Creditkarma app v Transunion score on my banking app

pjs493

For years I’ve only really tracked my credit score using the Transunion scoring, and associated suggestions, via the provision I have with the app from my high street bank. I only have two credit cards, both with that bank. One I barely use but keep open because I can use it for free abroad, and the other one I use for everyday spending because it’s a reward card. I clear balances every month. 

On my high street bank app my Transunion score has been in the mid-high 600s out of 710 and ‘excellent’ for years. Although it did take a small dip a few months ago when I moved house because my change on the electoral roll hasn’t caught up with the credit agencies yet. 

I’ve delved deeper into my credit reports this week because I’m about to apply for a mortgage. I’ve had a mortgage in principle offer from my high street bank, a broker, and Nationwide with varying levels of AIP offered with the difference between the lowest and highest offer differing by £70k. I’ve used identical information with each application and I understand different lenders will have different criteria and choose to offer differing amounts. 

So far I’ve been able to access my Equifax credit report with the ClearScore app and it’s accurate. Shows my credit cards being paid on time every month, the level of credit available to me, my utilisation of that credit, and it even includes my mobile phone network contract (monthly SIM only because I always buy my phones up front) and my utilities company (which shows a zero balance presumably because my monthly DD currently has me in credit despite us just getting through the winter). 

My score in that app is mid 600s out of 1000 which seems to translate to ‘fair’. It also rates my affordability at ‘stable’ with a score of 99/100. When I look at the ‘insights’ suggestions it classes everything as ‘doing well’ except the electoral roll because it states I’m not on it (due to my recent house move as mentioned above). I’m slightly surprised by when seems like a low score when everything is positive except the electoral roll not catching up yet. 

I’ve tried to access my Experian score but it claimed I failed the ID checks online so I’m waiting for a passkey to arrive in the post. 

Here’s where it gets interesting. When I used the Credit Karma app to access my Transunion score. It scores me at 600/710 and states I don’t have any lines of credit. The report isn’t wrong, it’s just lacking lots of information which appears to be resulting in a much lower score than I’m getting through my banking app, allegedly also from Transunion. I’m confused why there would be so much information missing, but also why the scores are so different depending on how I access them. We aren’t talking a few points here, we’re talking lots of points. But also, more importantly for potential mortgage lenders, just a complete absence of information. 

Should I be concerned? I know it’s possible for people to add correction when there are errors, but I’ve never heard of information just being missing. I’m worried this might impact what lenders might offer me if I apply for a mortgage. Depending on what I might buy, I could be a cash buyer, but if I go to the top end of my budget I’ll get a small mortgage of around 20% of the asking price. I don’t want to miss out on my forever home because of missing information on my credit report. 

Obviously I’ll see what comes up when I can access my Experian report, but I’m a bit worried about missing information. I’m also confused as to why my scores and information on my available credit with Transunion would differ so much depending on how I access that information. 

cymruchris

First off - your score doesn't mean anything. Only you see it. It's an often asked and answered question. It can be a vague guideline - but can also be highly inaccurate. It's your history that's most important, and not a made up marketing gimmick magical number.

From what you've said - you don't have lots of history - but what you do have is positive. No defaults/late payments etc. When you're asking for a credit card, loan, mortgage etc, lenders like to look at your data and see a history of well managed accounts. They then use risk models to offer you the rates they deem appropriate.

There are three main credit reference agencies - and you'll find that not every account is listed on every agency. Some institutions report to all three - some to two - some to one - and if the account is old enough it may not be listed anywhere. So there's no error. Nothing to correct.

pjs493

cymruchris said:

First off - your score doesn't mean anything. Only you see it. It's an often asked and answered question. It can be a vague guideline - but can also be highly inaccurate. It's your history that's most important, and not a made up marketing gimmick magical number.

From what you've said - you don't have lots of history - but what you do have is positive. No defaults/late payments etc. When you're asking for a credit card, loan, mortgage etc, lenders like to look at your data and see a history of well managed accounts. They then use risk models to offer you the rates they deem appropriate.

There are three main credit reference agencies - and you'll find that not every account is listed on every agency. Some institutions report to all three - some to two - some to one - and if the account is old enough it may not be listed anywhere. So there's no error. Nothing to correct.

It’s not the score that I’m necessarily interested in. I know that lenders don’t see that, but they do see the data in the report. That’s my point, the data isn’t there. There isn’t anything to correct because the data is missing.

I can’t understand why my bank would offer a Transunion score and brief report that includes all of this data, and then the Credit Karma app used to access the Transunion data and credit report doesn’t have any information from my high street bank at all. I also have PayPal credit which is accounted for in the Transunion information available from my bank, but not present on Credit Karma.

I have the history, it’s just not showing on Credit Karma. The information is just missing. So it’s not a case of having taken out a credit card three months ago being missing, we’re talking about long running accounts not showing at all. It makes it look as if I don’t have any access to credit at all so can’t be rated as a borrower because it shows no history of me being a borrower at all, let alone a reliable one. 

Another thing to add that could be potentially useful is that Credit Karma doesn’t show me linked to my husband (despite joint accounts) nor does it show me as being known by other names (such as my maiden name). ClearScore does have me linked to my husband and lists my maiden name. 

cymruchris

I'd probably start here then - and raise a request - and see what their response is:

https://help.creditkarma.co.uk/s/newcase