What then?

There is a terrific amount of work that goes into having a loan application approved. Every broker knows it. You also know with absolute certainty that nasty surprises on a credit file may kill a deal, so it’s best to check first. But what if a credit file check reveals a poor credit score? What then?

There are a few ways the deal can go from here:

  • The deal can die right then and there. Letting a client know their credit score has blocked their loan application can be devastating, as they may have to wait it out until their credit score improves to obtain a loan.
  • You can recommend another lender. That lender may offer your client a loan with higher upfront application and risk fees and ongoing higher interest rates, the downside is client capacity to service the loan ongoing.
  • You can suggest there are credit repair companies “out there” and let the client do their own research, or
  • You can partner with Princeville Credit Advocates and refer your client to us for our credit repair services.

Credit repair takes six to eight weeks to complete, on average. But the upside is that your client may be able to access a loan. That’s gold.

We would love to partner with you and see your overall deals increase. So reach out to the team on 1300 93 63 63 or email help@princeville.com.au today.