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The imminent launch of positive credit reporting means brokers who have alliances with credit repair companies could have more loans being approved, according to an Australian credit reporting expert.
Solicitor Joseph Trimarchi at Joseph Trimarchi & Associates said the new reporting regimen will place a 'higher significance' on the importance of a client's credit file in matters of finance.
In this regard, he said brokers should understand exactly how a credit file works - in particular how to identify mistakes which may cause their client to be declined for a loan.
He also suggests a credit check should be conducted at the beginning of the retainer prior to lodging an application for finance, so as to avoid nasty surprises.
"Only time will tell us the true impact the new credit reporting legislation will have on borrowers," Trimarchi said.
Positive credit reporting is likely to take effect some time in 2012.
For more on positive credit reporting
Positive credit reporting, brokers take note - The million dollar question is how will the introduction of the new system change from the old and preserve the rights of the consumer. Or will the consumer be once again short changed?
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