• UK Credit Search

    UK Credit Search

    Every time a lender checks your file (i.e. each time you apply for a loan), your credit-file will have a record of this. These records are known as UK credit 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. In reality Lenders are not really interested in how many searches turned in to successful or unsuccessful applications, since it is not in their interests at all to lend (or not) to people just because other lenders have (or not). They have their own model and they make decisions based on this model.

    However part of the model that particularly interests new lenders is how many searches there are in a given time frame, regardless of success or otherwise. This is useful for new lenders to 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 UK credit search entry to your credit file himself in the process!).

    More searches than this could indicate to a lender that there is something very wrong, such as identity theft having taken place for example. Try to limit search entries by only applying for 1 or 2 loans a month, resting on some others. Write to the credit reference agency if you see duplicate searches for the same loan, these should be removed. All searches should expire after 2 years, so check that they are deleted after this time. The Complete UK Credit Repair Guide has more information on UK Credit Search entries and how they affect your credit report.

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