Eligibility Search Limits

fergie_

As responsible borrowers, we are being encouraged more and more to check eligibility before applying for any financial products. This often involves a soft search.

However, I am noticing more and more lenders are limiting the number of checks a customer can do within a certain period of time. This includes RBS Group and Santander.

This would seem fair enough, if customers were warned in advance, but this seems not to be the case. This becomes an issue if someone was being prudent and planning ahead and then finds themselves blocked from applying.

Should lenders be more transparent upfront? Is this information published anywhere?

DullGreyGuy

fergie_ said:

As responsible borrowers, we are being encouraged more and more to check eligibility before applying for any financial products. This often involves a soft search.

However, I am noticing more and more lenders are limiting the number of checks a customer can do within a certain period of time. This includes RBS Group and Santander.

This would seem fair enough, if customers were warned in advance, but this seems not to be the case. This becomes an issue if someone was being prudent and planning ahead and then finds themselves blocked from applying.

Should lenders be more transparent upfront? Is this information published anywhere?

We aren't being responsible borrowers by checking before we formally apply, thats much more self serving than responsible. Soft searches cannot be seen by others so it's really about you not letting your current target know you've applied for and been turned down by a dozen other companies already.


RBS Group renamed itself to NatWest Group in 2020

Nasqueron

How many soft searches are you trying to do? The system costs them money to operate, however little, doing regular checks without applying seems an unusual thing to do hence why the bank want to limit it

fergie_

Some of the systems now limit users to 1 per month.

Limiting them isn't the issue. Its the lack of transparency upfront and also the fact that they are encouraging consumers to use them.

surreysaver

DullGreyGuy said:

fergie_ said:

As responsible borrowers, we are being encouraged more and more to check eligibility before applying for any financial products. This often involves a soft search.

However, I am noticing more and more lenders are limiting the number of checks a customer can do within a certain period of time. This includes RBS Group and Santander.

This would seem fair enough, if customers were warned in advance, but this seems not to be the case. This becomes an issue if someone was being prudent and planning ahead and then finds themselves blocked from applying.

Should lenders be more transparent upfront? Is this information published anywhere?

We aren't being responsible borrowers by checking before we formally apply, thats much more self serving than responsible. Soft searches cannot be seen by others so it's really about you not letting your current target know you've applied for and been turned down by a dozen other companies already.


RBS Group renamed itself to NatWest Group in 2020

I don't agree with this view. Why should a company that I am a potential customer of see what I'm researching? That could be viewed as anti - competitive.
I will regularly do some eligibility checks a couple of months or so before I intend to apply for a product to get an idea of where the land lies.

Hoenir

fergie_ said:

Some of the systems now limit users to 1 per month.

The lenders own criteria can change overnight for a whole variety of commercial reasons. Serves no purpose if consumers are endlessly checking. Probably creates no end of additional work and confusion. With unneccessary telephone calls to customer service agents. 

adamp87

Perhaps you shouldn’t be checking so much? How often are you running a search?