The Association of Mortgage Intermediaries (Ami) has launched a factsheet to inform members about the different types of credit search used by lenders in the mortgage process.
"Credit Searches and Footprints" covers how credit searches work including what information is held by the credit reference agencies and what it is used for. It highlights the differences between ‘soft' and ‘hard' footprints left on a customer's credit file by lenders, the impact both could have and the visibility of each type of footprint to those who conduct further searches. In addition, the factsheet looks at the Financial Services Authority's (FSA) requirements with regards to repeated credit searches and information on how intermediaries should inform their customers about this ...
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