My lender doesn’t report to Experian

7sefton

Hi everyone - some advice (and hopefully reassurance!) needed please…

I just checked my Experian credit file because I intend to buy a new house in the next 6 month with a new mortgage. 

However I was alarmed to see that Experian hold no record of me having a mortgage, which they say is a ‘medium’ impact on my credit score. 

My mortgage is with Leek United Building Society, and when I asked then they said they only report to Equifax. Sure enough, when I checked Equifax they have an up-to-date record of my mortgage account.

However, I know Experian is by far the biggest and most common credit reference agency, so I’m concerned that when it comes to applying for a new mortgage with a mainstream lender (who is likely to use Experian) I might be rejected or my credit score won’t be as strong as it could be due to the lack of mortgage data. 

Do you have any thoughts or advice on this?

Thrugelmir

Lenders will use whatever sources are necessary to perform their checks. They'll use alternatives to verify information if need be, 

MWT

7sefton said:

However, I know Experian is by far the biggest and most common credit reference agency, so I’m concerned that when it comes to applying for a new mortgage with a mainstream lender (who is likely to use Experian) I might be rejected or my credit score won’t be as strong as it could be due to the lack of mortgage data. 

Do you have any thoughts or advice on this?

The lenders will neither see nor care about your Experian 'credit score', they will form their own judgement based on the events in your credit history and the information you present to them. 

penners324

Maybe they only report to Equifax or Transunion 

7sefton

MWT said:

7sefton said:

However, I know Experian is by far the biggest and most common credit reference agency, so I’m concerned that when it comes to applying for a new mortgage with a mainstream lender (who is likely to use Experian) I might be rejected or my credit score won’t be as strong as it could be due to the lack of mortgage data. 

Do you have any thoughts or advice on this?

The lenders will neither see nor care about your Experian 'credit score', they will form their own judgement based on the events in your credit history and the information you present to them. 

Yes I know the numerical score is meaningless, but my concern is that if a new lender only checks Experian they won’t even see that I am already a responsible mortgage holder.

MWT

You are still over-thinking this.

You will not be rejected for lack of information about your current mortgage, it would make it very hard for first-time buyers if that was the case...

Focus on making sure that all of your credit files, not just Experion, are clean and you've done as much as you can do in that regard.

ACG

There is nothing you can do about it, so no point worrying about it. 
Some lenders use equifax, some experian, some transunion, some 2 of the 3 and some will use all 3. 

No point worrying about something you can do nothing about. 

7sefton

Thanks for all your replies, I really appreciate them. 

I understand there’s nothing I can really do about who my lender reports to, but I’m now wondering could I be at an actual disadvantage due to this.

eg let’s assume I want to buy a new home with a mortgage through NatWest. NatWest only use Experian. When they come to run a credit check, they can’t see the fact I’ve had a mortgage for years and always paid on time etc, therefore they might not see me as well as they might if my current lender reported to Experian.

Do you see what I mean - will I find it harder to get a mortgage in future because my full credit accounts won’t be widely seen?

kingstreet

7sefton said:

Thanks for all your replies, I really appreciate them. 

I understand there’s nothing I can really do about who my lender reports to, but I’m now wondering could I be at an actual disadvantage due to this.

eg let’s assume I want to buy a new home with a mortgage through NatWest. NatWest only use Experian. When they come to run a credit check, they can’t see the fact I’ve had a mortgage for years and always paid on time etc, therefore they might not see me as well as they might if my current lender reported to Experian.

Do you see what I mean - will I find it harder to get a mortgage in future because my full credit accounts won’t be widely seen?

NatWest uses Equifax and Experian according to my chart.

kingstreet

Just asked our NatWest BDM, so horse's mouth;-

"We use Equifax (Experian is only used for the electronic ID checks."

Snookie12cat

7sefton said:

Thanks for all your replies, I really appreciate them. 

I understand there’s nothing I can really do about who my lender reports to, but I’m now wondering could I be at an actual disadvantage due to this.

eg let’s assume I want to buy a new home with a mortgage through NatWest. NatWest only use Experian. When they come to run a credit check, they can’t see the fact I’ve had a mortgage for years and always paid on time etc, therefore they might not see me as well as they might if my current lender reported to Experian.

Do you see what I mean - will I find it harder to get a mortgage in future because my full credit accounts won’t be widely seen?

No, It wont happen. If they want to see you have made your mortgage payments on time, they will either ask you for proof or they will just look at Experian. Its not a big deal. They will not refuse you because of this or change the way they view your application.