Halifax Teams Up with Experian to Boost FTB Chances

    LONDON, ENGLAND, August 20, 2011 /24-7PressRelease/ -- The Halifax CreditExpert service is being delivered through Halifax's First Time Buyer Pledge, the promise to support those looking to get on the property ladder. Halifax currently approves eight out of ten mortgage applications for First Time Buyers. However, as part of the pledge, Halifax commits to help unsuccessful applicants understand what has stopped them from being approved and what they can do to turn the situation around.

Currently, where applicants are unsuccessful in obtaining a mortgage due to their credit score, restrictions mean that lenders cannot disclose the exact reasons why (such as missed credit card payments or unpaid mobile phone bills). Whilst Halifax recommends that borrowers obtain a copy of their credit report for more information, for some people the process can be daunting, particularly without access to dedicated support and advice on understanding and improving credit ratings.

Through the launch of the new service, applicants who do not get approved for a mortgage because of their credit score will have access to a bespoke CreditExpert membership. They will have unlimited access to a team of fifteen credit experts, who are dedicated to supporting Halifax customers.

The service will provide Halifax customers with:

- unlimited access to their Experian credit report and Experian Credit Score
- expert support and advice on what's impacting their score
- personalised advice on steps to improve their credit profile.

All customers will have a 30-day free trial to the CreditExpert service. The bespoke membership will then be available at a special rate.

By providing this opportunity to customers that have been declined because of their credit score, Halifax aims to provide potential First Time Buyers with a real understanding of how to improve their credit profile. In recent Halifax research, First Time Buyers say that they have a fear of the application system - this new approach addresses a key source of their apprehension.

Stephen Noakes, Commercial Director, Halifax said: "Although eight out of ten borrowers are successful in getting a mortgage, we don't want the unsuccessful few to feel like they've hit a brick wall if they're turned down. However, lenders are limited in what we can say about someone's credit profile, and we know that hasn't been particularly helpful. By developing this new service with CreditExpert, it means that we can really help first time buyers understand what they need to do in order to come back to us and be successful in their application."

Peter Turner, Managing Director of Experian Interactive, said: "This is a great way to help first time buyers get on the housing ladder. CreditExpert membership can help first time buyers by ensuring they have all the support in place to understand how to improve their credit rating so they can make a successful application for a mortgage to buy their dream home. It's good to be able to help young people with the opportunity to own their own home and we are delighted to be developing this service with Halifax."

Halifax First Time Buyer Pledge:
Halifax will:
- publish details of the criteria upon which your application is assessed
- provide a personalised promise on how much we can lend you, without leaving a lasting record on your credit profile
- provide an action plan for you to move forward, whether your application is successful or not
- help you to understand the reasons why, if your application is not successful

How customers will access the service:

- Customers who are unsuccessful in their mortgage will be given a leaflet with details of how to access the CreditExpert service, either online or on the phone.
- Halifax customers who sign up to the service are eligible for unlimited scores so they can measure how their credit profile has improved.
- The Halifax mortgage adviser will stay in touch with the customer, so they can discuss when they would be ready to apply again.

Once the 30-day free period has ended, the bespoke membership will be available at a discounted rate of GBP9.99 a month.

Website: http://www.halifax.co.uk

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