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MyLoanChoices.Co.Uk calls for Certain Data to be Regularly Published


We need evidence showing that lenders are complying the 66 % rule • Consumers do not know what rate they will get until they apply • Consumers have a right to know how many previous applicants have been given that rate, and how many have been accepted

(PRWEB) December 2, 2005 -- Consumers face a very difficult choice when choosing which loans to apply for, and are unable to make an informed decision, despite the fact that lenders have to give their advertised rate to at least 66% of people they accept.

We all know that the level of financial knowledge in the UK is very poor, and consumers are not making the most of the their finance, so how can it be acceptable for consumer to not know what rate they will get until they apply and have a footprint left on their credit record.

The principles of the current rules are correct but there is no evidence that lenders are complying. The OFT can audit them at any point but to the best of our knowledge no lenders has been subjected to this.

Consumers have a right to understand how lenders perform against the 66 % rule as it can genuinely help them make the right decision.

Nigel Bassett, Director at Myloanchoices.co.uk comments: “risk based pricing is clearly here to stay and understandably so. However it is simply ridiculous that consumer have to make important decisions like this totally blind. Lenders are supposed to give their advertised typical APR to 66 % of people they accept but there is no evidence this is happening. We believe that the answer is simple – the lenders should be compelled to publish their performance against this target. We also believe that they should also have to publish how many applicants they accept.”

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