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Stephanie Charman explains the importance of a thorough financial health check


Stephanie Charman - Specialist Relationship Manager at SBG

Published 10.10.2018

A credit score decline from a high street lender can be disappointing for customers and frustrating for you as an adviser. This unexpected ‘bump’ in the application process could result in the chance to buy a dream home being lost or could cause a sale to fall through.

A decline can occur for a wide range of reasons, from a historic missed credit card payment or small mobile phone default through to a recent missed mortgage payment or CCJ.

It’s important you carry out a good financial health check so your customer knows how their finances will appear to lenders. The good news is there’s a growing range of options for customers to choose from in order to obtain their credit report. Companies such as Noddle and ClearScore provide free reports. This is alongside the more commonly known Equifax and Experian, which both offer free 30 day trials, although they will charge a monthly fee if not cancelled in the trial period. Reports can be accessed immediately online and provide an instant picture of a customer’s current financial situation.

Nevertheless, even if your customer has a report in hand, they will still require guidance. Not all of their financial accounts will necessarily appear on every report, and customers should ensure the report has searched all their previous addresses. In addition to all this information, each report looks and feels different in the way it displays their financial information.

As an adviser, being forewarned is forearmed. By doing your research and knowing of any current or historic CCJs, defaults or missed payments will ensure you approach the right lender initially with all the information you need about your customer. Submitting an application to the right lender first time round will achieve a positive application journey for both you and, ultimately, your customer.


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