When you make an application for credit, we’ll send your application to one of the Finance Providers that we work alongside, in order for them to assess your application. If you are approved with the Finance Provider, they’ll register a ‘credit search’ (sometimes referred to as a ‘hard search’) on your credit file. This search will be visible to others, such as yourself, the Finance Provider, and other firms that you allow to view it. The search is registered with a Credit Reference Agency. If you are not approved with the Finance Provider who’s considered your application, we’ll ask other Finance Providers that we work with, to check your eligibility, and send your application to them.
These Finance Providers will perform an ‘eligibility search’ (sometimes referred to as a ‘soft search’), and if any of them tell us that you are eligible for the loan, we’ll automatically ask one of them to proceed, at which point they’ll register a ‘credit check’ on your credit file. An ‘eligibility check’ does not impact your credit score, and that’s why our Finance Providers use it to check eligibility before we ask them to proceed. However, in some rare cases, Finance Providers may go on to complete a ‘credit search’ and may then decide to decline your application at this stage. In the event that you are declined by all of the Finance Providers in the lending panel, we’ll make you aware of this.
