Mortgage not showing on credit report

[theadvicist]

I get a copy of my credit report every couple of years just to make sure everything is in order. Primarily, I guess, I'm looking to make sure no-one is taking credit out in my name.

Well, I just got a new report (equifax, if it matters) and I have the opposite problem.

I switched mortgage providers at the start of July. My old mortgage is showing as settled, £0 owing. This is correct. But my new mortgage isn't listed at all.

Is this problematic? Of course I would contact them to correct any misinformation in the other direction, but do I need to let them know they have missed an actual loan?

This is not giving me much faith in the accuracy of the information held by Equifax! I used them because it was free, and I got cashback for signing up (but I will cancel, as soon as I have decided I don't need to make any amendments). Do I need to do anything? Would you be concerned by this? TIA.

[overwhelmed]

I would call the new mortgage company & tell them it isn't appearing on your Equifax report.

Usually the credit bureaus report whatever the company sends them so I would start with the Mortgage company. The Mortgage company should be doing the legwork on this, not you.

[Linea_Norway]

Maybe it shows up after new year. The reporting for new mortgages might by once every so much time.

[theadvicist]

Maybe it shows up after new year. The reporting for new mortgages might by once every so much time.

Yeah, I guess. But say I was to apply for a second mortgage right now (or even a big personal loan), how would the company checking I could afford it know that I already owed x amount? It seems like this information needs to be real time if it's used for actual credit decisions!

I don't need to cancel until 11th January. I will check in again in the new year.

[theadvicist]

I would call the new mortgage company & tell them it isn't appearing on your Equifax report.

Usually the credit bureaus report whatever the company sends them so I would start with the Mortgage company. The Mortgage company should be doing the legwork on this, not you.

Thanks. I guess that would be a good starting point. I can just see the mustacian person problem of the person at the mortgage company being all, "What? You're mortgage is for x pounds", and me being, "yes, I know but it's not showing up on my credit report", and them just having never checked their credit report and having no idea what I'm on about.

I guess if I want to finance that new yacht, now is the right time!

[overwhelmed]

I would call the new mortgage company & tell them it isn't appearing on your Equifax report.

Usually the credit bureaus report whatever the company sends them so I would start with the Mortgage company. The Mortgage company should be doing the legwork on this, not you.

Thanks. I guess that would be a good starting point. I can just see the mustacian person problem of the person at the mortgage company being all, "What? You're mortgage is for x pounds", and me being, "yes, I know but it's not showing up on my credit report", and them just having never checked their credit report and having no idea what I'm on about.

I guess if I want to finance that new yacht, now is the right time!

In the US, when a company takes over an account that is reported to the credit bureaus, they take the steps to include the new (to them) accounts to their existing credit reporting file. It is their responsibility not yours. It sounds as though the old lender updated their reporting but either the new company doesn't report to Equifax (which seems strange these days), is behind on including the new loans or for some strange reason your loan is being excluded.

Most likely the person you speak to will assume that your loan is being reported because 'that's what they do' but it is relatively simple for most companies to check for themselves & when they see that it is not being reported should know who to escalate it to.

[PowerOfMe]

Hi theadvicist. As I understand it, the credit reference agencies can only report on the information they are provided with from the companies we hold accounts with, so I (as I appreciate others have already suggested) would contact your mortgage company to enquire initially. Also, if the mortgage company has made an error, I would suggest requesting a little compensation as an apology and goodwill gesture from them for your time and inconvenience caused trying to resolve this issue.

My mortgage company was recently sold to another and the change (new company details etc) was reflected on my credit report within a month. I check my report every month and usually see any changes made within the current month (payments made, changes in payment amounts due, accounts opened/closed) reflected in the next month's report or the one after.

I'm assuming you're also UK based as you mentioned using Equifax. I also used to use them and needed to check my report monthly, so ended up paying the million pounds a month fee as was unable to find any UK credit ref agencies that were free (after trial periods). I then found Noddle who are free all year round and would definitely recommend them to you. Also, will give you the opportunity to see if the info is appearing on another credit ref agency's report.

Best wishes for a smooth and swift resolution!

[theadvicist]

Thanks power of me, really helpful stuff. Yes I am in the uk, and I couldn't believe the cost of equifax's service if you don't cancel. £14.95 a MONTH! Thanks for the heads up on noddle, will check them out.

[PowerOfMe]

Hi theadvicist. You're very welcome. Wow £14.95 a month! Back when I was using it it was £9.99 a month and I thought that was a rip off.
If you feel like taking a glance at my 'Reader Case Study' you'll see why I find it useful to keep an eye on my credit report regularly (putting right past financial madness and motivation for paying off debt asap - I get genuine enjoyment from watching the debts dissapate and my credit rating impove each month).

So glad you found my info useful. And, again, best wishes for a nice, speedy and simple resolution!

[worms]

My understanding is that (at least here in U.K.), you need to get both Experian and Equifax reports if you want a full picture. I have done the one-month-and-cancel job with Equifax (and they sure don't make it easy to cancel!) and found that one of my credit cards is not on Equifax because it is not that bank's chosen agency.

[theadvicist]

My understanding is that (at least here in U.K.), you need to get both Experian and Equifax reports if you want a full picture. I have done the one-month-and-cancel job with Equifax (and they sure don't make it easy to cancel!) and found that one of my credit cards is not on Equifax because it is not that bank's chosen agency.

Aha, that makes sense, thanks. I can't find any way to get a free experian one, unfortunately.