Monthly balance massively overstated in Experian report

D3xt3r5L4b

sjwajw said:

We are financially healthy & have NEVER looked at our credit files until July 2020 when we signed up to MSE credit files. Was it worth it - NO NO NO! The info only relates to 'outstanding debts' which we have due to using 0% money transfers. But we have savings & of course these are not taken into account. Just checked August files and there are 4 mistakes on our 2 files already for 'debts.' we have cleared. The info on our files wasn't worth the effort. Looks like another MSE flop!

savings aren’t a form of credit so they’re not reported. 

What were these errors exactly?

Emmia

sjwajw said:

We are financially healthy & have NEVER looked at our credit files until July 2020 when we signed up to MSE credit files. Was it worth it - NO NO NO! The info only relates to 'outstanding debts' which we have due to using 0% money transfers. But we have savings & of course these are not taken into account. Just checked August files and there are 4 mistakes on our 2 files already for 'debts.' we have cleared. The info on our files wasn't worth the effort. Looks like another MSE flop!

This might be a bit revolutionary, but you could always use your savings to pay off your debts rather than doing the 0% money shuffle!

Also, whether you had checked or not - you still had a credit file with this information on. 

tim_london

Don’t just use Experian, the free ‘score’ screen is there to sell you debt consolidation products.  Experian makes it way too hard for you to see your legally entitled free statutory report which is what they use to calculate your score.

Equifax allows you to immediate order and see your raw report, this is what mortgage lender will actually use to assess your eligibility for a loan.  

jamjar92

I find Experian slow to update certain types of credit card, normally two months behind.  The other two agency’s are better. The statutory report is easily to ask for, but no better than the online one. As long as you below 50% of cc balance it should be fine.

D3xt3r5L4b

jamjar92 said:

I find Experian slow to update certain types of credit card, normally two months behind.  The other two agency’s are better. The statutory report is easily to ask for, but no better than the online one. As long as you below 50% of cc balance it should be fine.

They update in accordance with the lender updating them 

jamjar92

D3xt3r5L4b said:

They update in accordance with the lender updating them 

Just my experience, one CC on experian is always two months behind, another cc is updated monthly, yet on ClearScore, and Credit Karma they reflect the correct balance. Also interestingly the latter two, are generated earlier in the month than MSE's (experian) report.

SpreadableToast

jamjar92 said:

D3xt3r5L4b said:

They update in accordance with the lender updating them 

Just my experience, one CC on experian is always two months behind, another cc is updated monthly, yet on ClearScore, and Credit Karma they reflect the correct balance. Also interestingly the latter two, are generated earlier in the month than MSE's (experian) report.

Isn't the date that the report is generated roughly the same date in the month that you signed up for the service?

jamjar92

SpreadableToast said:

jamjar92 said:

D3xt3r5L4b said:

They update in accordance with the lender updating them 

Just my experience, one CC on experian is always two months behind, another cc is updated monthly, yet on ClearScore, and Credit Karma they reflect the correct balance. Also interestingly the latter two, are generated earlier in the month than MSE's (experian) report.

Isn't the date that the report is generated roughly the same date in the month that you signed up for the service?

MSE's updates around the 24th, Clearscore 15th, CreditKarma 10th, the CC tend to update around the 8th just before payment is due. MSE's is always shows the balance updated around 8th the month before, the other  two  balances are lower. Does not cause me a problem.

RG2015

jamjar92 said:

SpreadableToast said:

jamjar92 said:

D3xt3r5L4b said:

They update in accordance with the lender updating them 

Just my experience, one CC on experian is always two months behind, another cc is updated monthly, yet on ClearScore, and Credit Karma they reflect the correct balance. Also interestingly the latter two, are generated earlier in the month than MSE's (experian) report.

Isn't the date that the report is generated roughly the same date in the month that you signed up for the service?

MSE's updates around the 24th, Clearscore 15th, CreditKarma 10th, the CC tend to update around the 8th just before payment is due. MSE's is always shows the balance updated around 8th the month before, the other  two  balances are lower. Does not cause me a problem.

If you delay logging into the MSE report, in your case after the 24th August, it will update on the date that you log in. It will never update more than once a month, but extending the period could give you more up to date figures.

TheStoozeFather

sjwajw said:

We are financially healthy & have NEVER looked at our credit files until July 2020 when we signed up to MSE credit files. Was it worth it - NO NO NO! The info only relates to 'outstanding debts' which we have due to using 0% money transfers. But we have savings & of course these are not taken into account. Just checked August files and there are 4 mistakes on our 2 files already for 'debts.' we have cleared. The info on our files wasn't worth the effort. Looks like another MSE flop!

In all honesty, it just looks like you don't understand credit files on many levels.