Case Study: Incorrect credit scoreMortgage brokers offer many services that you just can’t get from your bank! Here is one example of how we helped a client qualify for a mortgage in a less-than-stellar situation.
The Client: Jack** was a labourer with a good income and a 5% down payment – on the surface, an ideal candidate for a mortgage!
The Challenge: After pulling his credit report, it was revealed that he had an incredibly low score – below the 600 mark. With a little bit of digging, we discovered that his MasterCard had a less-than-stellar R4 rating, showing an unpaid balance of $20. As it stood, we couldn’t get him qualified for a 5%-down mortgage with a 590 Beacon score.
The Solution: Jack maintained that he had always paid his MasterCard off in full every month, and there was absolutely no reason he wouldn’t have paid a $20 charge. I encouraged him to call MasterCard and get to the root of the issue. As it turned out, the company had incorrectly charged him interest on a bill he had paid in full. They immediately reversed the charge and sent a notification to Equifax. Within 48 hours, his credit score jumped from 590 to 680 – and he was able to qualify for a mortgage.
Maria Amyotte is a mortgage agent with Axiom Mortgage Solutions. You can reach her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or www.mortgagesbymaria.ca.
**Not his real name**    |
