HSBC v Experian hell

gingergirl21

Hi

Can anyone shed any light on this situation as neither hsbc nor Experian are helping!

We are going to apply for a new mortgage as moving house. my husband had a loan with hsbc which was paid off on 1st April.

Our mortgage advisor has recommended a Santander mortgage but advised us to check the loan was showing as settled on Experian.

It took 2 weeks to open an Experian account and we now find the last Experian update for hsbc (including current account and current mortgage) was the beginning of March.

Experian claim the last update from hsbc was received on 5th April but no update was received on any of my husbands accounts.

HSBC say they update Experian monthly. Experian can take up to 8 weeks to show the changes. Note the last update was over 8 weeks ago and all other information from other lenders is up to date as of May.

Neither are taking responsibility and we are now stuck and no idea who is telling the truth and who to pursue.

At the end of the day this is personal data which, according to the ICO should be kept up to date and accurate.

Even though my husbands credit score is 999/999 we don't want to risk applying I case the outstanding loan affects affordability even though we can provide confirmation from the bank the loan is paid off.

Help??

Tixy

I would ask HSBC when they last sent an update to Experian in relation to this account.

Ask them if they will send a new urgent update to Experian now rather than wait for the next routine monthly update. It is possible for them to do this and send an update within a couple of days.

Does the loan appear on either of the other 2 agencies? and if so does it show as settled on those?

gingergirl21

Hi

We have asked hsbc all of this. They just robotically tell us they update Experian once a month. They have raised a query but that will take 3 days. Equinox was last updated 21 April but still showing one payment left so hopefully will show as settled on Thursday. Who is the other agency?

DCFC79

The other 2 agencies are equifax and call credit/noddle.

gingergirl21

Update: this morning Experian is showing HSBC accounts updated on 5th April despite experian saying the 5th April update hadn't contained any data for my husband. The loan is still showing as outstanding. We CANNOT wait another 4 weeks for the 5th may update to appear. We will lose our purchase and probably our sale. The loan was paid off on 1st April. How can we resolve this?

xHannahx

Credit reports are typically 2 months behind real time due to the extremely slow processing time. The 5th April update would have been a 2-3 weeks old by the time it was processed.
Have you a letter confirming the account is paid in full. When checking Santander will see that there is a low balance and may issue a conditional offer subject to evidence that account is paid off.

fermi

Should problem be HSBC end, they should be able to do a 'rapid update' to get the details changed within 24/48 hrs I think. Bank often try to resist doing that, or falsely claim they can't, but you just need to complain hard enough to get it done. Think it costs the bank to do so, so they often resist at first.

http://help.creditexpert.co.uk/help/sv635/report_guide/rapid_update_report

Mention that as they are continuing to report inaccurate and out of date information to the CRAs, in breach of the Data protection Act, which could cost you a house purchase, if they do not amend the record ASAP you will be taking them to both the FOS and ICO.

gingergirl21

Thanks. That's what we told them yesterday. I'm well up on the DPA because of my job. They said they'd "raise a query" to find out when the last report was sent. My concern now though is that experian got a report on 5th may but are taking a long time to update it. They told my husband inaccurate info yesterday. I'm so stressed about this. I'm pregnant and worried what this stress is doing! I've seen there's an experian rep on here. Hopefully he will see my post today and offer useful assistance.

fermi

Monthly updates do not take quite that long to process any more. If an update was sent on 5th of May showing the settlement then should really be showing by now I think.

I'll see if Experian can comment on that timescale as things change....

Experian_company_representative

Hi Gingergirl21,

I see that you are applying for a mortgage and understand that you need your husband’s information updated quickly.

Most companies will provide information monthly, this is then checked for quality purposes and updated on your report.

If your husband [EMAIL="uksocialsupport@experian.com"]contact us[/EMAIL] with his details we will be able to take a look at his accounts and let him know when we are expecting the next update from HSBC.

Our Ask James page covers updating of balances on reports here, which you may find useful.

Kind Regards
Neil

gingergirl21

Hi James. We have been contacting experian a lot and they haven't been able to tell him this. If we get the bank to send you the update quickly if they haven't done so already how long will it take you to update our report?