A new credit repair company, which aims to help brokers avoid wasting time on loan applications that are likely to be rejected, has entered the mortgage industry.

Credit File Experts (CFE) obtains and assesses Veda credit files for consumers and companies, providing a report that outlines good and bad points of their credit file, the consequences of adverse listings and practical tips for keeping their file in shape.

The report is delivered in an easy-to-read, plain English format, delivered within three business days,” according to CFE founder Merrilyn Mansfield.

“One of my team personally follows up each client who receives a CFE report to make sure they understand everything about their current credit file and what to do next,” she told The Adviser.

CFE – which has formed partnerships with several mortgage groups nationwide – aims to complete the time-consuming background work needed to pre-qualify people for a loan, Ms Mansfield said.

“If we do this work for them [brokers], they can spend their valuable time writing loans that will be approved rather than wasting time on applications that are likely to be rejected.”

Ms Mansfield said she was prompted to launch CFE last month after noticing a growing number of free online credit scoring websites enter the market in the last two years.

“Few, if any, of these sites assess the best comprehensive credit report in Australia – a Veda credit report – nor do they offer personalised service to help a customer understand their credit file,” she said.

“Because of this lack of proper disclosure, problems on credit files are often overlooked and wrong advice is given, that may lead consumers to put in a loan application that will be rejected.”

Original Source: https://www.theadviser.com.au/breaking-news/34645-new-service-targets-time-poor-brokers