A soft search ensures that there’s no impact on an individual’s credit rating if they are looking to find out about what rates they are most likely to qualify for before committing to a full application and hard credit search.
Nicola Georgiou, managing director of Moneio, said: "Our vision is to provide customers with the most transparent, efficient and accurate way to source and buy loans based on their individual circumstances.
“We have worked in partnership with Equifax for over five years to produce a loan comparison model that offers the most accurate way to search for a loan from multiple lenders.
“We can only be as accurate as the data we are using but our experience proves we can rely on Equifax to deliver the most comprehensive and up-to-date consumer credit information.
“Using Equifax data means we can help customers understand their credit score and gain a picture of their financial commitments. It’s easy for individuals to lose track of the amount of credit they have built up and they may not realise the impact of missing payments.”
Johanna Edwards, sales director of Equifax, added: “This new initiative is an important step forward for the comparison market, allowing consumers to gain access to the most accurate quotes and shop around for credit without affecting their own credit score.
“Moneio’s partnerships with several large brands, including major banks, mean it’s vital that it delivers the most accurate quotes for its customers. Working closely with Moneio, we have developed a solution that delivers the level of accuracy it needs to create fast, effective quotes, in an instant.”
Currently most brokers or comparison websites show a table of headline low APR rates to attract customers. As there is no credit search conducted or direct interface with the lender at this stage, often when the actual application is made there is a possibility they may be declined. But Moneio’s system integrates with Equifax and a range of major lenders to generate accurate quotes for customers, in seconds and thereby allowing customers to see what they would qualify for before actually applying.
The Moneio search is performed on behalf of multiple lenders in one step and crucially, it only leaves a ‘soft’ footprint, as it is simply a quotation search. This means it remains invisible to other lenders and has no impact on the customer’s credit rating. With Equifax, Moneio is one of the first comparison services that prevents consumers from potentially affecting their credit rating.
