The latest news from iVendi and the industry


The latest news from iVendi and the industry

Looking after customer credit scores

Thu, 28/09/2017

Carl &Sign 2-blog

Here at iVendi, we’re highlighting something that we think is a little unfair on applicants for motor finance.
There are two types of credit check made when someone applies for motor finance. A “soft” search or quotation search is designed for when customers are shopping around for credit while a “hard” search or credit application search is intended to show that a formal application has been made.
Soft searches have no effect on your credit record but hard searches often do because, if you have numerous actions recorded and no proceeding credit agreement, lenders often assume you have been identified as a bad risk.
However, the problem arises because there are motor finance providers and systems that are not as capable or as judicious when it comes to differentiating between soft and hard searches as might be expected. Today, when customers expect to be able to shop around and make all kinds of applications and checks online while they identify the deal that is best for them, they are sometimes inadvertently damaging their credit record.
We believe it is unacceptable that some systems lack the sophistication to enable customers to make “footprint free” checks. It is bordering on unethical to play a part in a customer’s credit score being downgraded just because they are going through a very ordinary process of searching for the right finance. The act of applying for motor finance should not make it more difficult and probably expensive to get motor finance in the future unless there is good evidence that the applicant is a poor risk.
iVendi systems such as Car Finance Checker are deliberately designed to make it easy for used car buyers to check out their finance eligibility as often as they like with no impact on their credit score. This is how many, many people buy motor finance in 2017 and motor finance providers should be meeting that need by choosing the right technology.

To find out more call 0330 229 0028 or email

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