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  • FIRST POST
    • mawk86
    • By mawk86 17th Jun 19, 1:05 PM
    • 11Posts
    • 0Thanks
    mawk86
    Will my credit score affect my ability to switch energy providers?
    • #1
    • 17th Jun 19, 1:05 PM
    Will my credit score affect my ability to switch energy providers? 17th Jun 19 at 1:05 PM
    Hello,

    Iíve been researching switching suppliers as my contracted deal has come to an end, however I have heard that some suppliers carry out searches on your credit file, is this true?
    My credit score is low due to last stupidity but is on the rise, so I am wary of adding another search that may take it down, and then also adding another check for it to be declined.
Page 1
    • zx81
    • By zx81 17th Jun 19, 1:08 PM
    • 22,985 Posts
    • 25,393 Thanks
    zx81
    • #2
    • 17th Jun 19, 1:08 PM
    • #2
    • 17th Jun 19, 1:08 PM
    Your credit score isn't seen or used by anyone except you.

    They will just check your credit files. This may be a full search, or just for ID purposes.
    • Smodlet
    • By Smodlet 17th Jun 19, 1:18 PM
    • 4,518 Posts
    • 7,900 Thanks
    Smodlet
    • #3
    • 17th Jun 19, 1:18 PM
    • #3
    • 17th Jun 19, 1:18 PM
    Your credit score isn't seen or used by anyone except you.

    They will just check your credit files. This may be a full search, or just for ID purposes.
    Originally posted by zx81
    ... But you are right to be concerned that a search may impact your credit record. Your "score" is an invention of credit checking agencies to hook people into paying for their reports, imho.

    The option to pay a deposit up front should increase your ability to switch exponentially; if you are not offered this, request it.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • AndyCF
    • By AndyCF 17th Jun 19, 2:09 PM
    • 323 Posts
    • 638 Thanks
    AndyCF
    • #4
    • 17th Jun 19, 2:09 PM
    • #4
    • 17th Jun 19, 2:09 PM
    The option to pay a deposit up front should increase your ability to switch exponentially; if you are not offered this, request it.
    Originally posted by Smodlet
    Although I don't plan on any more 'moves' , I was not actually aware they would do this. It does make a bit of sense though.

    I'm sort of thinking this is along a very slightly similar line to opting to pay a fair chunk of voluntary excess on an insurance policy to reduce the premium cost down a bit yes ?

    I did used to do this on the cars I've had for £100 or so 'Voluntary Excess', not really sure if it made that much difference or not, it was not that expensive for me anyway. With my luck it probably shaved £5 off the total cost with it. Never had to claim though so not sure.

    Back to the topic in hand its quite useful to know the above though regarding energy suppliers, thanks. I guess ultimately if its not visible then there's no harm in asking about it, worst case is "no we don't"
    • Smodlet
    • By Smodlet 17th Jun 19, 4:19 PM
    • 4,518 Posts
    • 7,900 Thanks
    Smodlet
    • #5
    • 17th Jun 19, 4:19 PM
    • #5
    • 17th Jun 19, 4:19 PM
    It's not really the same as insurance from a customer's point of view, but from the provider's, yes; it reduces their risk of having to chase bad debt if they already have a "deposit" towards future bills. I have never had to do this myself but have come across it on here several times. It is possibly the only way those with less attractive credit scores may access more attractive tariffs with some or all suppliers.

    Once you have secured your new deal with whoever, you then have the opportunity to show them just how good a risk you are by always paying on time, never having a direct debit returned due to insufficient funds, etc., etc. and eventually they may allow you to use up the deposit as credit on your account, I think, but don't quote me on that.

    Hope I have helped.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Biscuit Tin
    • By Biscuit Tin 17th Jun 19, 4:30 PM
    • 321 Posts
    • 110 Thanks
    Biscuit Tin
    • #6
    • 17th Jun 19, 4:30 PM
    • #6
    • 17th Jun 19, 4:30 PM
    Hello,

    Iíve been researching switching suppliers as my contracted deal has come to an end, however I have heard that some suppliers carry out searches on your credit file, is this true?
    My credit score is low due to last stupidity but is on the rise, so I am wary of adding another search that may take it down, and then also adding another check for it to be declined.
    Originally posted by mawk86
    Yes, any credit provider worth their salt will check your credit worthiness before extending credit to you.

    If you have poor credit, the supplier may well demand a refundable security deposit up front.

    If you have really bad credit history, don't be surprised if the supplier refuses you credit entirely.
    Suppliers usually are able to offer pre-payment meters for those who have been poor habdling credit in the past.
    • luvchocolate
    • By luvchocolate 17th Jun 19, 4:38 PM
    • 1,829 Posts
    • 1,679 Thanks
    luvchocolate
    • #7
    • 17th Jun 19, 4:38 PM
    • #7
    • 17th Jun 19, 4:38 PM
    I switched to Shell energy (previously first utility) I was asked to put down a deposit of £300 which was returned after 6 direct debit payments.
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