Petition For eligibility Searches prior to Full Credit Search

.1xp

I think all financial companies should have to conduct a 'soft search' to check eligibility for any finance product prior to conducting the full credit search.

This would have a lower impact on peoples credit reports and prevent people from applying for a product that they are not eligible for.

Some companies already do this and whilst it's not perfect, it's a good indication.

Not sure if this will have any impact, but worth a shot.

Feel free to sign if you wish

http://epetitions.direct.gov.uk/petitions/32925

BugsyBrowne

I think it's an excellent idea, but how good the eligibility application is to a full search is a different matter IMO.

giblet10

I agree entirely - but would go one step further - because I tried two soft search type things (Nationwide and Barclaycard) - NW said yea, you'll get a limit of £4500 and a lower APR - then said NO WAY when I hit apply.

BC said 90% chance of Initial card - clicked Apply - NO WAY said the machine..

So I'd adopt the German system - you apply but your footprint only lasts one month - then there's no trace of your application thus meaning you can make several apps in a couple of months and find your approved card without worrying about all those hard searches..

giblet10

.1xp wrote: »

http://epetitions.direct.gov.uk/petitions/32925

Duly signed!

BugsyBrowne

Trouble is the mojority of the UK don't give 2 monkies what it says on their credit score as I suppose they don't care, so really can't see to many signatures going on.

callum9999

giblet10 wrote: »

I agree entirely - but would go one step further - because I tried two soft search type things (Nationwide and Barclaycard) - NW said yea, you'll get a limit of £4500 and a lower APR - then said NO WAY when I hit apply.

BC said 90% chance of Initial card - clicked Apply - NO WAY said the machine..

So I'd adopt the German system - you apply but your footprint only lasts one month - then there's no trace of your application thus meaning you can make several apps in a couple of months and find your approved card without worrying about all those hard searches..

Why bother having a footprint at all if you're going to wipe it after a month? One of the main points is to detect someone struggling with debt and stop them racking up more. If you're free to apply every month with a clean slate then I don't think that will work very well.

Good for the likes of me and (presumably) you who would only do multiple searches trying to find the best deal, but it surely makes it harder for lenders to ensure they lend responsibly?