Have you seen a Genworth enquiry on your credit report and want to know why? Below are some frequently asked questions to assist.
Who is Genworth?
Genworth is a provider of lenders mortgage insurance (LMI) in Australia. LMI protects the lender against a loss should a borrower be unable to repay their home loan and as a result, the property is sold at a loss.
I applied for my loan months ago, why has the Genworth query only appeared on my credit report now?
The delay in obtaining a credit report may be due to either a delay in Genworth receiving the loan information from your lender; and/or Genworth now obtaining credit reports for loans/insurance issued since 1 January 2018
As an LMI provider, Genworth may obtain credit information about you from credit reporting bodies:
• to assess the risk of providing LMI to your lender for your proposed home loan as part of the initial underwriting of LMI;
• on an ongoing basis to assess the risk of default on your home loan if LMI is approved; and
• for the other reasons referred to in our Credit Reporting Policy.
What authority does Genworth have to complete this credit check?
The loan application you completed with your lender or broker provides consent for your lender and/or third parties, which includes LMI providers, to check your credit report. A Genworth credit check will usually be recorded as an ‘enquiry’ on your credit report.