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BM gives Asda credit for checks

BM Solutions is calling on the mortgage market to follow Asda’s example of paying for rejected credit card applicants to have their credit history checked.

The HBOS-owned lender claims the move could help generate customer loyalty and can also aid the fight against identity theft and fraud given customers can view all mortgage, loan and credit card applications made in their name.

Several brokers welcome the sentiment but believe any initiative in the intermediary market could only be carried out by packagers because of Data Protection Act restrictions.

BM Solutions spokeswoman Carla Lavender says: “It is important for providers to encourage people to keep an active look at their credit history. Credit is an important issue for our customers, particularly in the sub-prime market. Brokers could also do their bit by helping explain customers’ credit history to them.”

John Charcol technical director Ray Boulger says: “If we could do it, we would but lenders are not allowed to tell us clients’ credit details.”

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