The number of consumers carrying out “soft” searches to check their eligibility for credit cards jumped by 41% in mid-November compared with the first two weeks of the initial lockdown in March, according to Experian.
Soft searches allow someone to check their eligibility for financial products without it impacting their credit score. Eligibility ratings show how likely they are to be accepted.
Experian’s credit barometer compared the period March 23 to April 6 with November 5 to 19.
Looking at hard searches, Experian said it has also seen a particularly big jump in the over-60s age group applying for credit cards and loans between the two time periods.
It's really important people make informed choices when they search for creditAmir Goshtai, Experian Marketplace
Experian said its longer-term figures indicate a growing number of people are carrying out soft searches to check their likelihood of success before making a firm application for credit.
Amir Goshtai, Experian Marketplace managing director said: “It’s really important people make informed choices when they search for credit.
“Checking their credit score and eligibility for financial products helps them to make the best decisions knowing which products they can apply for, with the confidence that they’re likely to be accepted.”
Experian recently launched Experian Boost, which enables people to improve their credit score by volunteering further information about themselves.