Beware comparison websites may damage your credit score!

[Deleted User]

Niglov wrote: »

Is it because he likes to read fiction???

If true, that will be because he's an idiot.

Niglov wrote: »

Similarly, I recently opened an account at The Halifax. They ran a check on my credit rating. Maybe they just like to waste time?

No. That will be because running a credit check isn't the same as looking at a credit score.

Niglov wrote: »

Sensible answers please!

Only if you ask a sensible question that doesn't involve believing in the Credit Score Fairy.

Tractorman123

I noticed I've had a lot of soft searches in the last fortnight for car insurance. I haven't been looking for it but it's the comparison sites doing their renewal quotes as far as I could see as I got the usual email from moneysupermarket.

Smodlet

"Only if you ask a sensible question that doesn't involve believing in the Credit Score Fairy"

Awwww! Next you'll be telling me there's no Easter Bunny!

davidsuffolk

Personally I find these searches an unnecessary intrusion, regardless of whether they are harmful or not so as a matter of course I always complain.
This is aggravation to them and if everyone did it perhaps they might consider that these searches are resented and no longer worth doing?

20aday

Last August I enquired into a loan with Lloyds Bank (my main current account provider).

The member of staff said to avoid too many "soft searches" as these 'could have a negative impact'.

1. Utterly untrue.
2. If you head over to the Lloyds Bank website you can carry out a "soft search" to check eligibilty for a current account with them; the blurb includes:

A soft search on CRAs is only visible to you, not to lenders. Hence it will not affect your credit score for future credit applications

So, no, a soft search won't have a negative impact on your credit history. Mismanagement, too many hard searches, late payments etc do!

GingerBob_3

20aday wrote: »

Last August I enquired into a loan with Lloyds Bank (my main current account provider).

The member of staff said to avoid too many "soft searches" as these 'could have a negative impact'.

1. Utterly untrue.
2. If you head over to the Lloyds Bank website you can carry out a "soft search" to check eligibilty for a current account with them; the blurb includes:

A soft search on CRAs is only visible to you, not to lenders. Hence it will not affect your credit score for future credit applications

So, no, a soft search won't have a negative impact on your credit history. Mismanagement, too many hard searches, late payments etc do!

You forgot to add mistakes and blunders by providers.

Smodlet

"So, no, a soft search won't have a negative impact on your credit history. Mismanagement, too many hard searches, late payments etc do!"

I do so hope you're right and can only think you must be because I must have done well over fifty soft searches via the MSE CC eligibility thingy and still got the only one I actually applied for.

mcpitman

Niglov wrote: »

I just got my latest credit score from Noddle as I am applying for a new mortgage. I was shocked to see it had gone from Excellent down to Fair! Nothing has really changed in my cicumstances so I looked deeper in the report.

When I looked at the searches made on my account I found nearly fifty searches on three different dates made by just three companies. I didn't recognise their names but it was around the time I was researching new car insurance and had visited several comparison websites.

This number of duplicate searches appear to be the sole reason for my lower score. The websites must be doing a credit check for every company they offer!

Surely the only company who should do a check is the one I eventually get a quote from and purchase the policy?

I have disputed the checks online and written to Noddle and wait to see what happens.

1. From other posts you have made, you need to change mortgage broker. Any broker who asks to see your print off of a spurious "Credit Score" is a muppet

2. These searches are often ID/Address checks often known as soft searches. These do not affect your credit woirthiness. FACT.

3. All the arbitary scores the Noddle/Experian type companys give you are made up from there own algorithm. As a minimum they may be a small indicator/barometer of your credit worthiness.

4. All lenders use there own criteria to check you to see if they think you can be trusted to borrow money from them.