Credit Reference Agencies

daz_79

Hi, does anyone know (Brokers I guess) which CRA’s different mortgage providers use? I’ve heard that some use only one whereas others use a combination of the main 3. I have noticed that my Experian credit report looks more favourable than my Call Credit (Noddle) one. Thanks in advance.

ACG

That is true, some lenders only use 1 agency, others use 2 or all 3.
However, that being said you should not make your decision on who to apply to solely for that reason. There could be more suitable lenders who will pick up on the worst of it and still lend or alternatively there could be reasons as to why you can only see parts of the bad credit.

daz_79

Thanks ACG. I wouldn’t choose a lender on that basis and I’m also using a Broker who mentioned this as well. It’s just I have some credit blips over the past 6 years and although my Experian score is 875 my Noddle score is 555 out of 710 (2 out of 5) and I’m a bit worried.

ACG

Ignore the score.
I have seen people with terrible scores get high street rates and people with excellent unable to get high street rates.

daz_79

Thanks. I might be doomed then. I had arrears on an unsecured loan that were only cleared and caught up in January. I have a plausible reason behind them but I can see why they may just be looked at and my application declined.

glosoli

Just for information purposes..

https://forums.moneysavingexpert.com/discussion/2419785

Thrugelmir

daz_79 wrote: »

I have a plausible reason behind them but I can see why they may just be looked at and my application declined.

Bottom line is that your failed to meet contractual payments. Something which a lender will factor in when considering whether whether to advance you money. Where the expectation is that you will pay 300 monthly payments to schedule.

ACG

If you read everything on the internet it messes with your head. Just trust your broker.

You can have 2 people who on the face of it appear identical, but the outcomes could be very different.

daz_79

Very true ACG, I think I am over thinking and researching. When I chose my Broker I asked a lot of questions and established she has access to the BDM’s so has the scope to speak to someone if need be and not just be driven by a computer decision. She seems to know her stuff and I have every confidence in her.

daz_79

Great news, I used a Broker and have been offered a great fixed rate with Nationwide. Considering my patchy credit history I’m very happy with this as in August another Mortgage Advisor suggested a 2 year LIBOR Tracker at 5%+