BARG!: Recent Episodes
Richard Moxley
BARG! Brokers Against the Rate Game is chalked full of resources for Mortgage Professionals across Canada. If you are looking to provide a great client experience, add more value, close more deals, and build long term client relationships, the BARG! Community is for you!
What every Brokers needs to know about Debt Programs!Many Canadians have been through a debt program and are now looking for mortgage financing. In this video, I outline what every broker needs to know to get more business and help your clients.
Resource Links:
How to Save thousands when Negotiating Collections: https://youtu.be/jUi7LMKAAFk
What your client needs to know before entering a debt program: https://youtu.be/q70E531ldqw
Pros and Cons of:
Bankruptcy- https://youtu.be/cvP1rDpt9ew
Consumer Proposal - https://youtu.be/3AI43NFT-U0
Orderly Payment of Debt (OPD) - https://youtu.be/MSK-fdILCPw
Credit Counseling - https://youtu.be/8MQccYhl9U4
Debt Settlement - https://youtu.be/jHrNzW9NcjQ Consolidation Loan - https://youtu.be/0Uy_ZzozgUY
Gambling can be fun, but not when it comes to your credit. In this episode, I dicuss with Jason Ferguson what is important to know about Joint Credit. Find out how to use this information to educate your clients and build your business!
Resource Links
Video to help explain to your clients the risks of Joint credit - https://youtu.be/G4gduk4VwKA
What is a Spousal Buyout? -https://www.facebook.com/groups/731868324863099/posts/894337855282811/
What is PiggyBack Credit? -https://www.facebook.com/groups/731868324863099/posts/894001558649774/
Joint Credit Risks image - https://creditgame.net/wp-content/uploads/2022/11/Joint-Credit-Risks.png
Credit Self-Defence is essential, especially because Fraud is the number one growing crime in Canada. There are lots of tips and tricks to help your clients avoid the issue, but we also go through what you need to know when fraud happens to you, or your clients.
Video to help explain to your clients: What to do (Step-by-Step) if they have been a victim of fraud: https://youtu.be/VILpW20W2BA
Video to help explain to your clients: How to proctect themselves with Credit Self-Defecnce: https://www.facebook.com/TheCreditGameCanada/posts/869504554438514
Resource Links
What your client should know before going to a police station: https://creditgame.net/uncategorized/police-station-fraud-101/
How to report Fraud: https://www.antifraudcentre-centreantifraude.ca/report-signalez-eng.htm
Consumer Dispute links:
Equifax - https://www.consumer.equifax.ca/personal/dispute-credit-report/
TransUnion - https://www.transunion.ca/assistance/credit-report-disputes
How to get your credit report:
Youtube Playlist with all the videos - https://www.youtube.com/playlist?list=PLPRlFaBC4efTkhgiYnljHJHtQJlksuN3p
FREE EQUIFAX REPORT:
How to navigate the process - https://www.youtube.com/watch?v=gwmGM1iUgZA
Direct link - https://www.consumer.equifax.ca/personal/products/credit-score-report/
Mail in Request form – They no longer accept faxed in copies - https://assets.equifax.com/assets/canada/english/creditReportRequestForm.pdf
PAID EQUIFAX REPORT:
How to navigate the process - https://www.youtube.com/watch?v=SguRJpNBcQc
Direct link - https://www.consumer.equifax.ca/personal/
FREE EQUIFAX REPORT THROUGH BORROWELL:
How to navigate the process - https://www.youtube.com/watch?v=DSMRjVhKHCM
Direct link - https://borrowell.com/
FREE TRANSUNION REPORT:
How to navigate the process - https://www.youtube.com/watch?v=Foh30VFVSOk
Direct link - https://secure-ocs.transunion.ca/secureocs/home.html
Mail in Request form – I don’t suggest faxing it https://www.transunion.ca/content/dam/transunion/ca/consumer/documents/Consumer_Disclosure_Request_Form_en.pdf
PAID TRANSUNION REPORT:
How to navigate the process - https://www.youtube.com/watch?v=i8yTdUq-aZE
Direct link - https://members.transunion.ca/tucan_en/orderStep1_form.page?offer=CANTUM10070&CID=TRANSUNION:HPB
FREE TRANSUNION REPORT THROUGH CREDIT KARMA:
How to navigate the process - https://www.youtube.com/watch?v=XS-gtbms7pU
Direct link - https://www.creditkarma.ca/
It is very common for certain types of credit to have what is called a Spilt file. Multiple credit files for the same client, that can keep you from getting them approved. Lisa Last and I outline how to Spot a Split File before the underwriter sees it and save the Mortgage.
Resource Section:
Image that outlines how you can tell which province your client received the SIN number - https://tinyurl.com/2cxm63fu
More information on common errors after a Bankruptcy or Consumer Proposal - https://tinyurl.com/yxxtksyk
Do you need a fast jump your clients credit score? Porcia Boateng and I go through one of the best ways to increase your the Equifax and TransUnion score quickly and properly. Find out what Porcia calls a "Credit Super Power!" It will help you save some deals and impress your clients!
Resource Section: * Moxley Family KISS Story - Why I wore makeup https://www.youtube.com/watch?v=3641M... * Moxley Family KISS Story - The Happy Ending https://www.youtube.com/watch?v=TppV8... * Porcia’s Credit Academy - https://www.gfmcreditacademy.com * Video to help explain the 2nd fastest way to increase the credit score to your clients. https://www.youtube.com/watch?v=9JNnVQT2Qc0
I regularly get asked about Consumer Proposals and Bankruptcies. To answer the most popular questions I get and how you can make a lot more money I brought in Ross Taylor to help me out. He gives a great example on how he uses his knowledge of credit, to close more deals and work with extreemly grateful clients.
Resource Section:
Visual to help explain how long a Consumer Propsal and a Bankruptcy stay on your client's Equifax and TransUnion report. https://tinyurl.com/2pm8ntsn
Video to help any clients discover the most Common Errors that show up on the credit report after an insolvency. https://fb.watch/dX3VphJpg4/
Video to help explain the difference between Credit Accounts and Public records and Consumer Proposals and Bankruptcies to your clients. https://www.youtube.com/watch?v=67xiZ8SNznA&t=72s
Does your client have good credit? You might only look at Equifax but the insuriers and some lenders also review the TransUnion report. In this video, Jamie Lee Ushko and I go through the dangers of only looking at the one report.
Resource Section:
- Video to help you explain the importance of reviewing both Equifax and TransUnion to your clients - https://youtu.be/StxF6ZcrlJ4
- Link to the article - What to do when Fraud happens to you! https://www.linkedin.com/pulse/what-do-when-fraud-happens-you-richard-moxley/?trackingId=aiMMpabiRQK4yfOmf9OT4w%3D%3D
Links to get your client's credit report:
FREE EQUIFAX REPORT:
- How to navigate the process - https://www.youtube.com/watch?v=gwmGM1iUgZA
- Direct link - https://www.consumer.equifax.ca/personal/products/credit-score-report/
- Mail in Request form – They no longer accept faxed in copies - https://assets.equifax.com/assets/canada/english/creditReportRequestForm.pdf
PAID EQUIFAX
- REPORT: How to navigate the process - https://www.youtube.com/watch?v=SguRJpNBcQc
- Direct link - https://my.equifax.ca/consumer-registration/?lang=en
FREE EQUIFAX REPORT THROUGH BORROWELL:
- How to navigate the process - https://www.youtube.com/watch?v=DSMRjVhKHCM
- Direct link - https://borrowell.com/
FREE TRANSUNION REPORT:
- How to navigate the process - https://www.youtube.com/watch?v=Foh30VFVSOk Direct link - https://secure-ocs.transunion.ca/secureocs/home.html
- Mail in Request form – I don’t suggest faxing it https://www.transunion.ca/content/dam/transunion/ca/consumer/documents/Consumer_Disclosure_Request_Form_en.pdf
PAID TRANSUNION REPORT:
- How to navigate the process - https://www.youtube.com/watch?v=i8yTdUq-aZE
- Direct link - https://members.transunion.ca/tucan_en/orderStep1_form.page?offer=CANTUM10070&CID=TRANSUNION:HPB
FREE TRANSUNION REPORT THROUGH CREDIT KARMA:
- How to navigate the process - https://www.youtube.com/watch?v=XS-gtbms7pU
- Direct link - https://www.creditkarma.ca/
A lot has chanced since Covid including how underwriters look at deferrals. Even though it might have been a couple years since your client has deferred or skipped any payments the underwriters are still asking questions about them. Find out how to spot them and how to make sure your deal still gets done.
How do you increase your clients credit score quickly? Is there anyway to get a 9 back to a 1 rating once it is paid off? Should you suggest your client get a credit card to increase the score before getting mortgage financing? Should a client pay off and close an account with an overdue amount? Understanding the ratings are the key to answer these questions which Jasmine Findlay I go through with you in this episode of
BARG! Resource Section:
- Video to help you explain the ratings to your clients - https://youtu.be/UudkjlPpUSg
- Repossessed Vehicles in B.C and AB - What you need to know about the Seize or Sue law - https://www.linkedin.com/.../seize-sure-law-the-credit-game/
Having a client pay off a loan might help their debt service ratios but it will also lower the score. Find out when is the best time to have your client pay off their loans.
RESOURCES YOU CAN SEND TO YOUR CLIENTS: To help explain to your clients why they need to talk to you first before paying off a loan - https://www.youtube.com/watch?v=nBA73yYY1EI&t=12s
When you ask a client if they have good credit, most likely they are lying to you. Not on purpose of course, but the score they have access to can be very different from the one that you see. Not only does this confuse them, it might be a bit confusing to you as well. Check out the video of my conversation with Jenn Fowler about the different scores Equifax and TransUnion provide and why it is important for your business. Below are some links to resources you can pass along to your clients. Stay tuned for more conversations about credit!
RESOURCES YOU CAN SEND TO YOUR CLIENTS:
To help explain there are multiple credit scores - https://www.youtube.com/watch?v=yKVKM4n34gg&t=8s
ARTICLE:
What I send to clients when they are worried about having their credit report pulled or a hard hit -https://tinyurl.com/ys232655