How using a finance broker can damage your credit score

Category: Business

There are an estimated 30,000 finance brokers operating in Australia. Chances are that if you have applied for a loan or line of credit outside of the banks, you probably would have been serviced by a finance broker. Brokers maybe great at providing choice in the number of different lenders and products, which can make a huge difference to fees, interest rates and repayment terms of your loan, however what consumers are unaware of is how brokers are damaging their credit score by providing a choice of lenders.