Should i use experian or transunion

Yes you are right. The different weightings a mortgage lender wants are totally different from a payday lender. HI I wanted to apply for a remortgage and cleared my debt about 1 month back, but the experian file still shows all the debt as it is.

Banks and credit cards usually send updates through to the Experian and Equifax in batches. Yours will probably show up in a week or two. Frustrating, I know. Why is there such a delay? My husband was hoping to apply for a balance trf.

Is there anything we can do? But True. This little known and entirely daft feature is the local authorities fault, not the credit reference agencies. I have applied for mobile phone contract, new bank accounts and mortgage they all getting declined. All of them are telling that there is something on my report which I called several times to Experian and they are saying everything is positive on my report and there is nothing negative on my report.

I had a defaulted payday loan from 3 years ago which caused my scores to plummet. This has since been paid and now settled. My husband and I had applied for a mortgage and because of my bad credit rating my husbands was with Experian we had to go with a poor credit mortgage at a higher rate than the high street banks. Can I challenge this? And how long will it take to repair my scores? Thanks Anne. A defaulted payday loan will disappear from your credit score 6 years after the default.

With your mortgage now on your credit record, you will be getting a good mark each month for paying that. You should also be aiming to repay any overdrafts you two have. And in general not to take out any more credit, even car finance.

Even if the credit is affordable, it will all make it harder for you to remortgage in two years time. They are showing as you are financially linked. Just make sure neither of you applies for ANY credit in the 6 months before your next mortgage application. Experian and Equifax Why is this so different?? You need to look at what is showing on your Equifax report that is dragging down your score such a lot — there will be something.

My Experian report shows a near perfect score of out of — Rated Excellent! My Equifax report shows out of — Rated Poor! Does your Experian have more credit accounts with positive marks on them? Is there a credit card account on Equifax that has a high utilisation? I have never had any issues like this before, I have never missed any payments etc. You could go to your local Citizens Advice and ask them to look at it? One of the credit agreements on my Equifax report is currently showing payment history up to as far back as and another, I thought the information was not meant to go back any further than 6 years.

As we are now in March , should the payment history go any further back than March ? Closed or defaulted accounts drop off after 6 years. Thanks Sara. I understand and expect to see these accounts on my report. What confuses me is that I thought the actual payment history would stop at the 6 year mark. There is no status history earlier than for any of the credit agreements on my Experian or Call Credit reports. I have actually now found one on my Equifax report going back to May , although that account should drop off soon because it was settled in April but why is the payment history going back 10 years?

Experian actually number the months and the history does not exceed 72 months. I had my last default drop off my account yesterday 6th August. Personal credit report disputes cannot be submitted through Ask Experian.

To dispute information in your personal credit report, simply follow the instructions provided with it. Your personal credit report includes appropriate contact information including a website address, toll-free telephone number and mailing address. To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided. If you do not have a current personal report, Experian will provide a free copy when you submit the information requested.

Additionally, you may obtain a free copy of your report once a week through April at AnnualCreditReport. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Learn more. Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice.

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These companies compile information about your credit into reports that are used to generate your credit scores. Instead, we work with Equifax and TransUnion to provide you with your free credit reports and free credit scores , which are based on the VantageScore 3.

We also offer recommendations for credit cards, personal loans, auto loans and mortgages. Experian also operates freecreditscore. These services offer other benefits, too, such as access to your credit reports and credit- and identity-theft monitoring and support. But we believe strongly that you should never have to pay to access your credit scores or credit reports.

The three major credit bureaus get their information from different sources. This means that your three credit reports from these bureaus may all be slightly different. Consider monitoring each of these reports on an annual basis to help make sure the information is correct. Experian is one of the three major credit bureaus that produce reports detailing consumers' borrowing habits. Creditors, such as mortgage companies, auto finance companies, and credit card companies, report borrowers' outstanding debt and payment histories to Experian, as well as to its peers Equifax and TransUnion TRU.

The bureaus organize this information into reports that break down which accounts are in good standing, which are in bad standing, and which are in collections and public records, such as bankruptcies and liens.

Experian's advantage over FICO is that the information it provides is more thorough than a simple number. A pair of borrowers could both have FICO scores but vastly different credit histories. By reviewing Experian credit reports, lenders can look at each borrower's actual credit history—every debt that person has owed for a decade or longer—and analyze how that person managed that debt.

The main disadvantage of Experian is that, unlike FICO, it is rarely used as a standalone tool to make credit decisions. Even lenders who review credit reports in detail rather than going off a borrower's numerical score generally look at results from all three bureaus, not just Experian. Consequently, borrowers should periodically review all three credit reports to keep an eye out for erroneous or derogatory information.

Like Experian, Equifax is a major credit-reporting bureau. It produces credit reports similar to those from Experian and that follow a similar format. Equifax reports are detailed and easy to read.

If a borrower who five years ago paid a credit card bill late applies for a loan, a lender reviewing his or her Equifax report can pinpoint the exact month of the late payment. The report also indicates debts owned by collection agencies and liens against the borrower's assets.

Equifax offers numerical credit scores that range from to The bureau uses similar criteria as FICO to calculate these scores, but as with Experian, the exact formula is not the same. The advantages of Equifax are similar to those of Experian. The bureau's reports are detailed and provide lenders with deeper information about a consumer's borrowing habits than just a number.

Its disadvantages are also the same. Borrowers cannot safely gauge their chances of loan approval by looking at their Equifax report alone. However, if their Equifax report is much stronger than their Experian report or FICO score, then they have the ability to search for lenders that prioritize Equifax. Fair Isaac Corporation. Building Credit. Credit Cards. Your Privacy Rights.