Help re Moneysupermarket credit search!

adtheblue

Gomer, whilst I accept that they didnt make me do anything, moneysupermarket must have systems in place that recognise that after being delined for one loan I then applied for another through their site. I believe that they should tell you that applying to more than one could harm your credit rating.

Not everyone is financially clued up and knows how it all works - at least I do now know.

I have also learnt not to trust sites like moneysupermarket, like one reply said, their main objective is profit and not to help/inform its customers.

I just hope that others can also learn from my experience and not make the same mistake.

gomer

With all due respect, if poeople are so poorly clued up financially & on something as basic as how a credit file works, should they really be applying for loans?

I do understand where you are coming from but your anger really is misplaced in this instance & the fact you were able to find out afterwards how it works does suggest that you had the ability to educate yourself but didn't do so until afterwards, perhaps you could have spoken to your friend who told you about this beforehand, but it's done now so don't worry yourself silly about it.

It's a bit like running your own cat over then blaming the old lady down the road for not warning you he was behind your back wheel. Seriously, put it down to experience and move forward.

I honestly don't think this has totally destroyed your credit rating, all i would do is wait a few months before applying again so that lenders can get a better picture of you & don't think you are appearing too desperate for urgent funds because it can trigger alarm bells if you go too mad applying, at this stage i personally don't think you have gone too mad that it can't be resolved with a bit of time.

I know you are upset that your credit file could be damaged but you could have applied for a lot more than you did, at least you found out quickly enough not to apply for any more just yet, which can only be a good thing.

Just to put your mind at ease why not get a free credit report so you can see yourself the way a lender would see you as a customer? Personally if i were you i wouldn't worry too much to be honest, credit filed can always be repaired. Have a look here -

https://www.annualcreditreport.co.uk/

adtheblue

It's interesting when you dig a little deeper. These loan aggregator sites earn a fee from the lender everytime you enquire about a loan whether you get the loan or not.

They must be laughing all the way to the bank or should that be banks!

adtheblue

Has anyone heard of http://www.thelendingwizard.com?

They claim that applying for a loan through them doesn't damage your credit rating.

Would love to hear from anyone who has used them.

Thanks

Figo

adtheblue wrote: »

Has anyone heard of http://www.thelendingwizard.com?

They claim that applying for a loan through them doesn't damage your credit rating.

Would love to hear from anyone who has used them.

Thanks

I haven't used them but they are part of the same group of companies as Freedom Finance PLC. I would have a guess that this is Freedom's own aggregator/broker whereby they skim the cream (ie the secured loans that they want to write on their own book) and sell on whatever else is left. Don't worry adtheblue, they'll get paid.

At the end of the day if you make a loan application then you'll be credit checked; if you don't then you cant be assured that the rate you've been quoted is accurate.

Going back to your original post I actually think that you should be given the warning that you will credit searched if you make an enquiry on moneysupermarket.com. I agree that consumers in general should do their research but lenders and brokers have to warn about the potential of a search in their terms & conditions - why should moneysupermarket?!

kaisersoze_2

Figo wrote: »

Going back to your original post I actually think that you should be given the warning that you will credit searched if you make an enquiry on moneysupermarket.com. I agree that consumers in general should do their research but lenders and brokers have to warn about the potential of a search in their terms & conditions - why should moneysupermarket?!

Moneysupermarket are neither a lender or a broker they are simply a comparison site for you to narrow down your search of loans etc to try and fit your profile, every lender website that you click through to will clearly state that a search will be carried out.

Figo

kaisersoze wrote: »

Moneysupermarket are neither a lender or a broker they are simply a comparison site for you to narrow down your search of loans etc to try and fit your profile, every lender website that you click through to will clearly state that a search will be carried out.

But moneysupermarket.com get a couple of quid for every referral of a customer they make or an equivalent to about 5%-7.5% of the balance of the loan depending on which is greater. Appreciated it is down to the individual consumer to select the lending product that they enquire about and that aggregation is categorised differently from a licensing point of view (or in reality not legislated for at all!) but how is that any different from the actions of a broker?

kaisersoze_2

Moneysupermarket do collect commisions from companies that advertise on their website and this is a big thing with comparison websites in that the ones that pay more get to the top of the list more.They however do not actively seek out a loan for you they simply match what you type in with a certain criteria (excellent,fair or poor) then show you what is available on the open market.

jon_boy75

gomer wrote: »

It doesn't work like that. They were all to seperate companies who all do thier own search. In all fairness it's not really up to moneysupermarket.com to warn you.

3 applications in 2 days will NOT damage your credit file...do not worry. If you leave it a few months, just reapply. It's worth looking here

https://www.annualcreditreport.co.uk/default.htm

they will match appropriate lenders to your circumstances, but this is by no means an exact science.

allgonetitsup99

Hi

I came across this thread and tried the annual credit report link. I must admit I was a bit put off when after completing the initial details the site asked me for my credit/debit card details to prove my identity.

I am obviously hesitant to give them that information even if they 'state' that it is only for identification purposes.....

You can also opt for a secure code to be posted which I did and will see how good the site is in approx 5 days.

It didn't help me to get any further with my hunt for cheaper credit and I'm not sure at what point they will do the credit search on me or if they already have.

I applied for a loan through "the lending wizard" who gave me an instant decision and I'll let you know if they live upto their promise.