The reporting agency is required to provide you with a copy of the report used for the decision to deny your credit application.
If you spot any errors in your report, you can dispute them and the agency is required to investigate and correct any errors it finds. The credit history reflected on your credit reports and scores can directly affect your ability to get credit. It also impacts your cost of borrowing. In general, good credit scores can make it easier and cheaper to borrow than low credit scores. You can get a free copy of your credit reports from Equifax, Experian and TransUnion periodically by visiting annualcreditreport.
You can also request your free credit reports from the specialty credit-reporting agencies at specified intervals. And you can always check your credit scores anytime with a free Credit Karma membership, which provides free access to your Equifax and TransUnion credit reports and VantageScore 3. 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. I checked my credit reports today — Experian is but Equifax is — poor and TransUnion — fair.
They are so widely different, both TransUnion and Equifax have failed to increase since the defaults have dropped even though they do not show on the reports. Everything else is the same across all the reports. I was hoping to take advantage of the stamp duty holiday and purchase a house but really want a decent rate. I suggest looking in a week or two. How large a deposit do you have? We are planning on using a broker once we have a buyer for our currently property, would they be able to minimise the risk of being turned down due to credit score?
You need to be realistic. I have a default for a credit card that was registered in January Checkmyfile who shows all 3 credit agencies shows the same default date. Always trust the source! If the debt defaulted in , raise a dispute with Equifax, as this is the date they should be showing. Its Equifax that has recorded where as Transition and Experian has Its dropped off of my Experian and Transition report January I had a default on my loan, this was settled.
I paid the full amount that they said was outstanding in June. Nationwide have now put a Notice of Correction against to say that it is settled but I paid Part Settlement in September!! Moorcroft were looking after it and they have advised that they are sending a letter to confirm that that was the amount they were told.
They are also raising this with Nationwide for me. One is to do nothing! Equifax will still sell you a FICO score found here: www. There is no way to compare the two. To try and do so is an exercise in futility.
It's not unusual for your FICO scores to be different even if the information is the same very rare or quite similiar. All three CRA's use slightly different formulas to look at our information so disparity in scores is quite normal.
My TU score is over 50 pints less than my EQ score with basically the same data. With all due credit to long time member llecs for this : "Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores.
If it didn't say "FICO" next to the score, then it isn't. Other companies e. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. My Equifax is more than points lower than my TU score. Besides impacting your debt to credit utilization ratio, closing the credit card account may also affect the mix of credit accounts on your credit reports.
Stopping your credit-related activities for an extended period. If you haven't used your credit accounts for months, and your lenders and creditors have reported no new information to credit bureaus, it may make it more difficult for lenders and creditors to evaluate your application for credit or services. That, in turn, may impact credit scores in the same ways as if you had closed the account.
If you want to keep the account active, you may want to consider using it — responsibly — every few months, if only for small purchases, or putting a small recurring charge on the card. Regularly checking your credit reports is one way to keep track of your credit accounts and know what information is being reported by your lenders and creditors — and factored into your credit scores.
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