TFC is providing a link from its own website, www.thefinancecentre.com, to Equifax, which enables brokers to obtain full credit details when undertaking a fact find with their clients (borrowers can access this information themselves by visiting the Equifax website: www.equifax.co.uk).
TFC said having access to full credit information will enable brokers to ensure they recommend the most suitable product for a clients needs. A search costs £8.25 and can be paid for by credit card.
Wayne Smethurst, senior partner at TFC, said: “This service gives brokers far greater control and will enable them to give better advice to their clients. Unfortunately, brokers frequently submit mortgage applications on behalf of clients only to discover when a credit search is undertaken that the clients’ credit profile is not as they had been led to believe. This means brokers have to undertake another product search and make another recommendation to their client, which takes time.
“This new facility is cheap and fast – credit data is provided immediately online. Brokers can therefore source a suitable product safe in the knowledge they have accurate client credit data, including voter’s role information, to hand. It will also enable brokers to decide if other debts should be consolidated into a single cheaper deal. This is one of those simple ideas which is going to have a big impact on the way brokers do business. I believe all packagers and brokers should consider using this excellent facility.”
Brokers using this facility will have the £8.25 credit search fee refunded by TFC if the credit report is attached to the mortgage application and the case goes through to completion.
Brokers requiring further information about this service can either phone 08456 444 222 or visit the companies website: www.thefinancecentre.com.
