Credit score wrecked by lenders?
In an article published by the Guardian on Sunday July 12, Sam Dunn denounces how banks fail to use "soft quotations" to quote for their loans despite the Information Commissioner's Office (ICO) best practice guidance.
The problem is that for most potential borrowers the only way to get a true quote is to apply with the bank. The bank therefore records the quote as an application on your credit file. If you get too many quotes, banks will take that into consideration when weighing the risk of lending to you (see previous blog article on credit searches).
What you really need is a way to get a quote without applying for the loan. That's exactly what we do. The Lending Wizard shows clearly that there are lenders who want to change things for the better and are open to using quotation searches to give accurate quotes -- a point which is certainly not elaborated on enough in the Guardian's article.
