report to be mostly useless.

Noddle has been a great tool though for checking the credit file, as I have exited a DMP, the defaults have been dropping off and I've been disputing AR markers.

JuicyJesus

Noddle is a very good and free service. Not everyone reports to it but it will cover most big lenders and forms of borrowing. For doing cursory checks to make sure there's no bad stuff you need to know of from time to time it's excellent, but you should check Experian and Equifax too.

CreditExpert and whatever Equifax call their monthly offering are a waste of money. You can order a £2 report online from each - the total cost of that is almost a quarter of the price of the monthly subscription to Experian. The only difference is it takes a little longer to get to you (but you can order it in hard copy.)

ValHaller

sirwiggum wrote: »

I found the statutory report to be mostly useless.

Noddle has been a great tool though for checking the credit file, as I have exited a DMP, the defaults have been dropping off and I've been disputing AR markers.

The statutory report must contain all the information reportable to any other party. If there is more information being reported to 3rd parties which you don't get on the statutory report, then they are not doing the statutory report correctly.

Thrugelmir

newbieboy wrote: »

Say I go to bank A for finance and I know Bank A uses Experian.

Experian supplies datasets to the bank. In making the lending decision the bank will use this data through its own algoritms.

When an enquiry is made, Experian will update it's data from other sources (i.e. other credit agencies). As suppliers of data, e.g. banks, telecoms, utilities, will normally only provide details of delinquent accounts to one CRA.

Lenders will also make enquiries through the Trust Registry.

Waino696969

Thrugelmir wrote: »

When an enquiry is made, Experian will update it's data from other sources (i.e. other credit agencies).

Is this actually true or just another myth with regard to credit files?

Surely if "CRA A" wants to cross reference with "CRA B" then surely the consumer would need to be aware and a footprint left on both credit files?

Perhaps a rep from one of the credit reference agencies can confirm.

JuicyJesus

Waino696969 wrote: »

Is this actually true or just another myth with regard to credit files?

It's complete rubbish. The credit reference system works on the principles of reciprocity, all information provided to one must be shared by that one to the others. If this were true then all three agencies would have the same data.

redmamoth

Waino696969 wrote: »

Is this actually true or just another myth with regard to credit files?

Surely if "CRA A" wants to cross reference with "CRA B" then surely the consumer would need to be aware and a footprint left on both credit files?

Perhaps a rep from one of the credit reference agencies can confirm.

CRA's don't share information with one another, they're competitors. 99% of lenders (Banks, Building Societies, Credit Card companys, Payday lenders, Doorstep lenders etc etc) share their information with all 3 CRA's. Experian may have 1% thats Callcredit and Equifax don't, Callcredit may have 1% that Experien don't and vice-versa. Typically this 1% are speciality lenders that only affect a tiny %age of the UK population. So, for most people in the UK, their credit file should be identical across all 3 agencies. With one exception, FOOTPRINTS.

Footprints are on left on the credit file with the CRA that that Lender uses as their primary bureau. Some lenders only use one CRA, some use multiple. While some lenders provide data to all 3, they don't necessarily search data that CRA.

Example.

'Lender A' provides data to all 3 CRAs, but they use Callcredit as their primary bureau. If Mr Smith applies for a loan with Lender A, a footprint is left on his Callcredit file immediately, but not on Experian or Equifax. If he's successful in his application, 1 or 2 months down the line, said loan will appear on his file with all 3 CRA's.

Experian are most used CRA in the UK, followed by Callcredit, then Equifax.

I hope that clears things up for people.

Waino696969

redmamoth wrote: »

CRA's don't share information with one another, they're competitors. 99% of lenders (Banks, Building Societies, Credit Card companys, Payday lenders, Doorstep lenders etc etc) share their information with all 3 CRA's. Experian may have 1% thats Callcredit and Equifax don't, Callcredit may have 1% that Experien don't and vice-versa. Typically this 1% are speciality lenders that only affect a tiny %age of the UK population. So, for most people in the UK, their credit file should be identical across all 3 agencies. With one exception, FOOTPRINTS.

Footprints are on left on the credit file with the CRA that that Lender uses as their primary bureau. Some lenders only use one CRA, some use multiple. While some lenders provide data to all 3, they don't necessarily search data that CRA.

Example.

'Lender A' provides data to all 3 CRAs, but they use Callcredit as their primary bureau. If Mr Smith applies for a loan with Lender A, a footprint is left on his Callcredit file immediately, but not on Experian or Equifax. If he's successful in his application, 1 or 2 months down the line, said loan will appear on his file with all 3 CRA's.

Experian are most used CRA in the UK, followed by Callcredit, then Equifax.

I hope that clears things up for people.

That's what I thought. Thanks for clearing up.

Interesting that Call credit are no 2. I always assumed Equifax were no2 behind experian and that call credit weren't used that often,