Equifax partners with Basiq to help lenders meet Responsible Lending guidelines
The move to use of Open Data accelerates
SYDNEY, Tuesday, 11 June 2019 – Equifax, the data analytics company and leading provider of credit information and analysis in Australia and New Zealand, has today announced a national distribution and partnership agreement with Basiq, to help prepare the industry for Open Data.
Further developing the Equifax transaction data offering, the partnership with Basiq will enable Equifax customers to easily collect transaction data in real time.
Decline in consumer credit demand driven by a continued fall in credit card applications despite steady growth in personal loans. Mortgage demand decline continues.
Overall consumer credit applications fell -7.1% (vs March qtr 2018):
- Credit card application decline has accelerated over last four quarters at -19.0% (vs March qtr 2018)
- Personal loan applications continued growth, largely driven by Alternative Lenders up 5% (vs March qtr 2018)
Mortgage applications fell for the eighth consecutive quarter, down -14.0% (vs March qtr 2018)
Business credit demand drops 10.15% - predominantly driven by asset finance
Overall business credit applications dropped 10.15% (vs March qtr 2018)
- Business loan applications decreased by -1.88% (vs March qtr 2018)
- Trade Credit applications dropped by -3.58% (vs March qtr 2018)
- Asset Finance applications fell by -25.92% (vs March qtr 2018)
How Open Colleges Improves their Acquisition Strategy using Data Analytics & Technology
Data and analytics are shaping the way businesses in the education sector make decisions to enhance their marketing strategies, as well as boost student academic performance.
Empowering the economically disadvantaged
With the support of the Equifax Foundation in Atlanta, Equifax has been able to contribute to Good Shepherd, helping low-income Australians.
Business credit demand slows despite growth in asset finance
Overall business credit applications fell -3.34% (vs December qtr 2017)
- Business loan applications decreased by -5.14% (vs December qtr 2017)
- Trade Credit applications dropped by -6.05% (vs December qtr 2017)
- Asset Finance applications have grown by 1.75% (vs December qtr 2017)
What to know about PEP and Sanctions
As global efforts to reduce money laundering and terrorist funding increase, so does the onus on Australian financial institutions to carry out politically exposed person (PEP) and sanction screening.
What is Identity Watch?
Identity Watch is Equifax's cyber-monitoring product, used to help detect fraud by constantly looking for information – such as credit and debit card numbers, phone numbers and email addresses.
Outcome-driven financial education
Equifax has sponsored and assisted Banqer in New Zealand to develop a credit model as part of their popular simulated banking tool for children.
Can we teach algorithms to be fair?
We are increasingly apprehensive about machines making unrestrained, unexplainable and potentially biased decisions that may impact our lives and wellbeing. Can we accept decisions when they aren’t reasonably understandable and appear unfair?