As a mortgage broker, you’ve probably seen this…
The default has been removed, yet it hasn’t actually been taken off
your client’s credit file.
Why does this occur?
Let me break down how it works, because we’ve been through it
hundreds of times, and overlooking it could cost you a loan approval.
From the time the creditor emails us back saying:
“Yes, we agree to remove the default”
There’s a delay.
Here’s what normally happens:
- The creditor notifies the credit reporting body that there was
an error and the default needs to be removed.
- It's up to the credit reporting body to physically remove the
default, and that can take anywhere from the same day
(unlikely) to around 10 days which is how long they are
legally supposed to have to do it.
- During COVID, it got up to 60 days, and in some cases 90
days because they were apparently just so overrun and
Bottom line: please don’t let your clients apply for finance until
you've got a copy of their report showing that it is physically gone.
It’s frustrating, because it should be automatic.
Yet in reality, very few creditors have the power to actually log in
and change the information on the credit reporting bodies computers.
Yes, there are a couple…
And in those cases, we may be able to pull a few strings.
For instance, let’s say you’ve got a client who’s going for a home
loan, and if they don’t get that default physically removed today
he’s going to lose $100,000.00…
Then we do have the ability to make those requests.
And some creditors will jump in and do it on the same day.
However it's on a favor basis, so we only use this card when
we absolutely need to.
Yet it’s these little extras which have allowed us to collect over
138 reviews on Google with a 4.8* rating
Remember, we have an independently audited 91.6% rate of
removal of inconsistent or inaccurate negative data from
Australian and New Zealand credit reports.
So next time you need help for your clients, simply call us
directly on 1300 667 218...
Or, click here and book a time into my diary and I’ll
brainstorm a plan to get more deals across the line for
you and your clients.
P.S. Does age impact your credit score?
I was chatting with my son Joel the other day, who works with me, and we
were assessing our credit scores.
What we uncovered will open your eyes.
More about that in my next email…
Legal Practice Holdings Group Pty Ltd ta MyCRA Lawyers -
Level 1, Suite 12, 104 Gympie Road, Strathpine 4500 |
Tel: 1300 667 218
Graham Doessel - MyCRA Lawyers' CEO
- ABN: 12 615 900 788
- Tel: 1300 667 218 | Fax: 1300 665 894
- Suite 12, 104 Gympie Road Strathpine, QLD 4500 Australia
- Liability Limited By A Scheme Approved Under Professional Standards Legislation
- Australian Credit Rep number: 535627 under ACL: 531474
Legal Practice Holdings AFCA Member Number: 38017,
Legal Practice Holdings Group Pty Ltd AFCA Member No: 83703
See our 91.6% Audit Certificate HERE
Please Note: This contains examples, case studies, Google Reviews, and testimonials
of our happy clients talking about their successes.
I am sure you realise that every legal case, every legal file and every legal matter is unique,
different, and specific to that person and their circumstances.
If we think your chances of success are low, or sometimes non-existent, we will tell you.
In fact, before we agree to take you on as a client, we must see an up-to-date copy of your
Equifax or Illion credit file (preferably both) and have a one-on-one conversation with you to
make sure you are fully aware of your options and risks, even if that means not dealing with
Remember: past results are not a guarantee of your future success.
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