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Beware of Comparison Sites

October 14, 2009

Last night we had our good friend the Financial Advisor around to tell us that we’re poor!  Like we needed to be told!!  In actual fact we had him around to see where we could save some money and thankfully he did.  BUT the reason for my post is not to brag about the money we have saved.  Whilst talking to the advisor I mentioned that I had been looking for home and car insurance using the comparison websites to try to get the best deal.  He warned me that in doing so I was reducing my credit score?  I couldn’t understand why so he explained that as you enter your details onto the comparison sites they check to see if you are credit worthy for paying by direct debit and each time they do so they leave a “footprint” on your credit report.  Each time a “footprint” is left, your credit score goes down – thus making you less “credit worthy”.  You have been warned!

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