Credit Report

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Credit Report FAQ

Shopping around for credit

  • Shopping around for the best credit deal should not generate an abnormal number of searches on your credit report. This is because a credit search should only be conducted in response to an actual application for credit. When shopping around, people usually obtain basic details of offers from a range of lenders, then make an application to those considered to be the best deal.

  • Although shopping around for the best credit deal should not result in searches on your credit report, if you proceed to apply for the loan or credit facility, then the lender will probably search your credit report. Although a high number of searches is not necessarily adverse, it may suggest to lenders that you are making lots of applications for credit either because you are constantly being refused by other lenders, or if you are being accepted, then you could appear to be over committing by 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.

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