Credit card customers 'afraid to shop around'

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Credit card customers 'afraid to shop around'

People who know that making multiple applications for credit cards can adversely affect their credit score may be afraid to shop around for the best financial products, according to moneysupermarket.com.

The price comparison site's managing director of money Toby Van Der Meer asserted that as acceptance rates for credit have decreased due to the recession, some consumers may resist seeking out the best deals in fear of tarnishing their reputation.

Mr Van Der Meer said: "This means they are not necessarily getting the best deals, while those who don't understand this are damaging their credit files, which prevents them from accessing the best deals."

The site has requested the Treasury select committee to make changes to the credit card market to correct the current "no-win situation", a move which Mr Van Der Meer said could see providers use a quotation search rather than a full credit search. This would allow people to shop around for various products without negatively impacting their credit score.

Earlier this week, Moneynet.co.uk also called for an "overhaul" of the way credit cards are marketed and used in the UK, including changes to minimum repayments and credit limits.

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