Verifying credit files can mean cheaper loans: credit repair agency

Princeville Credit Advocates lead adjudicator Merrilyn Mansfield told The Adviser in a video interview that this sends a message to clients that brokers care.

Ms Mansfield said it might be wise for clients to verify their credit report before accepting a non-conforming loan with a higher interest rate and application fees.

“If it isn’t correct, those listings are erased and then the broker can write a much lower interest loan for the client. So it turns the client into a raving fan,” she said.

Ms Mansfield also said that brokers were right to be wary of the credit repair industry.

“I think there’s the idea of credit repair, which I think is entirely ethical, and then I think there’s the practice of credit repair, which can either be done ethically or not,” she said.

“So I think credit repair is ethical in that it attempts to correct incorrect information on a credit report.”

Click here to watch the video interview.

Original Source: https://www.theadviser.com.au/breaking-news/30768-verifying-credit-files-can-mean-cheaper-loans-credit-repair-agency