Another reason to hate your bank...
Have you ever tried shopping around for the cheapest loan – applying through different lenders and then going with the one that offered you the best deal? You’ve probably made a mistake – every application you make goes on your credit file, and the more applications you make, the shabbier your credit rating becomes.
What we need is a way for us to shop around with the major banks, a method we can use where we can find out what % APR we would qualify for without besmirching our credit file with a full-on application. Guess what – it exists. Guess what again – none of the major UK high street banks offer it.
It’s called a quotation search, it was introduced five years ago by credit reference agencies and is recommended by the Information Commissioners Office as an example of best practice. But the banks won’t carry out the searches because they say each one costs £1.40 (at last, some honesty about the true cost of a simple process!) but it’s more likely that they’re all collectively happy not to let you shop around, making it easier for them to hoover up your business as you worry about tarnishing your credit rating.
There you go – as the headline said, another reason to hate your bank. And it’s still early on a Monday morning.