Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 03 Mar 2010, 12:00 AM Agree 0
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.
  • Pete Edwards | 04 Mar 2010, 08:09 AM Agree 0
    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.
  • Bill P | 04 Mar 2010, 09:04 AM Agree 0
    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!
  • Clarence R | 04 Mar 2010, 10:17 AM Agree 0
    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.
  • vittoiro oliverio | 04 Mar 2010, 10:18 AM Agree 0
    lets get something straight the brochure you mention is a waste time, nobody is going to tell you how to get your credit back, because equifax does not give proper answer and why would they, it is a me I have tried, I have spent over 7 years using my own credit buer in order to learn what is the fast way to obtain, get and maitain and I have used my experience to help other clients and I have put together the 10 steps to better credti which has been successfully. while I do not charge for this service I do advertise it, so now client have another reason to come and see me and it works. but the steps have to work. I have used them for over 5 years, and now I have notice that the some of the steps are being used by lenders and other broker. I don't mind as long as it helps clients out.
  • Clarence R | 04 Mar 2010, 10:28 AM Agree 0
    I was re reading your last comment Bill.. Are you saying that the report will tell us exactly how much the score will increase and how long it will take to do so?
    Will the preview tell us how much it can increase and then the detailed report will tell us how to do it? That would be a valuable asset....
  • Bill P | 04 Mar 2010, 01:46 PM Agree 0
    You are correct, the report highlighted a number of specific issues with this client’s credit report that was broken down showing recommendations that would result in a specific point gain for each action in both the short term and long term. The free preview only showed me how many points could be gained in the Short and long term. Like the broker stated above, I too don't have an issue charging or re-selling this product to a client (especially if it creates client loyalty) We are definitely not charging in advance for mortgage approvals and the report being provided to the client is resulting in a material change to that person's credit score... If I am creating value that allows me to work with the client in another 30-45 days, that's great!
  • Tom | 04 Mar 2010, 02:20 PM Agree 0
    Say, Bill, perhaps you rush to judgement when you use the terms 'Sow's Ear' and 'Silk Purse' ...?
  • John White | 05 Mar 2010, 01:29 AM Agree 0
    Like many of you, I've been in the business for a number of years now, and have looked at hundreds, if not thousands of credit bureaus, both and TransUnion and Equifax. I certainly don't need a Credit Score Analyser to tell me how to improve a credit score. Come on guys, credit scoring is not rocket science, and it’s certainly not a "secret" how scores are calculated.

    I could see a new broker needing this to help him or her understand how credit scoring works and how to improve it, but again, lots of free literature out there and it will come with experience.

    As Mortgage Professionals, providing FREE advice on credit will lead to many deals in the future, my pipeline is constantly filled with clients who I've counselled on their credit. Charging small fees for this is short sighted, and doesn’t add much to the bottom line anyway.
  • M.Money | 05 Mar 2010, 05:39 AM Agree 0
    Ok, so again 15 years in the business and I know credit. However, we all know how to increase a beacon over time but do you know exactly how much? There are so many variables that effect your beacon we can make accurate assumptions, but we will never know exactly.
Post a reply