When you’re applying for a loan, the lender will usually do a credit search. There are two types of credit searches – a ‘soft search’ and a ‘hard search’. These searches can affect your credit report in different ways, so it is useful to understand the differences between the two.
What is a credit report?
A credit report is details your financial history. This report usually includes personal information such as your name and address, a list of your credit accounts, and any outstanding payments or debts. It also shows whether or not you have made payments in full and on time, which will impact your credit score.
Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.