when do brokers do the credit search ?

twenty_20

when do brokers do the credit search ?

is it usually after a mortgage has been suggested and key facts issued or before ?

if it is the latter, what if you are dealing with more than 1 broker and each do credit searches before suggesting a product ?

input would be welcomed

herbiesjp

Normally it is once you have discussed several options, and you have chosen the deal you like, and you will have received the key facts illustration

Either way, you should state that no credit checks are carried out before you have given the green light for it

You should not really be dealing with more than 1 broker at the same time for that very reason - they may be credit scoring the same lenders, unless you have advised them not to

HTH

sarkin

I deal in the sub prime market, so after the fact find I ask permission to run a credit check then I know where I can place the mortgage. Often they can forget to give relevant information like how many missed payments or CCJ's they have. Some times they come back cleaner than they think, So I tend not to quote until I have all the relevant info as they get upset when you have to go back and tell them they cant have the rate you first quoted.