Credit report analyzer launches through MorWeb

Credit report analyzer launches through MorWeb

Marlborough Stirling launched the anticipated American-made credit score analyzer Scoremaker to MorWeb users last night and said it's been met with a big response so far.

The tool allows brokers to run a client's credit report (Equifax only) through an analyzing system, which then gives them a preview on how to improve the score in both the short and long-term. If the broker wants more detailed instructions in how the client can up their score, they can purchase the report for $49.95.

"Most brokers are looking for a short-term solution for their clients and with this program they can have someone ready for a mortgage in 45 to 60 days," said Doug Mitchell of True Business Solutions, the company that brought the product to Canada.

After unforeseen delays in getting the product here last year, Mitchell says the Canadianized version is "very simplified" for users. Axiom mortgage broker Bob Woods has been testing the product for the past two weeks and says he has already gotten reports for 20 of his clients.

"There might not be an immediate fix for the client, but giving them a way to improve their credit score establishes a relationship and will hopefully lead to more mortgages," said Woods, who says he plans to charge clients $200 for the detailed Scoremaker report and refund them the $150 if they come back to him for a mortgage. "If I can show these clients how little actions can make such a difference, hopefully that behaviour will change once they see how it can impact them."

 

 

9 Comments
  • Pete Edwards 2010-03-04 8:09:46 AM
    Any broker who knows their way around can easily look at a credit bureau report and tell the client how to improve their score in the short & long run. To be charged $50 for this and then charge the client $200 is not only a rip-off but borders on the unethical. The Financial Consumer Agency of Canada has a free brochure called Understanding Your Credit Score that is well written and clearly outlines how to improve & maintain your credit. Sorry...don't think I'd waste my time or my customer's money on this.
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  • Bill P 2010-03-04 9:04:06 AM
    You are welcome to your opinion, however I have been in this business a while and am looking at a report that will let this particular client reclaim 29 points if they put $372 towards one of their credit cards and I have never seen anything so detailed... The free brochure you mention is not helping them get a mortgage today. I don't think this tool will help turn a Sow's ear into a Silk Purse but it just took the guess work out of what to do first and establishes a relationship!
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  • Clarence R 2010-03-04 10:17:09 AM
    I agree this information would be very usefull.. but there is a slight problem charging the client for it... It MAY be illeagal.. I, like most mortgage people out there, have thought of doing exactly this for my clients and others as well. But I ran into this problem. We may have to offer it as a free service? I am not sure I would pay $50 for a report for my client but I guess I would need to see it first to see if it really is as good as they say...

    •It’s illegal for credit repairers to accept advance payment, security for payment or to charge a fee unless their services cause a material improvement to the consumer’s credit file. For example, if an account owed by one consumer appeared on the wrong person’s credit file, a correction of that information achieved through the efforts of the credit repair company would be a material improvement.
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