Credit Report Searches for Loans

grimsbyavon

Hi, was just wondering if anybody knows if you can remove searches that companies have made on your credit file when deciding on lending money etc. Was applying for car finance and got refused so went to other companies who also searched report. Now we have loads of searches marked on the credit report and i have read that this can go against a company willing to lend? any information would be appreciated. thanks

jon_boy75

no, it was a legitimate search and should remain on your file

what would be your reason for having it removed?

Tixy

If you applied for credit then the credit application searches are correct to appear. They are there so that other lenders know you have applied for credit and can use that information to decide whether or not to loan you money (the risk for them is that you apply and are accepted for lots of credit products close together and max out loads of cards you can't then pay back).

Only recent applications tend to impact on a lenders decision. After 6months they will mean little and after 12months they won't affect you at all. Its generally recommended to keep credit applications to no more than 3 in a 6month period. All you can do now is to wait for them to have a lesser impact on your file.

If you are declined for more than 2 items then the best advice would be to stop applying and try to assess the reason you are being declined.

grimsbyavon

the reason i was asking is that after all the searches had been made i read that it can go against you in trying to get finance etc. We was looking at purchasing a new car so the garage applied for hire purchase, when one company declined they went to the next. They tried many companies and we didnt get any luck through any of them. I have since viewed my credit report and seen the reason why they probably wouldnt lend and am now in the process of getting it sorted, however if this is sorted and my credit report goes into the green are the numerous searches going to go against me?

Tixy

In the short term they are likely to go against you yes. It doesn't in itself mean you definitely won't get credit, but its likely to be one of many things a potential lender will take into account when making a decision.