Should you go over credit score factors with your borrowers?
If you are a loan officer and want to get the most from your borrowers, help them understand the lending process and what it means to them. Go over different credit factors and how they affect your clients over the long run. Make sure you answer any questions they have, and you will turn them into long-term clients whom you’ll benefit from for years to come.
Credit Report Factors
Go over credit reports and the items that impact them, and let your clients know how they can boost their credit scores for future loans. Explain to them how their payment history and the number of accounts they have open can impact their rating. Show your clients a few steps they can take to improve their ratings and get better terms in the future. If you provide your clients with quality information and a positive experience, they will keep coming back for more.
How Your Credit Score Impacts You
When people go to a loan officer for a loan, they don’t always know how their credit ratings impact their ability to get a loan. Some lenders look only at their credit score, but others take other factors into consideration. Let your clients know what factors matter to you the most so that they can come prepared. You and your clients will then have a much better experience and move forward without unnecessary problems.
Final Thoughts
Your borrowers want to know as much about the lending process as possible, and you can give them a hand and point them in the right direction. The steps you take now can build a lasting relationship with your clients that benefits both sides. You then help your clients reach their goals while securing your long-term profitability.
Have questions? Speak to an expert for more information.