Credit history Reports advice

Throughout these next few pages in this section we will look at some of the main factors to do with your credit history, how you can legally improve it and what things to watch out for.

There are 3 main credit reference agencies out there, Experian, Equifax and Call Credit,  there are others starting to gain ground such as Noddle  where you can get a totally FREE credit report.

Which Credit Report is Best ?

Well that’s a questions that really is open to debate,  many people prefer Experian and quite a few mortgage lenders use parts of Experian or Equifax’s credit reference system to determine credit scoring.  All purport to give you an initial FREE report  and then try and sign you up to a credit monitoring service afterwards at £x.99 per month.   There is nothing wrong with any of these services or signing up for the monthly service plan.   Which one is best ?  My personal choice would be Experian,  BUT  if you have had bad credit history rior  you need to check your report is correct and up to date on ALL THREE,  yes it might cost you three lots of £7.99  to get all the actual scores, but that’s a lot cheaper than paying £500 for a mortgage valuation that then fails later on.  Any Good mortgage Broker will also want to see a copy of your credit report as they will want to check and confirm previous credit issues have been resolved.

 

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Which Credit Report do the Mortgage Lenders use ?

Many lenders wont divulge which credit reference system they use, and many lenders only use parts of a system, with parts also developed in house to amalgamate information from various sources , so they create a unique credit scoring and rating system

Here’s an old list,  which is probably out of date  but a reasonable guide even today

Lenders and the Credit Reference Agencies Used
Lender Credit Reference Agency used for credit searches
Equifax Experian Callcredit
AA
American Express
Bank of Ireland
Bank of Scotland
Barclaycard
Birmingham Midshires
Bristol and West
Britannia
Cahoot
Cambridge BS
Chelsea BS
Citibank
Co-op Bank
Direct Line
Egg
First Direct
Halifax
HSBC
ICICI
Intelligent Finance
Leeds BS
Liverpool Victoria
Lloyds TSB
Lombard Direct
Marks & Spencer
MBNA
Mint
Morgan Stanley
Nationwide
Natwest
Northern Rock
Portman BS
Post Office
Prudential
RBS
Sainsburys Bank
Scottish Widows
Skipton BS
Stroud + Swindon BS
Virgin
Yorkshire BS