Consumer Credit Demand flat despite growth in Personal Loans and Buy Now, Pay Later
16th May 2022

Mortgage demand fell -4.6% in Q1 2022, marking the first decline in more than two years according to the latest Equifax Quarterly Consumer Credit Demand Index (Mar 2022).

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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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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.

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Introducing regular, ongoing background screening of your employees can be a daunting prospect. As an employer or HR practitioner, you might be wondering "What if my employee refuses a background check? How do I know which employees to check? How often should screening occur?"

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The customer data collected by this leading Telco came from a variety of siloed sources. Although their marketing teams were using a campaign management platform (CMP) to produce, develop and distribute their digital campaigns, each team leveraged a different data set to the other. 

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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.

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Queensland hardest hit in first wave lockdown with 9 of top 10 Mortgage Deferral hotspots.

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