As we are a lender of last resort with a high number of our clients being subprime, it has been great for us to have access to FraudCheck to assist in identifying clients who are potential fraudsters.
As one example, the information a potential client provided looked legitimate. Without FraudCheck and the Fraud Focus Group we would have definitely faced a significant loss. It was great for us to see a positive result in such a short period of time. The money we had invested had been well and truly paid back by just one positive hit.
The process is quick and easy and gives us instant results which can be acted on immediately. As a small organisation, I like being part of Equifax's growing Fraud Focus Group. It puts us in touch with others in the industry who experience similar problems and I like the feeling of support you have being part of it.
Shelley Gregory, Manager for Sovereign Credit
We’ve cut fraud and built strong industry relationships.
Since deploying Equifax’s FraudCheck, we have been able to identify 1-2 per cent of the few hundred applications we receive each month with a positive fraud check. For every fraud that we have identified, we would comfortably recoup the annual fee that we are paying at the moment with Equifax. It pays for itself 10 times over without a shadow of a doubt.
The relationships we have developed with other members of the FFG have had a very positive impact on our business, and more specifically on our mitigation strategy.
Phillip Briggs, Underwriting Manager for Pepper