Commenting on the announcement from the Treasury Select Committee that it has launched an inquiry into how multiple credit searches by lenders can affect consumers’ credit reports, James Caldwell, Director at Fairinvestment.co.uk said:

“It’s high time that something was done about the fact that every time someone applies for a credit card or loan, it can leave a black mark on their credit report. This restricts a consumer’s access to cheaper credit in the future, and is a deterrent to shopping around.

“Consumers should be able to see what credit and rates are available to them without having to make a full application which can harm their chances of getting credit elsewhere if they are refused.  

“Comparing the market is instrumental in finding the best deals, so anything that might encourage this is welcome news.”