Why Your Credit History Is Important Too You
There are several points that need to be crossed off before you can get that unconditional loan approval, with one of those being, your Credit History. If there is something wrong there, this will cost you dearly and may even disqualify you from getting that loan.
From the lender’s perspective, they are primarily concerned that you can pay those loan repayments on an ongoing basis, without being financial stressed.
Apart from checking your financial position and a few other considerations, the lender is very keen to check your credit history by getting a Credit Report made available. As a Broker this step is done very early in the process, so that there are no surprises down the track.
It is in everybody’s interest, which includes both the Mortgage Broker and the applicant that we know the answer to what your Credit History looks like long before the Lender gets a look.
No matter how squeaky clean you think your Credit Report is, what happens if there is either a forgotten loan or a fraudulent entry that you do not know about causing a default. Very disappointing if you are confident of getting the loan but have the lender knock you back.
So, one of the first steps in LendSure Finance’s processor is to get a copy of your Credit Report. This is achieved without it being recorded on your file, as we only do a private enquiry. By being fully aware of what is in your Credit Report the following benefits are obtained;
- If there is a default, steps can be taken to try and clear the default before going for that loan.
- If the default cannot be cleared, use a lender that can work with you, so you still can get that loan.
- You get to see any liabilities that you may not realise is there, giving you the time to pay it out and close it (if required).
- Not supply any surprises to the Lender so that from the beginning they see that we are being open and honest about your finances with nothing to hide.
As your Mortgage Broker, if all information is known about your situation, financial position and particularly your liabilities, nothing left unknow, then the better I will be able to present your application to the right the lender, giving you the best possible chance of success.
So best to get that Credit Report checked long before we put in a loan application and to make sure that all relevant information is made available to your Mortgage Broker.
So, there is some good information as to why your Credit Report is important to you.
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