‘Soft’ credit search puts Creditplus ahead of the curve


As consumers increasingly choose to ‘shop around’ on the internet, there is a growing concern that this is affecting consumers’ credit scores when applying for credit. This has resulted in a demand for companies to develop new methods. Ahead of the trend though is Creditplus, the UK’s leading car finance provider, who already perform a ‘Soft’ credit search when new customers first apply for car finance and have done for more than five years. 

The importance of creditworthiness

Creditplus pride themselves on being highly credited ethical finance providers in an extremely competitive market. However, unlike other major car finance providers, Creditplus do not perform a full credit search until the customer can successfully apply and is assessed at a detailed level prior to being sent to the lender offering best probability of acceptance and terms. 

This process avoids leaving a ‘footprint’ on the customer’s credit file, as having previous recorded applications can lower their credit rating (making an applicant look credit hungry). This could then have a negative impact on any future applications they make to lenders.

To avoid any effect on the customer’s credit rating, Creditplus undertake a ‘soft credit search’, also known as a ‘quotation search’. By doing so, Creditplus are able to study the important details to view a customer’s creditworthiness. After this has been conducted, more than 90 lending options are compared and considered to find the best car finance package for the customer.

The soft credit search route is ideal for customers who are working to repair their credit report due to various reasons. Creditplus care about the well-being of their customers, and make it their priority to provide the best finance deal, giving their customers as much control and flexibility as possible.


Increased need for technology

As consumers grow increasingly mobile and able to take full advantage of the internet, the need for new technology and tools in the online car finance industry is high. This gives Creditplus a competitive advantage as it allows customers to shop around when looking for the best deals. The soft credit search process also proves extremely popular with customers, with a reported 9/10 customers recommending Creditplus to a friend.

Not only do customers get to take advantage of the soft credit search tool at Creditplus, but they also receive a dedicated Customer Advisor. They will assist the customer every step of the way, whether it be in sourcing and supplying a car or just arranging their car finance. With extensive experience, Creditplus’s customer advisors will dedicate their time to providing a transparent and efficient service, all while saving their customers time, effort and money.

Another innovative tool is Creditplus’s in-house developed Car Finance Calculator, which is a user friendly and simple way of working out potential monthly repayments by factoring in a budget. With this handy tool, customers can discover their monthly repayments for any loan based on the car price, interest rates, loan length and whether there is a deposit available.

Speaking about Creditplus’s unique ability to perform soft credit searches, Managing Director Shaun Armstrong commented: “Instantly aligning a customer with the right lender who will actually underwrite them and make a loan offer is far more effective, transparent and fair to customers than simply proposing a customer multiple times to lenders.

19.2 million consumers have some issue with their credit profile, so effectively offering the right loan deal at an underwriting level is key to these consumers."

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