What type of credit search does Zopa carry out?
When you give Zopa permission to access your credit records Zopa makes a data search request to one or more of the UK’s credit bureaux (e.g. Equifax, Call Credit, Experian). There are a number of different types of search that Zopa performs on members. Initially Zopa requests a Credit Quotation and an Identity Verification search. These types of search, whilst visible on your credit record, do not affect your credit score. Other types of search, such as a Subsequent Enquiry search, also do not affect your credit score. The only time that your credit score will be affected is when you actually borrow at Zopa. In this instance, a Credit Application search is made and this search is visible to other credit providers in the country. This is the same as a Credit Application search made via any bank, as all companies accessing credit records on behalf of individuals must subscribe to a standard set of rules and procedures laid down by SCOR (the Standing Committee on Reciprocity).
