Credit Scores

Hi all; further to the CMHC changes conveyed at the meetings on Monday & Wednesday; despite the fact that CMHC guidelines state a min beacon score of 600 is required for applicants; a majority of the lenders are amending their guidelines to advise they require a minimum beacon score of 650 for all applicants for a mortgage.   

It is becoming very important for your customers to "Know the Score!!" In that respect, you can provide potential purchasers with the web site for the two credit reporting agencies that we deal with and they can access their own credit reports and also obtain a service called "beacon watch" if they choose to.  

The web sites are:  www.equifax.ca or www.transunion.ca In order to obtain a copy of their credit report ( this will not show as an enquiry) they will need to have a credit card and the cost is approx. $20.

If they sign up for the monthly "beacon watch" report, they are charged an additional monthly fee.  The web sites are fairly easy to access