statutory CR and broker

Jambo5

Hi. I just supplied my broker with a statutory credit report. He asked for it to get the ball rolling.

This statutory report was with Equifax.

Can any body confirm that these reports are accurate and can produce enough information for the broker?

Only on the Statutory CR there is no sign of the Payday loans I had 3 years ago. The history on one account even date back to 2007....I thought history was wiped after 6 year?
Any road on my Noddle CR the PDL are in the 'closed accounts' section.

In a Nutshell my CR looks a lot lot healthier with Equifax Stat than it does with Noddle. But there is no way I can feel happier about it.

Are statutory reports what brokers work with?
Are all credit report agencies different?

Can any one offer some advice?
Just say I supplied all 3 reports. What will the underwriter find...if such Statutory reports dont supply information.

I fully expect someone to say that you need to provide all three full reports! If this is the case what are statutory reports there for? Cheers

kingstreet

The files are different, as firms take information from and supply information to different ones.

I ask for all three statutory reports to ensure we get a full picture.

Only getting Equifax is fine if you plan to use a lender which checks only Equifax.

Jambo5

Thanks again kingstreet. I was just concerned that if a company that say only used Equifax and it went to a underwriter they would find payday loans etc. I was happy not to see them on that report but didnt want to get carried away.

I think the broker does want all three but he said send me a report from Equifax and he would start prelim searches.

ACG

Have you told your broker the full story or just given him the credit report and left it with him?
Personally I would be asking for all 3 if you had told me about adverse.

(Im not saying you are) By providing him what he has asked for and hoping the bad stuff gets brushed under the carpet you are potentially causing issues down the line (ie credit searches with lenders that would not lend to you).

Its not uncommon for different crdit reports (ie equifax, noddle, experian) to show different information.

Jambo5

ACG...he knows the whole story and nothing less. It was also highlighted again in the email I sent him with CR.

The questions above is what I fear. It is what he want to do prelimenary searches.

Are payday loans classed as adverse credit??

I have a CCJ which will be gone in July. I have no intention to apply before hand.

My question were if statutory reports stood up well enough fir brokers? And why they dont supply such things as payday loans which could spoil the show!!
Thanks again though

Dave_Ham

Your broker should really be answering your many questions.


However the answer to this one is that not every lender shares information with every credit reference agency.


Specifically payday lenders tend to only share with one agency.

kingstreet

It's called a statutory report because the CRA has to legally provide it under S7 of the Data Protection Act. It isn't a lesser, or lower value report because of that. It is simply not one of those subscription services which purports to be providing you r credit score.

There are three main credit reference agencies. Some providers of credit and similar services will only supply information to one of the CRAs, so one particular bank's accounts may only be visible on that CRA's version of your credit file.

Likewise, a mortgage lender may only take information from one particular CRA when it searches an applicant. For example, Skipton Building Society used to own Call Credit and it still searches only Call Credit for a mortgage application.

It is only by having all three versions of your credit file (statutory or otherwise) in your hand will you see the full picture of your credit history as you don't normally know who is supplying what information to each one.

DH posted while I was typing!

Jambo5

Ok cool guys got there..happier now.

A brokers job is to find the right lender and avoid the underwriters yes?.

Teaandtoast0124

Natwest only check equifax file.

GMS

Jambo5 wrote: »

Ok cool guys got there..happier now.

A brokers job is to find the right lender and avoid the underwriters yes?.

Can't avoid underwriters. Job is to ensure all information is disclosed and meets criteria so the underwriters become a tick box exercise.

Jambo5

Thank you. Sorted.

I know it is a question for My broker. I uave asked him awaiting on a response. At moment we have exchanged a few emails and CR (as I wont apply untill Sep) . He is purely finding out lay of the land and if I have options. There is nothing official between us yet.
So I post threads like thus as I want advive and to hopefully enlighten others!.

Teaandtoast how is you application going?