Experian

A question about : Experian

Why do lenders advertise a representative APR and, AFTER a loan is applied for, rarely is it what they advertise? I can understand why this USED to happen but, with modern technology and the likes of Experian and Equifax, in which your files can be instantly accessed by lenders, surely they should check your rating (using a soft search) in order to give you an accurate quotation before committing to a full on application.

Experian advertise they can match the right lender for you based on your score but it seems to me that this is bullsh*t as it's always representative and not actual.

The technology is available, they should use it. But, why should they!!! They can reel us in as, when they have darkened our Credit History with a search, they hold us to ransom.

Best answers:

• Experian say they can match you to a lender but experian have no idea of your salary and other circumstances.
• Don't forget Experian don't know what agency the lender will use to search you, so whilst all may be dandy with Experian, there may be missing accounts from there and other info on the other 2 agencies. They also don't know if you've had past relations with the lender. As DCF stated, each lender has their own criteria that they adhere to, so in essence, 'scores' which you have to pay for provided by the credit agencies are pointless and their 'matches' based on your profile/info are just as useless, as you have found out.