Veda and AFG help brokers with responsible lending
Sydney, Australia, Monday, 14 March 2016: Australia’s leading provider of credit information, Veda, and the largest provider of mortgage broking services in the country, Australian Finance Group (AFG), have teamed up to make it easier for mortgage brokers to access critical credit history information and better match borrowers with appropriate credit products.
Working closely with Veda, AFG has directly integrated Equifax Score Apply® Credit Reports into their proprietary platform, Flex®. Brokers can now leverage the application data already in their Flex® platform to request an Equifax Score Apply® Credit Report, eliminating the need to re-enter client details in a separate interface. The capability is currently being rolled out to AFG’s 2,600 brokers nationwide and is set to help improve conversion rates.
As a result of the integration, AFG brokers can view credit reports with the latest Comprehensive Credit Reporting (CCR) data as well as traditional negative data on behalf of their customers. CCR data provides a wealth of new insights on each applicant relating to credit worthiness, life stage, and repayment capacity and enhances the ability for brokers to match customers with the right credit product.
“Integrating Equifax Score Apply® Credit Reports into Flex® will make it easier for brokers to meet NCCP requirements to ensure credit is not unsuitable for a customer and to direct customers to the most appropriate lender,” said Angus Luffman, Veda’s General Manager of Consumer Risk.
The ability to access CCR data will also allow brokers to extend services to applicants who may have previously been excluded in a negative only credit reporting environment. As positive data builds quickly, brokers can match individuals, with a historical default, to lenders that recognise good repayment behaviour.
Broker enquiries via Equifax Score Apply® Credit Reports allow the broker to access the customer’s credit history without any negative impact on their credit profile. These broker enquiries will not affect the customer’s credit score but rather enhance the overall experience by expediting the application process.
Flex is a single access point for all customer data and products, eliminating the need to run multiple programs to perform different tasks. The integration within Flex is seamless, allowing AFG brokers to sign up to the Veda service and begin sourcing credit history reports directly via Flex.
“For AFG it isn’t simply about keeping up with technological change. We aim to harness the tools that unlock the full potential technology continues to bring and to help our brokers stay ahead of the game and ahead of changing client behaviour and expectation,” said Mark Hewitt, General Manager, Sales and Operations at AFG.
“The integration of the innovative Equifax Score Apply® Credit Reports into Flex will provide another powerful tool to increase broker efficiency and help them to deliver a faster and more efficient service to meet their customer’s needs.”
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