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Treasury select committee wants changes in personal finance market

The powerful Treasury select committee has today issued a report with a number of major changes recommended in the personal finance market. One suggestion is that consumers should have free access to credit reports, which currently cost around two pound each, in line with the US where each member of the public is allowed a limited number of free reports each year. However, one of the more eye-catching suggestions relates to those who "shop around" for loans and other personal finance services.

The feeling within the Treasury select committee is that those who shop around for the best deals will often see their credit records noted as such, something which many financial institutions will see as a negative indicator. However, if you take a step back and review the situation, why should consumers be penalised for trying to find the best deal?

Obviously, the financial companies in the UK will point to the fact that many people will apply for credit in numerous places and be refused, forcing them to look elsewhere. However, perhaps there is a need to find a balance between those who are looking for the best deals, and have a respectable credit rating, and those who are forced to scour the market because of their poor credit history.

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