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If you're a Virtual Asset Service Provider (VASP) in Australia, you may be hearing about AML reforms and wondering what it means for your business. AML/CTF reforms refer to major changes to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations that will be applicable to all VASPs from 31 March 2026.
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Rising rates of construction industry insolvencies and cost of living pressures continue to place a heavy financial burden on sole traders and small business owners, who make up 97% of construction companies.
Not everyone shopping for a loan with a mortgage broker will meet lending criteria or be ready to buy, but discovering their creditworthiness can take a broker many hours of work.
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).
Rising rates of insolvency in the construction industry are putting significant pressure on sole traders and small business owners in the sector, according to new data from Equifax, the global data, analytics and technology company.
Equifax has signed an agreement with the Australian Taxation Office (ATO) to receive commercial tax default data, with the intention of displaying this information in its commercial credit reports. The inclusion of commercial tax default data in Equifax reports will provide customers with actionable data during the credit application process that was previously not available, allowing them to evaluate risk more accurately.
Identity crime costs Australia an estimated $36 billion each year, with one in four Australians falling victim to identity or cybercrime in their lifetime according to the Australian Institute of Criminology (AIC). Equifax, the global data, analytics and technology company, today announced the launch of its Employee Protect product, designed to help Australian businesses keep their employees safe from identity theft and cybercrime.
Strong personal loan growth constrained by decreased demand for BNPL, credit cards and auto loans. Consumer credit demand eased in Q4 2021, as factors including supply chain issues and a resurgence in COVID cases impacted consumer spending behaviour.
Business credit demand bounced back from Delta lockdowns in Q4 2021, with business loan applications driving a third straight quarter of growth. Despite the overall upward trend, however, the pace of growth has eased in recent months, and the spike in Omicron cases has cast a shadow on the prospect of continued commercial credit growth into Q1 2022.
Increasingly sophisticated cybercrime threats in Australia are encouraging organisations to evolve their security culture, reporting structures and level of preparedness, according to a new Red Paper released today by global data, analytics and technology company Equifax.
