Money Expert Martin Lewis
Moneysupermarket.com, one of the UKs leading comparison sites, has called on the Treasury Select Committee to, “Improve transparency and fairness within the credit search industry in order to allow customers to shop around for unsecured lending products without it impacting their credit score.”
It’s a particular issue for those people looking for a new, or in some cases a first credit card. With so many offers now on the market it’s little wonder that consumers want to shop around for the best deal, in exactly the same way as they do for other products.
However, how many would-be credit card applicants don’t know that multiple applications will impact their credit score? According to research from Moneysupermarket.com the figure is 46%. That’s a lot of people unknowingly damaging their credit score and in the process being rejected for credit.
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