Expert calls for repair of "broken" credit system
www.moneynews.co.uk > General finance > Expert calls for repair of "broken" credit system
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Money News |
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Expert calls for repair of "broken" credit system
Tue 27th Oct 2009
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Martin Bamford, chartered financial planner at Informed Choice, claimed that the current system penalises people for shopping around for credit.
He pointed out that in the current economic climate, credit can be difficult to obtain, so it is "more important than ever" that consumers be allowed to shop about to find a deal.
"A system that damages your credit rating for simply applying for a product for which you might not be eligible is a broken system," he explained.
In Mr Bamford's opinion, it is a good thing that the Treasury Committee has decided to investigate the issue.
The committee has opted to hear evidence from several industry professionals to fully understand the effects that multiple credit searches can have on a person's credit rating.
Among those present will be representatives from moneysupermarket.com, the Office of Fair Trading, moneysavingexpert.com and the Finance and Leasing Association.
Click here for more general finance news
Related News : General finance |
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