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ISCOVER
With 2022 quickly approaching it’s important to ensure that you have your own house in order before you start to help people make their dreams a reality.
While your clients and potential new business are taking a hard look at themselves it’s also essential that you have your processes and procedures in order so that you can streamline your activities and ensure that you are providing the best possible service.
Having your own house in order means that you can support more clients, more quickly and more effectively.
Below are five top tips to ensure you are the best broker you can be in 2022:
- Educate yourself and your clients.
Credit reports are confusing. Be sure that you know how to read them or download the Credit Fix Solutions ‘Client Credit Report Explainer Pack’ using the QR Code below. This guide will help you save time in explaining credit reporting to new customers…and it helps consumers learn how to understand, read, and fix their credit reports’ which will get you on track to writing a loan faster.
- Order credit reports as the first step in the process of serving clients.
Ordering credit reports at the beginning saves time. Having information at your fingertips or having clients understand that they can access it themselves is a great motivation to make a change. Don’t want to order them? Then use the Client Credit Report Explainer Pack so your clients can order them by themselves!
- Remember that there are four credit reporting companies.
Downloading one credit report isn’t always enough. Each Lender has its own rules as to which reports they check when you submit a loan. There are also inconsistencies between the four credit reporting agencies. A default could be listed on an Illion report, for example, but not the Equifax report. It’s essential that you have the whole picture. Leave no stone unturned and get your clients to apply to all credit reporting agencies where they have a report. Scan the QR Code to download the Explainer Pack for more information.
- Don’t forget hardship and loss of business.
Many factors are now at play regarding how Lenders assess people’s ability to service a loan, it’s not just defaults and court actions anymore. Large lenders are now all reporting 24 months repayment history information. It could be that a loan gets knocked back because you didn’t notice some missed payments on one of their accounts on their report. Take time reading through reports and speaking to your Lender BDMs and credit assessment teams before you spend weeks putting a loan application together.
- Changes to legislation.
Regulators are making changes to the credit reporting system and you must know what’s going on, especially changes due to be implemented from July 2022. Ensure that you are equipped with the right information sources and that you are setting your clients up for a future without delays that these changes could cause.
Positive spending habits and debt management is essential to getting the best possible deal. By ensuring that you are educating your clients about their credit reports and putting your systems and processes in place you aren’t only putting your best foot forward in 2022 you are setting the standards for the years ahead and putting people on the track for wealth creation in the future. This means faster approvals and less auto-declines. It gives your clients access to more money and can take the stress out of biggest purchase they will ever make.
At Credit Fix Solutions, we have been helping educate consumers and business owners on personal and company credit reports for 8 years. Use the QR Code to download the useful Client Credit Report Explainer Pack. Or get in touch with the team today at
Credit Fix Solutions is a licenced debt management firm under ASIC ACL Licence No: 531433 | AFCA Member # 82962
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