Does anyone know the difference between experian and equifax? Hi I am trying to apply for a loan at the minute but

Hi

I am trying to apply for a loan at the minute but unfortunately my credit rating isnt totally good. I enjoy looked at my credit report with experian which isnt great but could be worse. Is equifax different eg would their report be at variance from experians. Also does anyone know a good place to try for an unsecured tenant loan if you own bad credit?

Both are credit reference agencies, Experian within my experience is more detailed so i wouldnt bother with Equifax.

go beside experian

Answers: Experian and Equifax are both credit reporting agencies however they both look at point differently. On your Experian report it may say that you enjoy OK credit, but your Equifax report may say you hold bad credit. However, in that is a new credit scoring system call, "VantageScore," is designed to provide better reports and more accurate data, and covers a more extensive consumer dais, including the elusive "skinny credit file" for consumers who have little to no credit history. The untried VantageScore goes from 501 to 990, next to each mark range self grouped by letter. Consumers next to scores contained by the 900 and higher scale would be grouped in the "A" length, while those in the 600 and below selection would receive a grade of "F."

I hope this help, as for teh unsecured tenant loan, I can't help you within.

You don't enjoy a choice which credit reference agency is used when you apply for a loan etc. Thats up to the guard or financial institution to choose whether to use Experian or Equifax.

Experian and Equifax both offer alike service and get information from duplicate sources. However, they may weight information from different sources differently, so you may call a halt up with a slightly better gain from one than the other. But it will only differ slightly, so I wouldn't pin your hopes on it.

Experian and Equifax are merely two seperate bureaus. They use two seperate and proprietary versions of the FICO equation which is one cause the scores will differ for a while. Another reason is that not adjectives companies report to all three bureaus. You may hold a previous car loan that reports to Experion and Trans Union but not Equifax. In this course, your score would differ because your total debt is reflect with different numbers.