Credit Score Basics > Is Experian legit?
3
minute read ·
Updated
21st June 2024
Yes, Experian is entirely legit. Along with TransUnion and Equifax, it is one of the three major credit reporting bureaus in the UK.
Experian's business model is simple: it helps consumers understand and improve their credit scores and provides lenders with credit reports for when they need to do background checks or make lending decisions.
What makes Experian trustworthy?
First of all, Experian is a global company. It's headquartered in Ireland, operates in 30 countries, and has 22,000 employees. 90% of these employees rate it as a great workplace, earning it the "Great Place To Work" badge.
Second, it's a publicly listed company, with its shares trading on the London Stock Exchange under the ticker EXPN. It's even part of the FTSE 100 Index.
This means you can even buy a share in Experian and be a shareholder. In fact, if you have a private pension or an ISA account, you probably already are one. Being a listed company also means that it has to be much more transparent with its business than a small private one.
Experian is also one of the "big three" global credit reporting agencies, alongside Equifax and TransUnion. It collects and manages information on over 1 billion people and businesses worldwide.
Finally, Experian's UK branch – Experian Ltd – is supervised, authorised, and regulated by the Financial Conduct Authority (FCA). The FCA is the UK's finance watchdog – the same authority that regulates banks and lenders.
Is my data safe with Experian?
Even though Experian is trustworthy, it still has its issues. Unfortunately, it has been the victim of data breaches in the past.
But you shouldn't worry—signing up for an Experian account won't really make you more vulnerable. Your lenders already report your data to Experian.
Nowadays, most companies have to deal with data breaches and cyber attacks in some way, shape, or form. Your data with Experian is as safe as with any high street bank.
Experian has also come a long way since that data breach. Now, it even has in-depth privacy policies in place to protect your personal data, along with identity theft services to help ward off fraudsters or assist if your identity is compromised.
What do the online Experian reviews say?
Take any reviews about Experian and other credit reference agencies with a pinch of salt. People who've had a bad experience are far more likely to leave a review than someone who had no issues with their credit score and report.
Still, there are a few common gripes that you need to be aware of.
First, some Experian customers find getting their credit history confusing:
"Experian gave completely wrong info to my local council which has caused a lot of headaches for me. However, I discovered that you do not have to pay Experian in order to access your data. Experian tries to get you to pay, but in the UK, you are entitled to access your data for free via a Subject Access Request (SAR). Experian will try to make this complicated and time-consuming (for you), but they know they have a legal obligation to fulfil SAR requests, and they will do so if you ask. So ask for your data via a SAR."
Others are unhappy to see differences between Experian and other credit bureaus:
"I check my score on multiple sites and apps, including checkmyfile when I was processing a mortgage application. Now, I realise that the numbers are only indicators, but on every other credit checking site and reference agency, my score is high or excellent."
To be fair, different banks, lenders, and utility providers send data to different credit reference agencies, so it's normal if Experian's score looks different from TransUnion's or Equifax's.
That's why it's important to use credit-building services that report to all three credit reference agencies—like Wollit—so your credit score can improve across the board.
Finally, some customers are frustrated with how difficult it is to contact Experian.
Technically, you shouldn't really have to deal with Experian yourself. However, if you do notice that something is wrong in your report, you have a few options:
- Email them at [emailprotected] or [emailprotected].
- Call them on 0115 828 6738 or 0344 481 8000.
- Or send a letter to the Experian Customer Service Team, Experian Ltd, PO Box 8000, Nottingham, NG80 7WF, UK.
If that doesn't work, contact the UK Financial Ombudsman at 0800 023 4567 or [emailprotected]. They have the authority to make things right.
- Credit Reference Agencies
