In a statement, it said: “We are delighted that the Treasury Select Committee is looking at the impact of multiple credit searches on consumers as part of its investigation into the credit search sector.
“It is not possible for consumers to know what rate they will be charged without requesting a quote. What consumers don't realise is if they request several quotes this can tarnish their credit record which can make it more difficult and costly to get a loan in the future.”
According to Nationwide, for customers unsure about the rate they would be charged for a loan, it is possible for customers to be offered a ‘soft quote' facility that provides a realistic idea of the actual rate they would pay, without leaving a mark on their credit history. Some banks and building societies have the capability to offer their customers this service, but many choose not to offer it.
