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Is Experian accurate?

Experian advertises itself as the UK's most trusted credit rating agency. Of course, while this is based on its own survey of UK customers, it doesn't mean it's wrong.

Experian is indeed the UK's most widely used credit rating agency—almost all banks, mortgage lenders, and credit card providers work with it. Because of this, it is essential to make sure that your Experian credit score and report are correct.

Is Experian more accurate than Equifax or TransUnion?

Experian, Equifax, and TransUnion, the three primary credit rating agencies in the UK, follow similar methods to calculate your credit score. They gather information from public records, such as the electoral roll, and from the various companies you have relationships with, like your bank or utility company. However, these companies may not always work with the same credit rating agencies, and even when they do, they might not share identical data.

So, while you see differences between them, this doesn't mean that one is more or less accurate than the others. They just use slightly different information.

How can I correct something that is wrong in my Experian file?

Sometimes, you might notice an error in your Experian credit report. It can also happen on Equifax and TransUnion, by the way – this is not an Experian issue.

There can be many reasons why something is off in your credit file:

  • You moved the address too often and didn't update your electoral registration.
  • One of the companies you're a customer of made a mistake – for example, showing a late payment as a missed payment.
  • Or you might even be a victim of fraud – like when a fraudster takes a loan in your name.

All of these can impact your credit score and make it less accurate.

This is why regularly monitoring your Experian credit report is crucial. If you spot anything unusual or suspicious, reach out to Experian as soon as possible. They will help you solve these issues so that you can have an accurate credit report and score.

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