Equifax versus Experian

leafyant

Right - I have spent a LOT of time trawling through the moneysavingexpert forums, which I have found very useful and helpful. But unfortunately, I've been unable to answer the following, and wondered if anyone might be able to help / been in the same or a similar situation.

I recently gained access to both credit expert (Experian) and Equifax. Now, from what I've read I know at least a couple of people are going to through their hands up in the air and groan when I say this, but . . . why are the scores so different? (Because scores are USELESS, I hear you say!). Yep - I get that, to a point. But this is the thing. Yes, on Experian my rating is 'fair' - 737, but on Equifax it is total TOSH '132' (hang myself now). But the interesting part is all of the little green and red boxes.

Everything is green. Credit agreements, repayments etc, all a lovely green colour. The ONLY thing 'bad' on there, is a teeny-weeny default that is FIVE YEARS AND NINE MONTHS old - yes, it will drop off my file in 3 months, yipes! - but the thing is, I haven't made any errors on payments in 61 months (I worked this out to be 5 years and 1 month) so I don't understand, at ALL< why the bloody bloody hell, it says (on Equifax), in a horrible RED box 'Repayment Conduct Assessment - POOR' POOR?!?!? How??? Why??? That was nearly SIX YEARS AGO, and it was one tiny thing, 90 quid if you can believe it! And now, I've got a mail order pinging nicely every month green, BT pinging nicely every month green, NO missed payments whatsoever so please tell me why on earth my repayment history is RED and my score is a miserable dog turd of 134.

Phew

Thanks guys :beer:

Cycrow

The scores are different for the same reason that they scores dont really mean anything.

everyone has a different way of scoring a credit file, and not all use the same range either.

The only score that matters is from the lender who you are applying credit from (althou they wont actually tell you the score)

Tixy

Equifax's own interpretation of the old default is that potential lenders will be unlikely to lend to you because it is still on file. The vast majoirty of people do not have defaults on their file, and so equifax suggest that your file is far worse than those people.

If the default also shows on experian - their interpretation is that lenders are not particularly interested in items that are over 3 years old.

In reality some lenders will care a great deal about the old default, others will place far less importance on it.

Fruit_and_Nut_Case

leafyant wrote: »

Equifax versus Experian

I saw the title of this thread and was hoping for some kind of Celebrity Deathmatch. I'm quite disappointed

kingstreet

Are all your accounts visible on both versions?

Normally, providers feed to and take from only one of the two, so you can have a credit card on one, which doesn't show on the other.

Same with a mortgage, current account etc.

You need all three reports to be able to see your full credit picture and you need none of the pointless scores.

leafyant

Fruit_and_Nut_Case wrote: »

I saw the title of this thread and was hoping for some kind of Celebrity Deathmatch. I'm quite disappointed

hahaha!

That would be great!

leafyant

kingstreet wrote: »

Are all your accounts visible on both versions?

Normally, providers feed to and take from only one of the two, so you can have a credit card on one, which doesn't show on the other.

Same with a mortgage, current account etc.

You need all three reports to be able to see your full credit picture and you need none of the pointless scores.

No, funnily enough the default does not show up on Experian. I don't know why, because the addresses I provided are the same to both CRA's.

The reason I'm checking them is because I badly want to apply (and be approved for!) a mortgage - my partner and I recently got married, and baby number 2 is on it's way ...

I really don't like paying dead-end rent :mad:

Tixy

leafyant wrote: »

The reason I'm checking them is because I badly want to apply (and be approved for!) a mortgage - my partner and I recently got married, and baby number 2 is on it's way ...

I really don't like paying dead-end rent :mad:

So the best option would be to wait 3 months and then get copies of your credit files from all 3 agencies again at that point (not the scores just the report).

If the default then no longer shows and there are no negatives on any file then you should be in a good position to apply for a mortgage.