Brokers can turn clients into “raving fans” by helping them correct their credit reports, according to one credit repair agency.
Princeville Credit Advocates lead adjudicator Merrilyn Mansfield told The Adviser in a video interview that this sends a message to clients that brokers care.
Ms Mansfield said it might be wise for clients to verify their credit report before accepting a non-conforming loan with a higher interest rate and application fees.
“If it isn’t correct, those listings are erased and then the broker can write a much lower interest loan for the client. So it turns the client into a raving fan,” she said.
Ms Mansfield also said that brokers were right to be wary of the credit repair industry.
“I think there’s the idea of credit repair, which I think is entirely ethical, and then I think there’s the practice of credit repair, which can either be done ethically or not,” she said.
“So I think credit repair is ethical in that it attempts to correct incorrect information on a credit report.”
Click here to watch the video interview.
[Related: Can you client repair their own credit file?]
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