Consumers who shop around for the most favourable terms on unsecured credit risk being penalised by lenders, according to a report to be published today by the Treasury select committee.
There are “likely to be serious flaws” in the credit market – particularly for unsecured credit such as personal loans and credit card accounts – as consumers are discouraged from shopping around, according to the report.
John McFall, chairman of the Treasury committee, will today ask the Office of Fair Trading (OFT) and Information Commissioner’s Office to investigate evidence that some people who make repeated credit applications effectively receive black marks against their names, regardless of their ability to repay debt.
Source – Daily Telegraph
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