The Halifax CreditExpert service, part of the bank’s first-time buyer pledge, offers customers support and advice on what is affecting their credit score, unlimited access to credit experts and personalised advice on steps to improve their credit profile.
However, they will only get the service free for 30 days, after which they will pay a discounted rate of £9.99 a month compared to Experian’s usual charge of £14.99.
Stephen Noakes, commercial director at 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, added that the CreditExpert membership will help many first-time buyers get onto the property ladder.
“It 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.”
