Signs of Recovery as NSW Opens and Business Credit Demand Lifts
21st Oct 2021

The recovery in business credit demand eased in Q3 2021, but recovery may be imminent as states make their way out of lockdown. Data from the first four days of NSW reopening after 15-weeks in lockdown shows a jump in demand across all categories of credit. Asset finance enquiries rose by +25.1%, trade credit by +15.5% and business loans by +2.5% in the week of 11-14 October compared to the previous week in lockdown.

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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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Business Credit Demand Index Dec 20

Equifax Quarterly Business Credit Demand Index: Dec 2020

Overall business credit applications down -6.9% (vs Dec quarter 2019) Business loan applications decreased by -10.1% (vs Dec quarter 2019) Trade credit applications fell -8.4% (vs Dec quarter 2019) Asset finance applications increased by +0.2% (vs Dec quarter 2019).
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Overall consumer credit applications down -21.9% (vs December quarter 2019)

Credit card applications reduced by -31.7% (vs December quarter 2019) Personal loan applications dropped -28.1% (vs December quarter 2019) Buy now pay later applications trending down -1.5% (vs December quarter 2019) Auto loan applications decreased by -2.8% (vs December quarter 2019)

Mortgage applications increased by +19.3% (vs December quarter 2019).

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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.

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Want to rethink your understanding of risk analysis, learn how to close the consumer information gap left by the pandemic and find new, more nimble ways of working?

Hear from industry experts and thought leaders in Data & Analytics at Ignite Live 2021.

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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.

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