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Finance Brokers can also prepare and manage credit history reports for a client. When you apply for a loan, most lenders will require a credit history report. This includes a detailed financial account of you and your company, your personal and business income, debts and expenses, details about your current employment, your credit history and your financial goals and objectives. The purpose of a credit history report is to discover if you are a good borrower or not. Lenders also look for evidence of the ability to manage funds, credibility in handling credit, and your ability to maintain a healthy credit history.Get more informations of Mortgage Broker Hobart
Finance Brokers can also work as credit history monitors for lending institutions. Many lending institutions require brokers to run credit checks on potential borrowers. If a lender finds out that the broker is providing inaccurate information about the borrower’s credit history, it can have a negative effect on the institution’s lending decision.
Finance Brokers needs to be licensed by the Office of the Superintendent of Financial Services . There are several requirements a broker must meet before he can provide brokerage services. The most common requirements required are: he must be a registered representative for an insured firm, he must have at least five years of experience in financial brokerage, and he should have at least three years of experience in the products and/or services you provide. Before you hire a broker to help you find the best lending products, make sure he meets these basic requirements. To ensure your broker complies with all of these requirements, make sure to ask him for a copy of his license or certificate.