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Can Credit Search Entries Affect Your Ability to get Approved
for a New Loan in the UK?
About Search Entries:
Every time a lender checks your credit history from your
credit file (i.e. each time you apply for a loan), your
credit-file will have a record of this. These records are known
as search entries. The search entries do not generally say
whether you were approved or denied credit, but they do reveal
the name of the lender(s) processing previous applications.
Lenders automatically impart this information back the credit
bureaus and see it as an important tool.
As you can imagine, with this information other lenders can
see if you have been applying for many, many loans. The lender
dealing with your current application would expect to see a few
search entries, but if there are more than, say, 20 in a few
months he will be very wary, and may reject your application. (Of
course he will be adding one more entry to your credit-file
himself in the process!).The original reason for a credit search
entry being inserted into credit files was to check for fraud,
but lenders have since found much value in watching the habits of
consumers applying for credit.
There is no specific number of searches that would cause an
application to be turned down flat, but as above, too many
unrelated credit searches on your credit file will certainly not
be helpful in your quest to get approved for credit.
Limiting credit search entries:
Try to limit search entries by only applying for 1 or 2 loans
a month. If you see duplicate searches appearing on your credit
file for the same loan, these should be removed. Write to the
credit agencies to ensure they are. All searches should expire
after 2 years, so check that they are deleted after this time and
if not you can insist this is done too.
Once your credit file contains a minimal number of credit
search entries then you can be sure that you have the best chance
for getting approved for your next loan.
Jack Miles, Author of "The Complete U.K. Credit Repair Guide",
produced the guide to help people restore a poor credit rating
and enjoy the benefits of good credit. The guide shows
subscribers step by step how to repair bad credit history, how
loan application forms are scored, how to remove court judgments
(CCJ's) and also how to best fill apply for loans to gain the
best chance of approval.
For more information please visit The Complete UK Credit
Repair Guide at http://www.creditsecrets.co.uk
This article is Copyright 2005 Jack Miles.
Reprint Rights: This article may be reprinted only in full
(unedited), and complete with author's name and active links. All
other rights reserved.
MORE RESOURCES:
Clock ticks down on credit bureau class-action dealIndianapolis Star, United States - 37 minutes agoIn a class-action settlement, credit bureau TransUnion has agreed to provide free credit- monitoring services to millions of consumers to settle claims it ... |
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
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