When a borrower’s credit scores are low and you are unable to find funding for their loan, do you follow up with them months later? If you do, is it an awkward call to make? By using the free CreditXpert credit analyzer on every report, you will always have something to follow up with your borrowers about.

Many borrowers have marginal credit scores, but if they were better (5-20 points), they could qualify for a better loan program, consequently saving them a substantial amount of money over the long term. By using the free CreditXpert "What-if Simulator" in your Credex account, you may find that by having the borrower payoff an account or two, their scores could increase enough to qualify for that superior loan program, therefore lowering their monthly payment. You are then able to follow up with your borrower and give them more options for their loan, including rescore services which are available through Credex.

Other borrowers may have lower scores and may not qualify for a program. If they can not get funding now, you can still give them a clear picture of their credit profile and what they need to do to improve their financial situation over time. Simply run their report through the "CreditXpert Essentials" analysis to generate a breakdown of debts that should be paid and suggestions on how to protect and enhance their credit score. A few months down the road make sure to follow-up, so you can check on their status. Not only will the borrower trust you more because of your free advice, but more than likely they will stick with you for their loan because they know you will help them get the best terms possible. 

By communicating with your borrowers about their credit profile, you have a better chance of getting their business over the long-term and even getting referrals. Everyone wins, your borrowers have more choices and get better loans, and you can get better funding for loans now, while setting others up for success in the future and keeping your pipeline full – it sets you up for a good client testimonial.