mortgage app rejected due to 'insufficient Experian data’

[anonnymousey]

anyone able to explain this to me? am much grumped, credit report says 999 - all good, too good maybe?

Sorry to hear that, very frustrating for you.
Does it maybe mean that you don't have much credit history? When we applied for our mortgage we were advised to get a credit card, spend on it every month and pay off in full each month, apparently it builds a good credit record (not sure how true it is). Have you had credit cards or anything in the past few years?

yup cc and bank accs held for 15 yrs plus, I also was told use and pay off regular which I have done for past 10 years. Also mobile contracts etc. The only thing I can think is that I pay everything off, no debts, and have not been applying for new stuff since I knew this was coming up.

do you mean you pay the balance off each month?

I believe the card companies like customers who keep a debt on the card (so they make a profit from the interest charges) and pay by direct debit.

You can get a copy of your credit file by payment of a small statutory fee, no need to sign up to a monthly scheme. The lender must tell you which agency/ies they used when making their decision. The agencies will deny that they provide a score, they claim they just provide data and the lender scores it.

Sounds like Experian do not have a credit history for you. Are all your accounts really old? I think some old accounts do not show up because at the time of opening the account you would not have been asked to consent to share your data. Best to get a copy of your credit report to check

It can't be that. At the time I was granted a mortgage, I had been totally debt-free for a decade: no mortgage, no store cards, Visa card with a zero balance and no activity at all for 3 years. My current account had plenty of DDs, including a mobile phone one, but that was all...

I used a broker, though, so I could alert him to my lack of credit activity, and presumably he avoided lenders for whom that might be a problem. Could you do the same, OP?

Ok love assuming you are in the usa?

First things first what credit report do you have ? Did you get it yourself off one of those online sites or did the bank give you the one they are looking at? If they didnt then that's the first step - get the one they are looking at - on it will be a phone number - call the number and they will be able to tell you why

But the top experience score is on about 850 so 999 is way wrong

Experian does go up to 999. Checked mine last week and it was 961 so definitely goes above 850.

report is with Experian (am in uk) and everything up to date because I am very careful about my credit report. Have a broker doing the app for me so hopefully will find out more this week but am definitely wondering if report is just too good, maybe I am not enough of a risk to make em money.

Very odd - I have a score of 999 (I did have a lot of debt but it's all now paid off) and when we applied for our MIP the mortgage advisor was delighted with this. I'd second talking to a broker...

Mortgage is with C&G by the way

I doubt it's because your credit score is too good OP - not for a mortgage. If applying for a card, maybe (but even then unlikely to turn you down completely), because the bank only makes money if you spend and preferably pay some interest, but for a mortgage they just want to know you can pay it back.

If you can get your Exp report you should be able to see if your credit cards are on there. If not you may be able to convince your mortgage lender by providing some cc statements.

I was talking about usa
If it is UK then my knowledge is useless here

Would still advise calling their helpline and asking about the report

Bear in mind that there are 3 main credit file companies in the uk. So if your mortgage check was done using only Experien and your other lenders file with Equifax and Call Credit then you will appear to have no history.