A large amount of Bluestone’s business has been dedicated to helping customers in need of credit repair since the firm's return to the third-party channel in 2013.
Bluestone’s national sales manager, Royden D’Vaz, said it is increasingly important for borrowers to have access to the support they need to rebuild their financial reputation.
“Credit repair allows borrowers to regain control of their financial situation and take them a step closer to achieving their financial goals,” he said.
Bluestone has found that a majority of Australian borrowers who experience unexpected financial hardship are often the victims of unforeseen circumstances.
“Redundancy, long-term illness and divorce can see borrowers fall behind on credit or mortgage repayments,” Mr D’Vaz said.
Borrowers in need of credit repair require more support, but they also offer brokers long-term opportunities to strengthen their business and build upon prospective client relationships, he said.
“Credit repair doesn’t remove credit history, but it does give the borrowers another chance to stay in their home and regain financial stability," Mr D'Vaz said.
“Once borrowers have demonstrated consistency in making their repayments on time, brokers can maintain the relationship by assisting borrowers to refinance when the timing is right for them.”