Credit score Experian/Equifax (clear score) disparity
in Credit file & ratings
6 replies 848 views
Hi, over the last few years I have been working very hard to repair my poor credit rating so I can confidently apply for a mortgage. I won't bore you with the journey, but I was very pleased when I checked on clear score, who pull date from Equifax, that my rating has now reached 698/1000 which they deemed to be "looking bright" This is supported by the offers of low rate loans and credit cards that I am guaranteed acceptance for through their triple lock guarantee. All that made me much happier and confident for the mortgage myself and my wife are applying for in the coming week or so. However, I checked on Experian and paid their extortionate £14.99 only to find my score with them is 539 and rated poor. Ive been through my report on both and they are identical, so there isn't something that is causing one to better or worse. Has anyone else had the same findings and should I be concerned when it comes to the mortgage application.
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Lenders will be looking at your credit history and circumstances in assessing you for credit, never the scores. You just need to make sure the data is accurate.
Don't pay to see your reports - go via the various free routes.
Using a broker may also be a good idea? I'm hoping to apply for a mortgage in a few months' time so am also trying to do a bit of research.
As others have said, credit scores really do mean nothing. My clearscore one has often been 'excellent' but on Transunion it's been 'fair'. My Experian score goes up and down as the wind blows. Today it's excellent. Tomorrow, who knows?!
Although you say "This is supported by the offers of low rate loans and credit cards that I am guaranteed acceptance for through their triple lock guarantee." - Clearscore is not a lender and lenders do not guarantee that you will be accepted via Clearscore, or any other CRA.
For TransUnion use Credit Karma.
You can also request a free statutory credit report (pdf or postal copy) from each agency directly.
Focus on the info on the reports, dor example, if you have defaults, CCJs etc strongly sonsider a broker, some lenders are stricter than others. A broker can pick a lender that will suit your circumstances. They'll have a far better understanding of different lender's appetite for risk. If you have a clean report you shouldn't have much hassle going direct. Ignore any score or affordability rating the agencies give you. All marketing guff.