Credit Report FAQ
Previous searches on you
When you apply for credit the company may have terms and conditions
which you are required to agree to and which give them permission to use a credit
reference agency. Each time a company gets a credit report on you, a record is kept by the
credit reference agency, and the search is listed on your credit report.
Although a high number of searches is not necessarily adverse, it may
suggest to lenders that you are either shopping around for credit, or that you are making
lots of applications and being refused by other lenders. It could also concern lenders if
they think you may be being accepted for credit by other lenders and could be over
committing if you are taking credit from lots of sources at the same time. Each lender
will choose how they interpret the searches on your credit record, an how recent the
searches are in relation to the credit application they are considering.
If your credit report shows a search against you by a company you know
nothing about, start by contacting the organisation who made the search and ask for
further details. If the organisation agrees to remove a search they will tell the credit
reference agencies. It may be that the search is in the name of a finance company used by
another company which you may know.
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