We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Financial advisor requiring credit report
ladybird123456789
Posts: 6 Forumite
Good morning
we are currently applying for a mortgage through an FA, he has asked for us to send him full copies of our credit reports, a colleague is telling me you should NEVER provide a full copy to anyone - if they want to see it they can search it.
Can anyone advise? tia
we are currently applying for a mortgage through an FA, he has asked for us to send him full copies of our credit reports, a colleague is telling me you should NEVER provide a full copy to anyone - if they want to see it they can search it.
Can anyone advise? tia
0
Comments
-
If I request a full credit report from a client its for a reason, I would imagine your FA is the same.
If you don't send it how do you expect him to do a proper job for you?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
what reason would you request one betmunch?0
-
ladybird123456789 wrote: »a colleague is telling me you should NEVER provide a full copy to anyone - if they want to see it they can search it
Tell the colleague to stop giving advice on things they have no clue on. Why would you give an FA statements, payslips and all the rest of it and stop at credit reports?0 -
If I request a full credit report from a client its for a reason, I would imagine your FA is the same.
If you don't send it how do you expect him to do a proper job for you?
Surely his client, the OP can say "We have [these] issues on the report" or "Our files are clean, no issues to report".
Be interested to know why an FA needs to see a full credit report?0 -
ladybird123456789 wrote: »what reason would you request one betmunch?
I would request one if a client is turned down at AIP stage when they have advised they have no adverse credit.
Or if they have advised they do/might have an issue that I think needs looking intoI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Gordon_Hose wrote: »Surely his client, the OP can say "We have [these] issues on the report" or "Our files are clean, no issues to report".
Be interested to know why an FA needs to see a full credit report?
The client could be wrong, or theres something they don't know about on there, or just plain lying.
Some FAs will want to see the full report before they invest their time into an application just to be sure, if that is unacceptable to you then don't provide it, and find another Advisor.
Everyone has the choice in who they do business with.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ladybird123456789 wrote: »Good morning
we are currently applying for a mortgage through an FA, he has asked for us to send him full copies of our credit reports, a colleague is telling me you should NEVER provide a full copy to anyone - if they want to see it they can search it.
Can anyone advise? tia
I'm struggling with this one. Why wouldn't a Financial advisor want to see the state of your finances?
What is it you/friend fears the FA will (be able to)do with it other than assist in placing your mortgage?
It will also avoid unexpected suprises in the CR that were not there before/not considered worth mentioning or forgotten and verify what information the Lender will have access to.
In short, to assist you in obtaining the biggest financial request and commitment you will ever make.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards