View more on these topics

Credit files &#39should be online&#39

Mortgage brokers are asking credit reference agencies to brush up their technology and make credit files available to borrowers online.

Although clients can apply for their credit file and query entries via the internet, Equifax and Experian still insist on sending the file out by post. This involves a delay of up to seven days – enough time to lose a sale in the busy housing market.

Bob Riach, proprietor of Scunthorpe-based Riach Independent Financial Advisers, says: “I&#39ve just had a case that was turned down on credit, but as far as the borrower is aware they have no bad credit history. They had to write off and wait a week for the reply, which was long enough for them to lose the property.”

Ray Boulger, senior technical manager at Charcol, says: “To make things easier it would seem to me an obvious development to allow people to access their credit files online.”

Boulger acknowledges the security to be overcome and adds: “There must be adequate checks to make sure that people cannot download somebody else&#39s credit reference details.”

Experian already offers its US customers online access to credit files without pre-registration.

A spokeswoman says: “We&#39ve got the technology but it&#39s something the UK hasn&#39t quite accepted yet.

“Supplying confidential information over the web means our systems would be extremely secure, but we want consumers to feel secure too.”

Recommended

FSA will regulate mortgage packagers in 2004

The FSA is preparing to regulate mortgage packagers, sources close to the FSA told Mortgage Strategy last week.Packagers will be given &#39arranger/provider&#39 status, which flies in the face of the CML, IMLA and MCCB response to the Treasury. Peter Beaumont, sales and marketing director at Mortgages PLC, says: “This could have wide-ranging implications for the […]

Legal Marketing Services appoints new business development manager

Legal Marketing Services (LMS), the UK&#39s largest independent network of solicitors, has appointed Michael Spencer as business development manager. Spencer brings to LMS over 25 years experience in the UK property market, having worked with Connell, William H Brown and Royal&SunAlliance Property Services. Prior to joining LMS, he was a client account manager with Sequence […]

Halifax introduces pet insurance

Halifax this week introduced pet insurance, which guarantees lifetime cover, without yearly underwriting, as long as the policy is renewed. Halifax Pet Insurance will cover ongoing medical conditions like diabetes, asthma and eczema and not exclude, restrict cover, or increase premiums for ongoing claims. It also covers hereditary and congenital conditions, makes a contribution towards […]

Charcol launches online personal loans service

Charcol is launching an online personal loans service on Friday July 5. The service, available at www.charcolonline.co.uk, offers a range of loans, from providers including Halifax, Marks & Spencer Financial Services, Cahoot, Northern Rock, Nationwide Building Society, Bank of Scotland, MBNA Europe Bank, Tesco Personal Finance and Intelligent Finance. Building on the success of the […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now