Shoppers could be forgiven for feeling confused about seeking out the best financial deals. We are encouraged to scour the market, but various reports claim that visiting a financial comparison website — the easiest way to compare deals — could damage our credit records.

Don’t panic. Accessing comparison websites — which collate the prices of loans, credit cards, mortgages and more — will not imperil your credit record. The only danger, highlighted in one report commissioned by MoneyExpert.com, the comparison website, is that some sites entice users to apply on impulse for low-interest products for which they may not qualify. Each failed application leaves a potentially harmful credit footprint on an applicant’s file.

In the case of mortgages, even a non-committal application in principle (AIP) can leave a footprint that looks like a rejection to other lenders scrutinising the credit report. Jonathan Cornell, of Hamptons Mortgages, says: “It seems unfair that borrowers leave footprints on their credit file by just trying to find out how much they can borrow.”

One in five adults has used a comparison website to buy a financial product in the past year. But in the same period, about 2.8 million people have been turned down for credit. Merlin Stone, Professor of Marketing at Bristol Business School, wrote the report for MoneyExpert.com. He expects rejection rates to rise as more people are seduced by deals touted online.

Stuart Glendinning, of Moneysupermarket.com, another comparison website, says that his company recognised the issue last year and set up a free credit-based “smart search”. Visitors to the site answer a few questions on their credit history and the site calls up deals for which they are eligible. This sidesteps the need for a full credit search and leaves no footprint on file.

But those who have been rejected for a deal should not despair. Mr Glendinning says that the occasional rejection will not harm the 61 per cent of moneysupermarket customers with good and excellent credit ratings.

James Jones, of Experian, the credit reference agency, says that five or six footprints a year is normal and will not spoil a good rating. However, serial loan applicants with a poor credit history should approach comparison sites with caution. They should use credit profiling, if available, and ask for full details of any product before applying.

You can order a copy of your credit rating, for a small fee, at www.experian.co.uk, www.callcredit.co.uk or www.equifax.co.uk.

Those with a decent rating need have no qualms about using established comparison websites, such as www.uswitch.com and www.moneyfacts.co.uk. Better to risk a footprint that will vanish after 12 months than settle for shoddy rates.

For more on borrowing visit www.timesonline.co.uk/borrowing