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Why do the majority of lenders use Experian?

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IcyCool7227
Frequent Contributor

Why do the majority of lenders use Experian?

I read a thread in the past on here about some of the reasons why lenders use Experian but to me it doesn't make sense. Out of all 3 bureaus their score for me is always the lowest. Plus you cannot get in touch with a human being over their customer service number, unless you call the business support line. When you press 1 for personal credit, it transfers you back to the automated woman and if you call that same number back it then answers the same way unless you block your number. I tried that route and somebody then put me on hold to speak with someone but after about 10 or so mins it disconnected.

 

If you search Google and look at the Yelp reviews on Experian there are many complaints. This is horrible for consumers trying to get answers like me. I was simply trying to get an answer as to why my balance from a creditor hasn't updated yet as the Synchrony Bank did not have the info on when the report was made to them.

 

Sure they may update other things faster than the other bureaus but for me it lags. And because you can't get through to talk to a human being it doesn't make sense why so

many lenders utilize it. EQ and TU are easier to get ahold of. This is unacceptable to me and I may file a CFPB complaint about it. Does anyone know why their phone system works like that?

As of: 1/10/25:
EQ: 798 (prev. 794 on 12/19/24; prev. 781 on 9/20/24; 747 on 8/7/24; 781 on 7/1/24; 785 on 3/28/24. 778 on 2/6/24; 773 on 1/26/24; 750 on 1/7/24; 626 on 6/7/23 & 652 in April 2023) - FICO 8
EX: 769 (prev. 767 on 10/26/24; 751 on 9/20/24; 729 on 8/7/24; 752 on 7/1/24; 761 on 755 on 2/6/24; 753 on 1/26/24; 732 on 1/7/24; 643 on 6/7/24; 619 in April 2023) - FICO 8
TU: 768 (prev. 771 on 12/3/24; 756 on 9/6/24). - FICO 8.

Old TU - Credit Karma: 806 (prev. 782 on 12/19/24; prev. 759 on 7/1/24; 748 on 2/6/24; 744 on 1/26/24; 689 on 1/7/24 ; 654 in April 2023) - CreditKarma

Have:
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- Super Cash: Limit varies based on debit balance - doesn't show up in accounts anymore though on CRs.
Message 1 of 4
3 REPLIES 3
FicoMike0
Valued Contributor

Re: Why do the majority of lenders use Experian?

Experian is my lowest too. Transunion seems to be most frequently pulled.

Message 2 of 4
JoeRockhead
Senior Contributor

Re: Why do the majority of lenders use Experian?

To quote myself from an older thread:

 

"The single biggest factor is likely the fact that more lenders use Experian for credit reporting than use Equifax or Trans Union. In turn any particular debt and payment history is more likely to appear sooner on an Experian report making it more thorough and the most up to date. 

 

Someone may come along and say "all my accounts are on all three CRAs". Yes they are, however, using current monthly payment history as an example, it most often shows up on Experian first while the others may show NR (not reported) and doesn't show a "pays as agreed" until two or three months later. 

 

Experian may also be cheaper, or provide better integrated software, ease of use etc..."

 

It's believed that Experian offers a more complete and comprehensive look at a person's credit history because more detailed information is collected from them, and reported to them vs EQ and TU. 

Message 3 of 4
KatzNDawgs
Regular Contributor

Re: Why do the majority of lenders use Experian?

It also depends on what state you are in as far as which they pull from. I'm in VA and its predominantly TU (which of course is my lowest, lol).

Message 4 of 4
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