The words we use carry significance.
Credit PULLS can be such a trigger word for some people.
There’s a lot of misinformation surrounding what it means to pull credit.
So the second you bring it up, it’s a HARD “no”.
But here’s the thing…
You have to empathize with the borrower.
People think when their credit is pulled or requested, it has a negative impact.
So I empower them with education and empathy through something called the “Feel, Felt, Found” strategy.
Consider this the next time someone pushes back on having their credit checked:
“I totally get how you feel, others have felt the same way, here's what I have found.”
I actually called myfico.com, and the rule around mortgage inquiries is that if you haven’t had your credit reviewed in the last 12 months, having me consult you will not impact your score.
My job as your professional mortgage lender is to preserve your good credit scores.
More often than not…
People thank me after I go over their credit with them, not check their credit or pull their credit, because I find medical collections and accounts they're not even aware of.
How? Because self-reported credit reports are not the most accurate.
With all that being said, do you feel more comfortable with me going over your credit with you?”
Your level of communication is directly tied to your level of income.
Do not PULL their credit, REQUEST their credit.
Do not REPAIR their credit, IMPROVE their credit.
Do not have them fill out an “application”, but a “questionnaire”.
I hope you understood the essence of all this.
Go get ‘em
Here are your action steps for today:
Script out your own “Feel, Felt, Found Strategy” so you’re prepared the next time you’re dealing with a hesitant borrower.
Whenever you’re ready, here’s how I can help you!
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