How to Deal With Bad Credit Surveyors
If you ever have applied for a credit loaning request, chances are you have met credit surveyors during the process. To put it shortly, credit surveyors are officers of financial institutions who have the authority to perform checking on your background. Because credit application can become a sensitive matter for the involved parties, it requires trusted representatives from financial institutions to discuss this matter in more detail. Therefore, credit surveyors are people who have been trusted enough to perform the task by their supervisors. However, what if these credit surveyors are “bad” and not trusted enough?
Unfortunately, there are cases where credit application processes are botched because of several factors. These factors may include incomplete documents submission, loophole in the background authenticity check, and many others. At the same time, human factor may also be the greatest contributor behind the failure of these credit applications. The incapability of assessing the document’s authenticity and other important factors during the surveying will result in impartial decision-making process. In addition, there is a possibility where irresponsible and suspicious credit surveyors are involved in this as well. In fact, these credit surveyors are more likely to cause failures in credit applications because of their actions.
Bad credit surveyors have always been a bane for many credit loaning applicants. More often than not, credit applicants are more likely to fail in earning their credit loans because of these surveyors more so than any other factors. Whereas missing documents and other extraordinary causes can be tolerated, bad credit surveyors are mostly credited due to their unsavory actions. Their actions will decrease the trust from potential clients and long-time customers to the company. Despite its detrimental nature, bad credit surveyors still exist in some ways that causes problems for all of the involved parties.
There are several causes behind the emergence of these bad credit surveyors. The increasingly competitive nature of financial industry between companies, for example, is one of the most notable cause. As many companies compete with each other with more interesting financial offers and other services, less inventive companies are being left behind this particularly relentless rivalry. As such, financial companies are racking up new ways and methods to invite as many potential customers as they can. Despite most of these new methods are legal in nature, some people (which includes bad credit surveyors) are willing to go through illegal means to increase profitability.
So, what do these bad credit surveyors do in their efforts to increase profit illegally? Examples of them are as follows:
- Data manipulation
Either for their own personal gains or for illegally increasing the company’s profit, data manipulation is popular among bad credit surveyors. This is especially fatal, as the manipulated data will differ greatly when compared to the results in the field. The noticeable difference between the manipulated data and the reality will cause a drift of trust between the credit surveyors and the customers. If left unchecked, these manipulated data are prone to cause a series of illegal debts. These illegal debts will only exist to extort the credit loaners instead of serving as a method to properly remind the loaners about their credit.
- Debt markup
Simply put, debt markup is the difference between lowest offering price of an investment and the price that the customer has to pay for that investment. While it is nominally legal for creditor to profit from this markup, some irresponsible parties within the company may illegally profit from this markup. Therefore, companies need to be very careful with this particular action since it can result in excessive payment from the credit loaners because of the debt markup.
Because bad credit surveyors willing to extort potential clients and customers for extra profit, there are some things that clients can do to prevent this. For the most part, clients and customers are obliged to file complaints whenever there are some suspicious details. Because all credit applications are consent-based, clients need to know as many information as possible with their soon-to-be creditors. This may include asking for all available information of insurances, assessing the credit surveyors’ integrity during the inquiry process, and others. This is important because credit applicants have the right to learn more about the credit loan that they are going to take.
Furthermore, clients and customers can also report bad credit surveyors to financial authorities as well. National government usually has their own financial authorities who have the rights to perform checking on creditor institutions. Since financial institutions are not above the law in this matter, financial authorities may provide them with sanctions of unsavory deeds. This, in turn, performs as a check-and-balance process for both the clients and their creditors. In addition, clients can also report these surveyors to the law enforcements since the enforcers are the government’s representatives in enacting the existing laws.
The existence of bad credit surveyors still lingers as a problem for some financial institutions. Despite that some of them are caused by the rigorous competition in the market, others are falsifying survey records for their personal gain. Moreover, regardless of their original motives, it is no doubt that bad credit surveyors are harming the trust from the clients and customers. However, you can always do more to deal and report these surveyors to the authorities to ensure responsible credit services.
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