Business Credit Demand Bounces Back
5th May 2021

Business credit demand has returned to the same level it was in the March 2020 pre-pandemic quarter, driven by a bounce-back in asset finance (+8.9%). Business insolvencies have yet to match their March 2020 level (down -36% compared to March last year) but are rising, month on month up by +78% in February and +29.0% in March, according to the latest Equifax Quarterly Business Credit Demand Index (March 2021).

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Consumer credit demand continues to decline compared to last year, but the rate of decline is slowing compared to previous quarters. Despite credit cards and personal loan demand remaining soft, auto loans and Buy Now Pay Later (BNPL) applications continue to recover, according to data from the latest Equifax Quarterly Consumer Credit Demand Index (March 2021). Demand for mortgages grew throughout Australia up +23.5% compared to the March quarter 2020, with every state and territory experiencing growth. 

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Equifax's next-generation credit score has generated considerable interest for its ability to yield more predictive insight than our previous scores. Its step-up in predictive power and functionality makes Equifax One Score a powerful consumer credit risk analysis tool. 

Developed using innovative analytic techniques and incorporating recent data sets, our new score can facilitate better business outcomes for lenders across the customer credit lifecycle from financial literacy through to pre-screening, pre-qualification, origination decisions, account management and early collections.

Discover the most common questions asked about Equifax One Score.

 

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(29 April, 2021)

Whether or not the end of the JobKeeper wage subsidy will lead to a spike in corporate insolvencies is a hotly debated topic. Some believe that Australia's strong economic recovery and favourable trading conditions will insulate against a wave of business failures.

Others argue we can't be that lucky.

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Introducing a 'fit and proper person' test for key personnel of approved aged care providers is one of the recommendations made in the final report of the Royal Commission into Aged Care Quality and Safety. It's an acknowledgement of how vital it is for providers to understand more about their workforce's skills and experience.

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The deferred payment agreements and default reporting gaps left on credit files from COVID-19 will continue to hang around long after the pandemic has run its course. 

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There’s often confusion about the purpose of the Personal Property Securities Register (PPSR). Business owners who don’t realise how important it is to register on the PPSR miss out on a valuable opportunity to protect against the financial loss that could occur when a customer goes bust.

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With mortgage enquiry volumes on the rise in Australia, marketers have a huge opportunity to make their ad dollars work harder if they target their digital campaigns towards audiences that have a strong intent to buy and a less risky profile.

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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.

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SYDNEY – 1 March 2021 – Equifax, a global data, analytics and technology company and leading provider of credit information in Australia, has finalised the purchase of Creditworks to help trade credit and SME businesses manage commercial risk through end-to-end credit automation.

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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.

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