Changes to credit searches 'need to happen'

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Changes to credit searches 'need to happen'

Changes need to be made to prevent consumers from being penalised for making multiple credit check searches, according to moneysupermarket.com.

Managing director of moneysupermarket.com Toby Van Der Meer said it is essential for the Office of Fair Trading to act quickly, as the current system is unfair to consumers.

Mr Van Der Meer, a contributor into the Treasury Select Committee's report into the impact of multiple searches on consumers, added that, at present, only 30 per cent of consumers who apply for credit actually receive it, with only 20 per cent overall getting the rate that they wanted.

He concluded: "80 per cent of consumers who see a product won't get it and they'll be penalised for trying because they'll be even less likely to be accepted if they apply for another product."

The price comparison site reported earlier this month that individuals looking for loans were facing problems, as eight out of nine of the biggest high street lenders were only giving loans to existing customers.

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