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."