Does this affect my credit rating?
No. The intelligent eligibility update service uses a soft search of your credit file to calculate how likely you are to be accepted for credit. You will see this quotation search show up on you credit report, but it’s not visible to lenders. Only you can see it, so it has absolutely no negative impact on your credit rating or eligibility score. Intelligent updates will not limit your ability to get credit now, or in the future.
How does it work?
We’ve partnered with Experian to conduct the pre-application soft searches and eligibility checking.
The eligibility check uses elements of your credit file, your personal information and our knowledge of banks’ lending criteria to give you an indication of the credit you are likely to be accepted for.
When you complete the eligibility checking form, we use your personal information to perform a soft search of your credit file. We repeat this eligibility search once a month and send you an email with your updated results.
You will see a record of this on your credit profile as an “administrative review” or a “quotation search”, but lenders will not be able to see it.
This process will not have any adverse impact on your credit rating.
In addition, we also work with individual lenders who will conduct a quotation search of your credit file directly as part of a free service to present your chances of being accepted for their credit card or loan.