Comparison site Credit Jungle launches
A comparison site called Credit Jungle has launched with the promise of eradicating the need to submit multiple loan applications, while protecting consumers' credit ratings.
Credit Jungle: launched by by two former employees of Callcredit
Credit Jungle provides a free service designed to help consumers find the most appropriate loan that matches their credit circumstances.
It claims to be a new generation of financial services website which matches borrowers to lenders, based on the individuals’ credit scores and the most appropriate loan for their credit circumstances.
Credit Jungle also aims to eradicate what it calls "rate rage", where users are shown market rates on traditional comparison sites, which are simply unattainable given their credit rating.
Devised by two former employees of credit reference agency Callcredit, it is said to be based on the knowledge that traditional comparison sites do not tell people that referred lenders use hard credit searches, which can negatively impact an individual’s credit score.
John Dobson, chief executive at Credit Jungle, said: "Sites such as GoCompare.com rely on best-buy tables by simply scouring the market for like-for-like loans and juxtaposing APRs.
"In reality, many of the so-called best rates are inaccessible to the majority of consumers, as their credit scores are not aligned with the lenders' minimum criteria. It is estimated that only 10% of applicants who apply for advertised best-buy rates are in fact eligible for them.
"For individuals with average to poor credit ratings, persistent chasing of best rates, followed by declined applications, only serves to worsen credit scores, due to the creation of credit-search footprints by credit reference agencies."
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