Anyone used the Hanley Economic Building Society for a mortgage?

[rogertherabbit]

So I'm looking to buy a new house. My credit rating is very different on clear score v Experian - one says excellent, one says poor! I do have loans and credit cards, but have only missed one or two payments by a few days ever. Never missed a mortgage payment, never been declined for anything. I've read that this company uses clear score (equifax) to do its credit check, which is the one that I'm rated 'excellent' - I've never heard of them and just wondered if anyone had experience with this lender...? Currently with a high st bank for my mortgage who have refused me an AIP but they use Experian, who claim my credit score is poor so unsurprising really 😟

[rogertherabbit]

Anyone...?

[peachgreen]

I haven't I'm afraid. However, DH recently went on a bit of a mission to improve his credit score with Experian and it's made a huge difference. If you sign up for the trial give you really clear reasons as to why your credit score is low and a lot of them you can do something about.

Remember that mortgage providers don't actually see your score as such, they just see the same information as the credit score providers. So it won't necessarily make a difference if you go for one that uses Clear Score.

[FanaticalFox]

Weirdly I've just raised a dispute via clearscore and got an automated email in reply whilst they investigate. At the bottom it says this:


How ClearScore works
It's important to note that ClearScore is not a credit reference agency, and lenders do not use ClearScore to carry out credit checks on you.

We provide you with access to the credit data that Equifax hold on you, which banks and lenders will use when assessing your credit worthiness.

Lenders will not be able to see how ClearScore is showing your credit information to you. So if there is something not quite right in how we’re displaying your information, this will not have any effect on your credit worthiness.



So it won't be clearscore that this lender will use but likely just Equifax same as a lot of other lenders. Just a tip Leeds Building Society solely use Equifax if you want an alternative to apply with.

[rogertherabbit]

Thanks both - useful information! I may well sign up for the £14.99 monthly thing with experian even for just a month or two and see if I can shed any light on why my score with them is low

[AlexanderHamilton]

I've got a feeling my parents did years ago. I've had accounts with them in the past. My firm also does maintenance for their H/O.

They always used to come very high up in Best Buy tables but you had to be local as accounts could only be opened in branch.

They are very reputable.

[FanaticalFox]

If it helps my score with Experian is currently Poor (for no apparant reason except 2 succesful credit applications in the last 6 months) but its Excellent with Equifax! Makes no sense.

[rogertherabbit]

Thanks Alexander - I wil find out where the nearest branch is

Fox - same here! Excellent with equifax and poor with Experian. I have 10 positives with equifax and 0 negatives. Not sure where Experian are getting their info from!

[AlexanderHamilton]

All the branches are located in North Staffordshire

[FanaticalFox]

Its a weird one! My experian only negative is that I've made "several" credit applications in the last 6 months. Under positives it says "you now have not made any credit applications in the last 6 months" I'm just going to keep an eye on it as a couple of months ago it was "Good" so I'm hoping it will sort itself out.

[BatBelle]

They are a local company to me, I've never had any accounts with them but they are certainly reputable

[welovepancakes]

Never heard of them, but I think I'd be more relaxed about BORROWING from an unknown lender than SAVING with an unknown bank. As a borrower, I think you're taking less of a risk

[KnobJockey]

Have you seen the MSE credit club? It gives you one of the big lenders credit reports for free- I think it's experian. They also give you hints and tips. You can also sign up for noddle for your free monthly report using call credit- saves you paying!

[KnobJockey]

One of the things that flags up as bad for credit is utilisation. My report tells me that my utilisation is 65%, which is poor, even though I've recently closed some accounts. MSE and my mortgage advisor recommended paying off a credit card and leaving it open- that way I'm only using a smaller % of my available credit, which apparently looks safer to them.

[rogertherabbit]

North Staffordshire isn't too far from me, so that's good. I have signed up for MSE credit club but it was a while ago so I'll have to revisit that one I think, thanks for the recommendation. I have seen Noddle but haven't signed up yet - to be honest I was a bit worried that if I signed up for another agency it would show up that I keep checking my score and that would look bad!

[FanaticalFox]

Checking you own credit doesn't impact it at all dont worry. I regularly check equifax, experian and noddle as that covers the 3 agencies then. For free access you can use clearscore which coverw equifax and as above MSE credit club covers experian and noddle is free and covers call credit.

[Lelloteddy]

Not for a mortgage but their customer service is shocking. Had an absolute nightmare trying to move savings out of there post divorce. Anyone would think I was trying to steal my own money. I wouldn't mind but I had exactly the same type of account with another provider and the same situation was dealt with in one phonecall.

They're a provincial company for a reason IMO. Very much a 'computer says no' attitude.

[rogertherabbit]

Lelloteddy thanks for the info - sorry to hear you had a bad experience

So I've registered for Noddle - it's bloody brilliant! Everything looks fine except it seems I owe £40 on a car I got rid of last year and have apparently 'defaulted' this payment for months as I totally forgot about it!! Plus they haven't sent me any reminders. So this may explain why my credit score is low

Anyone who how long it takes to get a score back up again if I correct this stupid oversight? Might lose out out on a mortgage now because of 40 fucking quid!