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MPs' credit searches review 'good news'

Published: 23/10/2009

The upcoming investigation of credit searches by the Treasury Committee has been welcomed by a financial planner.

Martin Bamford at Informed Choice said that the current system of applications for credit cards and personal loans "penalised" customers who shop around for the best deal.

Representatives from credit reference firms Experian, Equifax and Callcredit are to attend a meeting called by the MPs' group to investigate the issue on Tuesday October 27th.

Concerns have been raised recently over the fact that providers make a "search" of a customer's credit record when an application for a loan or card is made.

Traces of many searches can lead other providers to the impression that the customer is struggling financially - when in fact the multiple applications might be due to the customer shopping around.

Mr Bamford said: "It is good news that the Treasury Committee is looking into this issue.

"A system that damages your credit rating for simply applying for a product for which you might not be eligible is a broken system."

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