BC mortgage lenders give the best Vancouver mortgages rates in BC to mortgage brokers.
A good credit report is able to verify all the information regarding the application, number of creditors and the total amount of outstanding debt. There would be times that a discrepancy can be found and this is due to the limitations in the memory of applicants, which cannot recall exact details. The role of the lender is to compare the information on credit reports and see if it matches to the information disclosed on the application. If significant discrepancies, omissions or erroneous information are to be found, the applicant should be able to give a written explanation.
There are also some creditors that are not able to update their national credit repository or they may give reports infrequently, which is the reason why their information is outdated. When this happens, the lender needs to verify by mailing a form for Verification Loan to the creditor, or he or she can request the applicant to provide a loan statement. In both cases, the lender is attempting to verify information that is supposed to be included in a credit report.
On some occasions, an applicant is not well aware of the information contained within a credit report. The lender should advise the creditor to discuss certain information directly with the credit bureau if he believes that a mistake was made. Credit bureaus at times receive incorrect information that can still be corrected by discussing it with the applicant.