Is it wise to go with a lender that only uses Experian?

MagicMoneyTree81

Hi there,

About to apply for a mortgage and had some questions about credit reference agencies.

I know mortgage lenders don’t actually care about credit scores per se but my Experian score is 992 out of 999, whereas my Equifax score is lower (as a proportion) and my Noodle one is merely ‘good’.

Equifax mentions a payment problem 26 months ago – Experian doesn’t. (probably late payment of BT broadband)

And my Experian report provides current account overdraft balances for only the last 48 months, in which time my finances have looked much healthier than the four years prior. And since April I haven’t entered by overdraft once.

My questions:
1. Is it wise to go with a lender that only uses Experian? Possibly hard to know but there does appear to be some info out there about this: https://www.oceanfinance.co.uk/blog/which-credit-reference-agencies-do-lenders-use-0-6569-0.htm

2. Given my circumstances – exceptional credit record in meeting repayment deadlines but heavy use of overdraft before April 2018 – would you recommend either Natwest or Virgin Money? Those two have been recommended by my broker. Virgin Money does appear to only use Experian according to table in the link above

Neutrinno

1. No it's not wise. You could potentially be really narrowing down your pool of lenders for something that may not of even been an issue anyway. One late payment on a utility over two years ago isn't something which would automatically lead to a decline on the high street.

2. No one on this forum can recommend or advise you to use either lender. Only your broker knows your true circumstance and background.

ACG

The best thing to do is to go to a lender where you fit criteria and likely to pass score. Going to a lender who does not use the agency you are hoping to avoid is risky and dubious as you still have to answer the questions asked honestly. If they ask about arrears, you may still need to disclose it.

All lenders reserve the right to check with other agencies, if the issues get picked up after you have paid for the valuation, you risk losing that money.

amnblog

Noddle will probably score you a 4

That does not make the Experian rating 248 times better

These numbers are a nonsense marketing exercise by the CRA's and should not be driving your decision making.