Penalised for Checking Your Credit? That's Unfair!
Tuesday, 20th October 2009
We have always considered it an injustice that those who look to shop around for a loan, credit card or mortgage actually risk damaging their credit rating in the process. Each and every time a potential lender checks out your credit file it leaves a trace. If the borrower is turned down for whatever reason the trace turns into a great big muddy mark and, in these straitened lending times, this can be enough to bar the individual from accessing credit elsewhere.
The idea is that lenders are able to see if someone is trying to access lots of lines of credit sometimes an early sign of financial trouble but in the blunt-weapon world of the credit score it hits those who are simply exercising their consumer choice and seeing what's what.
There's nothing wrong with applying for a loan. Often, the final interest rate for an unsecured loan won't be finalised until an application has been accepted by the lender. So completing the application process is the only way a shrewd borrower will be able to accurately compare the cost of various loans from different lenders.
Bad Debt Consolidation Loans are not money lenders, we are loan brokers. We have access to information on hundreds of low-cost loans from many responsible and well-regarded UK lenders and financial institutions. We are able to quote interest rates/APR without using your name and tainting your credit history.
There's nothing wrong with applying for a loan. Often, the final interest rate for an unsecured loan won't be finalised until an application has been accepted by the lender. So completing the application process is the only way a shrewd borrower will be able to accurately compare the cost of various loans from different lenders.
Bad Debt Consolidation Loans are not money lenders, we are loan brokers. We have access to information on hundreds of low-cost loans from many responsible and well-regarded UK lenders and financial institutions. We are able to quote interest rates/APR without using your name and tainting your credit history.
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