MSE News

Credit applications hit by Experian problems

Credit applications hit by Experian problems

At least one major bank has warned of delays on credit applications due to problems with credit reference agency Experian. 

Update 11pm Friday 25 January: MSE understands the issues with Experian are now fixed.

Experian has confirmed it is working to fix problems with its service, and TSB has said the industry-wide issues mean manual checks will have to be carried out on some of its applications, which could results in delays. It has assured applicants there will be no affect on their credit files. 

Santander has also it has been affected by the issues, but we've yet to hear back from other banks which use Experian. 

Many major banks use Experian to do their credit checks for applications such as credit cards, mortgages and loans. 

The full extent of the problem is not yet clear, but on Twitter Experian has said it hopes to have "things back up and running in the next few hours." 

We have asked Experian for further details about the problem and will update this story when we hear back.

The credit check service is also used by eligibility calculators, including MoneySavingExpert.com's, so we are currently warning users they may see no results at all or may not see their chances of getting certain cards and loans.

Until the issue is resolved, it may be best to wait before making any applications or using any eligibility checkers that rely on Experian.

It comes after some people who applied for HSBC credit cards, mortgages or loans on Wednesday 23 January were wrongly rejected due to problems with Experian credit checks.

What are the banks saying?

A TSB spokesperson said: "We are aware of the industry-wide issue with Experian this afternoon.

"Any applications that are impacted by the Experian issue will be referred to us for review. Applications will not be declined and customer credit files will not be impacted."

She warned that as applications are being manually reviewed, there may be some delays for applicants.

A spokesperson for Santander said: "We are aware of the issues Experian are experiencing and have briefed our teams on how they can support any affected customers."

What does Experian say?

A spokesperson said: "We are aware that some people are experiencing issues when they access our services.

"We're sorry for any inconvenience this causes and we are working hard to get our services back up and running as soon as possible."