With an evolving risk landscape and growth in technological innovation, it’s vital to stay informed.
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While PEP, sanctions and adverse media screening are vital for customer due diligence, false positives create unnecessary delays and frustration. These inaccurate matches waste time and resources, slowing down onboarding and impacting the customer experience.
So, how can you optimise your screening process and minimise false positives?
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The newly released Equifax Score is our most predictive score yet, making it easier for lenders to extend credit responsibly by more accurately assessing the risk of default for each customer1.
For some credit applications, it’s a fast and straightforward decision whether to grant or deny approval. For others, evaluating a borrower’s credit risk isn’t as easy, requiring more time and work chasing up referrals and double-checking background information. These marginal applications are a drag on efficiency, slowing down processes and impacting profitability. Too many credit opportunities are rejected because not enough is known about an applicant at this early stage of the credit lifecycle.
We all know how important it is to be able to explain and justify the basis for a credit decision. It’s not just lenders and regulators seeking greater explainability, but consumers too want the transparency of understanding why a loan was approved or denied.
Alternative data opens up a world of possibilities for more accurately determining creditworthiness. Where a person lives, where they dine out and how they spend their income…these are all data sources that have the potential to enhance traditional credit score models for improved assessment of financial reliability.
Predictability, continuity and reliability are crucial prerequisites for successful credit scoring. Sound risk assessment decisions rely on credit score models that move with the times, evolving to reflect changes in consumer credit behaviour and improvements in risk prediction technology.
Treasurer Frydenberg’s announcement on 25 September is about simplifying Australia’s credit framework. As part of the proposed changes, APRA becomes the key regulator for home and personal lending with the intent of removing duplication by two regulators and freeing up the flow of credit, to help kick-start economic recovery.
Daniel owes money to a financier. Over two weeks he receives six phone calls asking him to make arrangements for repayment. For five of the calls, he’s been too busy to answer. Only once has he been contacted after midday, which is when he’s free and more likely to pick up the phone.
COVID-19 has fast-tracked existing shifts in Australian consumer retail behaviour, promising to change the marketing, distribution and selling of automobiles forever.
Auto retailers need to adapt now to a new reality because businesses waiting for stabilisation are taking a considerable risk, said KPMG National Leader of Motor Industry Services, Steven Bragg. Speaking at the recent Equifax Automotive Finance Forum, Mr Bragg said the auto industry was in crisis and in need of transformation before the pandemic even came along.
It’s a well-known fact that registering on the Personal Property Securities Register (PPSR) boosts your rights when faced with customer insolvency. It’s a lesser-known fact that it’s equally useful when a customer wants to sell their business.
If one of your customers goes bust and you’re not a secured creditor, expect to lose out. There’s a world of difference between registering on the Personal Property Securities Register (PPSR) to become a secured creditor or remaining unsecured by not registering.
