The new 'VedaScore' can give brokers more control and confidence when discussing credit scoring with their clients, according to the CEO of MyCRA Credit Rating Repair.
After a recent article regarding credit scoring policies, some brokers had further questions.
The Adviser team spoke with Graham Doessel to clear things up.
“To clarify, the ‘credit score’ that consumers will now be able to view is the ‘VedaScore’ calculated by credit reporting agency Veda Advantage,” he said.
Veda announced this score was now available to consumers on 30 September 2013.
According to Mr Doessel, this is important to brokers as it helps them better manage their client loan applications.
“It should give brokers more control, as long as they are well versed in how much weight the VedaScore is given by each lender,” he said
“Of course, knowing the consumer’s VedaScore will not be the ‘be all and end all’ for brokers - It will still be up to brokers to match the right product to the right client,” added Mr Doessel.
Access to this score could mean brokers have more confidence in some situations that clients will or won’t be approved with particular lenders, said Mr Doessel.
“It could mean there is more chance of fitting the client to the right product and having the best chance of approval first time,” he said
According to Mr Doessel, brokers being able to see the VedaScore could open up new clients for them in some cases.
“If they are able to see that their client’s overall VedaScore is healthier than they expected due to other factors, and it fits within the lender’s guidelines, it may mean they are more confident to pursue a finance application,” said Mr Doessel.
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