An agreement in principle means that a borrower has been accepted for a mortgage, but the final agreement depends on issues such as an evaluation report and job confirmation. “The introduction of this new Instant Agreement (AIP) tool significantly reduces the amount of time a customer has to spend on a Halifax credit decision,” he said. “The ability to finalize the app along the way on mobile phones and tablets helps our customers adapt the process to a hectic schedule. We are constantly looking for ways to serve our customers in the way they best meet their needs, and this new offering solidifies our reputation as a bank that gives our customers additional resources. Instead, potential buyers must enter information about their living conditions, income and obligations before receiving a credit decision. The decision can be shared with family members or real estate agents. . Once the decision has been processed, clients can expect it to be emailed to them for their own registrations and their real estate agent. The credit decision is made solely on customer information, i.e.
users are not required to enter property information or values. Halifax says it has created the tool to ensure that customers understand how much they can borrow. This would help their real estate search and allow them to act quickly if they find a suitable home. Today, more and more people are paying much more attention to their credit ratings. Consumer awareness of credit quality assessment is now stronger than ever. I would say that at least half of the people who are contacting us for the first time have already looked at their credit report online. There are a lot of credit agencies out there. Most people have heard of Experian or Equifax, but the free trial version we recommend to potential new customers is available with Check My File. This is available on this report “sweeps” several of these reference agencies and summarizes the information in a color encoded report easily understandable. Customers often ask if we will do a credit search on them because they know that too much research can have a negative impact on their creditworthiness. Lenders always conduct credit checks, but we always ask that a customer request permission before doing so.
There are 2 different types of credit search that banks can perform on a customer: hard or soft.