Credit Search

A Credit Search is a check made by a lender using a credit reference agency to view your credit report, or your credit score. A credit search is different to an Enquiry, as in every case it relates to the assessment of an application for credit.

The amount of information that the lender is able to see on a Credit Search depends entirely on the Principles of Reciprocity, which say that to receive a defined level of detail, then the lender must itself report the same level of detail about all of its customers every month to a credit reference agency.

Most consumers have around 6-12 Credit Searches on their credit reports each year. Contrary to popular folklore, a lot of Credit Searches does not severely impact your credit score – you cannot be penalised for shopping around for credit. Having said that, a lot of Credit Searches undertaken in a very short period may be an indicator of fraudulent activity.

Credit Searches remain on your credit report for 1-2 years depending on the credit reference agency.

See also Principles of Reciprocity, CAPS and Enquiry

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