Risk Solutions

With an evolving risk landscape and growth in technological innovation, it’s vital to stay informed. 

Equifax Risk Solutions provides the insights businesses need to make highly informed decisions helping to identify, measure and mitigate risk.

Access our articles and free resources for insights into the power of data and analytics in helping you make better risk decisions.  Shift your perspective.

4 Ways Corporations Can Boost Their Cybersecurity This Year
22nd Jul 2021

Cybersecurity readiness doesn't come easily. Reacting to a security breach is vastly different from being ready to act should a breach occur. Many organisations haven't previously focused on proactively protecting their critical information assets, but change is coming. The increased sophistication of today's threat actors heightens the chances that more organisations will find themselves the unlucky targets of cybercrime.

 

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A potential borrower with no defaults but a poor repayment history applies for a loan with a lender who uses only negative bureau data in their credit decisioning. Other things being equal, their application is likely to be approved. The same borrower applies to a lender with access to Comprehensive Credit Reporting (CCR) data, only to have their application rejected. 

The difference? One lender made their decision based solely on negative-only credit information like defaults, bankruptcies and the number of credit enquiries. The other lender made their decision based on both negative and positive CCR data. This lender could see that the applicant had a history of paying late and had many loans with multiple lenders.

 

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Rejecting a loan applicant because there is not enough information on their credit file to determine their risk can mean giving away a creditworthy customer. 

In today's disrupted marketplace, where customer-centricity and growth are crucial, there is a significant benefit to separating the likely good borrowers from the likely bad borrowers among those with limited credit history.

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No one wants to continue assessing customer income and expense data manually. Lenders are all too aware of the inefficiency of paperwork-heavy processes, and today's borrower wants a simplified and fast loan application experience.

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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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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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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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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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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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