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Brokers giving out information and running multiple credit searches!!


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Looking for some advice here...

 

I gave a broker on the internet my details (stupid I know) and since then i have had 8 credit searches done within a few days. This has made my credit score pretty much non existent.

 

My query is how can they run so many searches without my express permission. I gave them permission to run 1 search not 8!!! Whats is the law regarding this? Does every single company that runs a search on me have to speak to me to get my permission? or because i gave the broker my details they can run as many searches as possible?

 

This has really upset me as although I havent missed any payments on credit, because of these credit searches I am now unable to get a new contract phone or get a loan to pay off my credit card.

 

PLEASE HELP!!!

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Bumping this for advice please!

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Maddog, have you contacted the Credit Broker or the Credit Reference Agency direct to ask this question?

 

Might also be worth contacting National Debtline.

 

Have a look at this link from their site:-

 

National Debtline England & Wales | Debt Advice | Factsheet 05 Credit Reference Agencies

 

Bo :)

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Presumably the broker would be getting quotes, so I'm surorised that there would be any credit checks at all. Maybe the broker would do one to see what your credit history is like, but surely one of the points of going to a broker is so that you don't get multiple searches, because you would expect the credit supplier to believe the broker.

 

What does the small print on the site say, including their privacy policy?

 

I would have expected a warning that using their website might result in multiple credit searches that might affect your credit reference if that is what they were going to do.

 

As Brassed off says, you need to contect the broker and ask why this is happening & point out what the result has been.

 

Can you say who the broker is & what their website address is?

 

Grumpy

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  • 4 weeks later...
  • 11 months later...

The Broker running multiple searches actually shows they are trying to find the best deal. Multiple searches does however as suggested, work against you as it implies you are credit hungry which is why the Credit Reference Agencies introduced something a while back called an "Enquiry Search".

This allows the lender to get the information they require to assess your application but without leaving a full search. When you decide upon which lender to go with, they then update the infromation and show it as a full search or 'application for credit". That avoid multiple and adverse searches.

I'd go back to the Broker and enquire why, "enquiry searches" have not been used and "application for credit" searches have. This facility has been around for well over 12mths.

Hope it helps.

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Hi Maddog

As stated by Diverboy lending institutions can carry out an enquiry search, this does not leave any “footprint” on your credit file, that is to say they are not visible to anyone else who carries out a subsequent search.

They are however visible to you been the subject of the data.

Are you sure they are not enquiry searches

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