moneysupermarket.com comment on TSC report into credit searches

Responding to the Treasury Select Committee's (TSC) report into the credit search market and the impact multiple credit searches have on consumers,

Toby Van Der Meer, managing director of moneysupermarket.com and contributor to the TSC report, said: "We need the OFT to act quickly on this - the situation we are in now is not sustainable for consumers.

"At present consumers can't shop around for credit easily as they are penalised on their credit record whenever they make an application.

Yet we know that only 30% of people who make an application for credit are accepted.

Even worse, only 20% of those that apply for credit get the rate they applied for.

Or to put it another way, 80% of consumers who see a product won't get it and they'll be penalised for trying because they'll be even less likely to be accepted if they apply for another product.

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