Do any mortgage lenders only use Experian?

stormy1s

Hello everyone, first time poster, but I've spent many hours reading this forum.


I'm a first time buyer who has had an offer accepted on a place, so I'm trying to get the mortgage sorted.


I had a bit of a shock today, I was just declined a mortgage with HSBC because of my credit score. The reason I was shocked is because my credit score on Experian is 999! I decided to sign up to Equifax, and found out my score on there was 399! They have the wrong address, and they therefore believe I'm not on the electoral roll. I'm quite peeved to be honest, I haven't missed a payment on anything for almost 10 years (since I was a teenager).


I've read the MSE page on this topic (I can't link because I'm new), but the information is definitely wrong, otherwise HSBC wouldn't have declined me. Does anyone have any knowledge of mortgage lenders who do not use Equifax and/or only use Experian. If you do I owe you one :beer:

Thrugelmir

Lenders use their own criteria to "credit score" you. Forget what the CRA's say as has no value.

Sargold

Have a check on their website, but I think Santander mainly use Experian. My broker told me they could still also use the others if necessary though.
My information on Equifax was also terribly outdated.

stormy1s

Thrugelmir wrote: »

Lenders use their own criteria to "credit score" you. Forget what the CRA's say as has no value.

Ok, so if the CRA's have no value, then how else can I determine my likelihood of passing a credit check? I think this credit check system is bizarre and cruel.

:mad:

Sargold wrote: »

Have a check on their website, but I think Santander mainly use Experian. My broker told me they could still also use the others if necessary though.
My information on Equifax was also terribly outdated.

I've had a google about Santander, they said they mainly use Experian, but they may also use Equifax.

I'm going to speak to a broker today (L+C) and see if they can help me, thanks

Noobie2011

Lenders will use CRA's but for the shiny number at the top as it means nothing.

The best thing to do is make you report as clean as possible and as accurate as possible. Your best bet is to put all your effort into getting Equifax to correct your file so they are both up to date and you know where you are.

Then might be worth having a chat with a Broker and they can assess your reports and match you with suitable lenders.

The key which I have found out the hard way in the past is it is not a case of my file has less adverse stuff than the someone else but and overall picture and what they are looking for is how likely you are to default on your Mortgage.

You say your file is clean, do you have credit on there as what can cause issues is if you have a very small amount of credit.

Thrugelmir

stormy1s wrote: »

Ok, so if the CRA's have no value, then how else can I determine my likelihood of passing a credit check? I think this credit check system is bizarre and cruel.

:mad:

What's contained in your credit history that concerns you?

CRA's simply collect data they don't lend money. Speak to a broker if you require guidance through the maze. They'll be best placed to find the most suitable lender for your personal circumstances.

stormy1s

Noobie2011 wrote: »

Lenders will use CRA's but for the shiny number at the top as it means nothing.

The best thing to do is make you report as clean as possible and as accurate as possible. Your best bet is to put all your effort into getting Equifax to correct your file so they are both up to date and you know where you are.

Then might be worth having a chat with a Broker and they can assess your reports and match you with suitable lenders.

The key which I have found out the hard way in the past is it is not a case of my file has less adverse stuff than the someone else but and overall picture and what they are looking for is how likely you are to default on your Mortgage.

You say your file is clean, do you have credit on there as what can cause issues is if you have a very small amount of credit.

I called Equifax and changed my address, now my score has instantly jumped up almost 200 points!


:mad: I'm now in the 'good' category with Equifax, whatever the hell that's supposed to mean.

Thrugelmir wrote: »

What's contained in your credit history that concerns you?

CRA's simply collect data they don't lend money. Speak to a broker if you require guidance through the maze. They'll be best placed to find the most suitable lender for your personal circumstances.

There's nothing in my credit history that concerns me. What concerns me is that I still have an average score, and the reason is not apparent. I would rather avoid a broker to save some money, but it might be inevitable. These credit agencies need to improve their systems, I can't imagine how many peoples lives have been affected by an innacurate credit report which is not their fault.

Noobie2011

stormy1s wrote: »

I called Equifax and changed my address, now my score has instantly jumped up almost 200 points!


:mad: I'm now in the 'good' category with Equifax, whatever the hell that's supposed to mean.






There's nothing in my credit history that concerns me. What concerns me is that I still have an average score, and the reason is not apparent. I would rather avoid a broker to save some money, but it might be inevitable. These credit agencies need to improve their systems, I can't imagine how many peoples lives have been affected by an innacurate credit report which is not their fault.

The actual score is not relevant apart from it indicates an improvement and in your case a good improvement.

So the 200 jump is not the thing to look at but each lender will have a score they will associate with the electoral roll so that will go in your favour

kingstreet

Lenders take the data from your credit history add that to the rest of your application data, such as your employment, and calculate their own score.

The only thing they don't do is make lending decisions based on the made-up numbers the CRAs call "credit scores."

Do you know there is a thread on here called "999 And Declined?" Do you think that's about the emergency services; or credit applicants who assumed 999 from Experian meant they would get anything they asked for and were surprised when they didn't?