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Consumers should face 'mandatory quotation searches'
Customers should be able to find out what kind rate they are getting when they apply for credit, MPs have heard.
Martin Lewis, founder of moneysavingexpert.com, told the Treasury Committee that consumers are being penalised because not enough lenders are carrying out quotation searches.
Lenders are increasingly using credit scoring to decide who to lend to and, every time they look at your credit reference file, a record is made and some believe that multiple searches can damage people's credit ratings.
The Treasury Committee quizzed bosses from three credit reference agencies - Experian, Equifax and Callcredit - as well as other experts, on how searches affect the deals offered to customers.
David Kuo, director of The MotleyFool.co.uk, agrees that lenders should always carry out quotation searches.
He added: "People should be able to shop around without being fearful that whoever is looking at the information is going to make judgements about them."