Is it just me?

1vip

Hi everyone,

1st post ever - forgive me if it's posted in wrong area.

Is it just me that thinks that everytime I "go shopping for the best product that suits my financial needs" I get penalised in the way of a marker on my credit report.

Point#1.
Have I got my facts correct?

Point#2.
If so FED UP WITH IT- considering we are "meant" to live in an era of customer choice. How can this system allow you to get what's right for you when you have to worry about another bad mark against you.

Point#3.
Instead of just winging about it - Can we start to do something to change it


Thanks

DCFC79

Do something about it then. the markers are there to show other lenders what your credit is like, what loans you have applied for etc. Im happy as it is.

DCFC79

1vip wrote: »

Hi everyone,

1st post ever - forgive me if it's posted in wrong area.

Is it just me that thinks that everytime I "go shopping for the best product that suits my financial needs" I get penalised in the way of a marker on my credit report.

Point#1.
Have I got my facts correct?

Point#2.
If so FED UP WITH IT- considering we are "meant" to live in an era of customer choice. How can this system allow you to get what's right for you when you have to worry about another bad mark against you.

Point#3.
Instead of just winging about it - Can we start to do something to change it



Thanks

Forgot to quote it. You dont get penalised at all

meer53

The only way you will get anything on your credit file is if you actually apply for a product. Just "shopping" won't affect it.

The information on your credit file allows companies to provide you with the right product for you. Would it be responsible for them to offer you another loan if you already have several others ?

What do you propose to do to change it ?

1vip

Thanks for all you reponses so far.

Everytime I "go shopping" as I put it, the lenders say "but until we do a credit search" we can't tell you:

a) if you are accepted

&

b) at what rate you will get the loan at.

meer53

1vip wrote: »

Thanks for all you reponses so far.

Everytime I "go shopping" as I put it, the lenders say "but until we do a credit search" we can't tell you:

a) if you are accepted

&

b) at what rate you will get the loan at.

So whats the problem ? Would you honestly expect someone to lend money without checking a few details first ?

1vip

I can totally understand a lender wanting to check before lending money BUT - and perhaps I'm not doing a good job of explaining this,

my issues is that everytime I try to find what one lender is offering versus another, it gets noted on my report and acts like a bad marker - thus creating a downwards spirel effect.

It must be just me I guess?

meer53

If you're applying for lots of lending then yes, it will affect your credit file. Applying for lots of loans/credit cards etc makes you look desperate for credit.

It's not just you, it happens to everyone.

1vip

Thanks meer53.

I don't make a point of just applying for loans for no reason.

I, probably like many, am trying to sort my life out financially.

Whilst trying to do this I have to jump through hoops and go along with a system, that personally I don't like, one bit.

I can accept a system that adds a marker saying this person has so many loans BUT not one that works against you.

I guess I'm trying to find how many people are on my side and then I will do everything within my power to change it.

Assuming there is some support out there??

meer53

There will be lots of people who agree with you. I use the information on credit files in my job, i think they work perfectly well.

What do you plan to do ? I hope you have plenty of time and money. And friends in very high places !

1vip

Hi again meer53.

Interesting that you say you use the system in your job and glad to hear it works perfectly well - for you.

What do I plan to do - well lets see how many are like you &
how many feel the way I do.

Then in terms of what I plan to do can best be summarised by a famous quote (not sure by whom) which says

"When a butterfly flaps its wings in one part of the world, it can cause a hurricane in another part of the world"