I own two flats and want to take out a buy-to-let mortgage on both. I have been refused by lenders because, while my credit score with Experian is an excellent 999, Equifax’s score is consistently poor.
SB, Lutterworth, Leicestershire
Credit scores do vary because a number of formulas are used by different companies. It’s not the credit reference agency that does the sums – they just provide the information used to reach the score. It’s this information, rather than the score itself, which is crucial, since it can vary between the agencies. Not all lenders report to the same company, and not all updates are made at the same time. And one lender may have submitted inaccurate information.
Therefore, pay for a full credit report from each company, rather than just a credit score. This will enable you to identify what factors are affecting your rating and if you find an inaccuracy, you can report it to the credit company.
They will investigate, and should the lender who submitted the information refuse to change it, you can add a note with your comments to your record.
If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Submission and publication are subject to our terms and conditions
