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Mortgage Lenders Who Only Use Experian

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    Mortgage Lenders Who Only Use Experian

    Hello folks first post

    I am needing to apply for a mortgage asap. Im a LTD company self employed contractor. Some details are incorrect on my Equifax and Callcredit reports. Experian is absolutely fine. I have only been contracting for 16 months and so the likes of Halifax wont touch me.

    I have written to the FOS to get the details corrected but this may take time.

    Can you tell me what lenders only use Experian or suggest who i could check with. The brokers dont have this information.

    There is an article on MSE but its incorrect, it says Nationwide only use Experian, i called them and they said they use all 3 companies for credit checks.

    Many thanks

    #2
    Mortgage providers will often use both Equifax and Experian for credit checking.

    The best way for sorting this out is to contact Equifax and get them to insert a Notice of Correction (NOC) on your file.

    It costs a nominal sum and is easily done.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      Originally posted by cojak View Post
      Mortgage providers will often use both Equifax and Experian for credit checking.

      The best way for sorting this out is to contact Equifax and get them to insert a Notice of Correction (NOC) on your file.

      It costs a nominal sum and is easily done.
      Yes it seems some or most lenders do use more than one reference agency.

      I cant go into the details on a public forum but im hoping my letter to the FOS will gets things rectified. In the meantime i just need to work with what i have. If i find a lender who uses Experian only then i should get accepted. I dont have time to wait.

      Comment


        #4
        Originally posted by cojak View Post
        Mortgage providers will often use both Equifax and Experian for credit checking.

        The best way for sorting this out is to contact Equifax and get them to insert a Notice of Correction (NOC) on your file.

        It costs a nominal sum and is easily done.
        WCS. It doesn't mean a lender has to pay any attention to it of course, but it might give you opportunity to plead your case to an underwriter if the application refers/rejects.

        HBOS/Lloyds/TSB used Experian data for their scorecard in 2012. Not sure about Equifax. Most lenders seem to use CallCredit for income verification (to see what's going through your current account). I also thought Halifax was a 'contractor friendly' lender who would work on your contract only? Provided you've a reasonable track record (CV) and at least a month to remaining on your current contract then they're happy.

        Comment


          #5
          Originally posted by revelator1969 View Post
          Hello folks first post

          I am needing to apply for a mortgage asap. Im a LTD company self employed contractor. Some details are incorrect on my Equifax and Callcredit reports. Experian is absolutely fine. I have only been contracting for 16 months and so the likes of Halifax wont touch me.

          I have written to the FOS to get the details corrected but this may take time.

          Can you tell me what lenders only use Experian or suggest who i could check with. The brokers dont have this information.

          There is an article on MSE but its incorrect, it says Nationwide only use Experian, i called them and they said they use all 3 companies for credit checks.

          Many thanks
          As Cojak has said, you should look to get this resolved as soon as possible as depending on the severity, it will impact your ability to borrow on nominal sums such as credit cards. It's also worth noting that lenders do reserve the right to do a credit score before completion. This can lead to the mortgage offer being pulled if they pick something up on your credit file that they are not happy with.

          Lastly, Halifax will lend if you have a 2 years continuous track record in the same field, some of which can be when you were perm.

          Comment


            #6
            Originally posted by barrydidit View Post
            WCS. It doesn't mean a lender has to pay any attention to it of course, but it might give you opportunity to plead your case to an underwriter if the application refers/rejects.

            HBOS/Lloyds/TSB used Experian data for their scorecard in 2012. Not sure about Equifax. Most lenders seem to use CallCredit for income verification (to see what's going through your current account). I also thought Halifax was a 'contractor friendly' lender who would work on your contract only? Provided you've a reasonable track record (CV) and at least a month to remaining on your current contract then they're happy.
            2012 was a long time ago that lender may have changed by now. Its something i would need to check.

            Halifax need 2 years books, i only have 16 months.

            Originally posted by Martin@AS Financial View Post
            As Cojak has said, you should look to get this resolved as soon as possible as depending on the severity, it will impact your ability to borrow on nominal sums such as credit cards. It's also worth noting that lenders do reserve the right to do a credit score before completion. This can lead to the mortgage offer being pulled if they pick something up on your credit file that they are not happy with.

            Lastly, Halifax will lend if you have a 2 years continuous track record in the same field, some of which can be when you were perm.

            Ok many thanks for the information. I dont really need future borrowing, i just need a mortgage. I will see to the discrepancy and hopefully get my credit scores back to normal.

            I was not aware the lender would do another credit search, i will ensure everything is all good.


            I contacted a broker called The Mortgage Brain. The woman says my situation makes it tricky because i only have 16 months as a contractor and my earnings are not high enough for some lenders. She has suggested trying Nationwide and hope that the discrepancy is not an issue.
            Last edited by revelator1969; 26 September 2017, 14:14.

            Comment


              #7
              Originally posted by revelator1969 View Post
              2012 was a long time ago that lender may have changed by now. Its something i would need to check.

              Halifax need 2 years books, i only have 16 months.
              See Martin's comments above.

              It may be worth you using a mortgage broker.

              I did know someone who moved immediately after they went contracting and they got an offer lie Martin said.
              "You’re just a bad memory who doesn’t know when to go away" JR

              Comment


                #8
                Originally posted by revelator1969 View Post
                Halifax need 2 years books, i only have 16 months.
                It does? Even one of the contractor products? I thought I had just over a year when I got mine.

                Give John Yerou at Freelancer Financials a bell. The doesn't sound right for the Halifax but even if it is they will be able to go find you a product to suit.
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment


                  #9
                  Originally posted by SueEllen View Post
                  See Martin's comments above.

                  It may be worth you using a mortgage broker.

                  I did know someone who moved immediately after they went contracting and they got an offer lie Martin said.
                  Thanks for the reply. I wish it was that easy for me. This broker has suggested applying to Nationwide and hope that the discrepancy wont be a problem.

                  Comment


                    #10
                    Originally posted by revelator1969 View Post
                    Thanks for the reply. I wish it was that easy for me. This broker has suggested applying to Nationwide and hope that the discrepancy wont be a problem.
                    You need a contractor focused mortgage broker who understands how we work.
                    "You’re just a bad memory who doesn’t know when to go away" JR

                    Comment

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