Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Internal lender credit score time line?

Name: Internal lender credit score time line?
Uploaded: 2021-04-01T03:41:30Z
Channel: Aaron Whybrow
Description: Aaron Whybrow (the "bagpiping mortgage broker") explains that lenders check both the public credit file/score and any internal history they hold when…

1 Apr 2021

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Aaron Whybrow (the "bagpiping mortgage broker") explains that lenders check both the public credit file/score and any internal history they hold when processing loan applications. He warns that a lender's internal records can persist for many years (example given: a 15-year-old mortgage insurance claim) and advises applicants to be fully upfront about past issues when applying for loans.

Did you know there's more to your credit score, credit history than just your credit file? Hey, it's Aaron here and I'm the bagpiping mortgage broker. And with your credit file and score, when we apply for a loan, those are automatically checked. And the other thing that lenders will do that sometimes is not very apparent is that if you've had history with that lender, they will check that too. So when you apply for a loan, you need to be fully upfront in regards to what is happening. I have a client recently that's had a claim on a mortgage insurance and now we have to find a right lender that will be able to accept the history of that. Now the history is 15 years ago. So please note that when you go for a loan and your history with that lender, it doesn't matter how long. So where your bankruptcy might last for a little bit of time, this internal history with a lender will stay there for a lot longer than you think.