"Danger that consumers will lose out shopping around for loans, MPs say. Report calls on OFT, ICO to investigate credit market."
In 2009 the Treasury Committee undertook an inquiry into the impact on the credit ratings of consumers shopping around to obtain credit, through personal loans or credit cards, on the most advantageous terms. The inquiry considered:
- The effect of multiple credit searches on individuals' credit ratings including the size of the change in credit scores;
- The extent to which lenders offer best practice quotation searches
Report and oral and written evidence
Press notice accompanying report
Responses from the Government and Office of Fair Trading
The Committee held the following oral evidence session:
Tuesday 27 October
Witnesses: Martin Lewis, moneysavingexpert.com, Toby Van der Meer, MD for Money, moneysupermarket.com, Steve Martin, External & Regulatory Affairs Manager, Equifax, Gillian Key‐Vice, Head of Government Affairs and Regulatory Policy, Experian, Eric Leenders, Executive Director of Retail, BBA, Fiona Hoyle, Head of Consumer Finance & Fraud, Finance and Leasing Association , Jan Smith, Industry Relations Director, Callcredit Information Group, Vivienne Dews, Executive Director, Corporate Services, and Nigel Cates, Deputy Director, Consumer Credit Group, Office of Fair Trading and Jonathan Holbrook, Head of Data Protection Practice ‐ Private Sector, Office of the Information Commissioner gave oral evidence.