Which loan companies do checks through Experian?

elizabee74

Hi suprisingly my experian score is excellent. Can anyone advise me which loan companies use experian to do credit checks? As this will give me better chance of obtaining loan.

Tori_Bellatrix

To be honest, most check Experian. I know Sainsburys do for definate ... The only ones on my credit report that didnt were Citibank (checked Equifax for loan but Experian for overdraft) and Tesco (Equifax).

Mr._H_2

elizabee74 wrote: »

Hi suprisingly my experian score is excellent.

No it isn't.

Experian might have told you that you have an "excellent credit score", but when "credit company A" runs a credit check on you, it is "credit company A" that give you a score, not the credit reference agencies. All the credit reference agencies do is store information about your credit history, and they should all have the same information about you (although CallCredit does store more detailed info. than the others). "Credit Company A" then uses that info to decide whether they want to lend to you or not.

As such, it shouldn't make any difference which credit reference agency a given loan company uses. What matters is what credit profile the loan company you're applying to is comfortable with, and whether or not you fit that profile.

Tori_Bellatrix

Mr._H wrote: »

No it isn't.

Experian might have told you that you have an "excellent credit score", but when "credit company A" runs a credit check on you, it is "credit company A" that give you a score, not the credit reference agencies. All the credit reference agencies do is store information about your credit history, and they should all have the same information about you (although CallCredit does store more detailed info. than the others). "Credit Company A" then uses that info to decide whether they want to lend to you or not.

As such, it shouldn't make any difference which credit reference agency a given loan company uses. What matters is what credit profile the loan company you're applying to is comfortable with, and whether or not you fit that profile.

Actually, it does make a difference - both in the score the CRA might give you (they do produce their own as a guideline) and also how the lender scores. Each CRA can hold differing amounts of information, they may also show different accounts (You could have 10 on Experian and less on Equifax) as each lender doesn't always report to both CRA's. Therefore it's quite possible to have a better 'profile' with one agency then another. It also makes a difference when it comes to searches - I know for a fact that I have less searches on Equifax then I do Experian - therefore this will be some way reflect how the lender scores me

Mr._H_2

Tori_Bellatrix wrote: »

Actually, it does make a difference - both in the score the CRA might give you (they do produce their own as a guideline) and also how the lender scores. Each CRA can hold differing amounts of information, they may also show different accounts (You could have 10 on Experian and less on Equifax) as each lender doesn't always report to both CRA's. Therefore it's quite possible to have a better 'profile' with one agency then another. It also makes a difference when it comes to searches - I know for a fact that I have less searches on Equifax then I do Experian - therefore this will be some way reflect how the lender scores me

Good points.

It is a bit more complicated than I made out.

But it still stands that the Credit Reference Agencies themselves do not provide a "score" to a potential lender. The lender access the information the CRA has, and that's it.

I guess it's likely that if the CRA thinks you've got an "excellent credit rating", then so will a potential lender, but it's not guaranteed. It depends upon the relative waiting the lender puts on things such as available credit, payment history, address history, search history etc.