ASX-listed aggregator AFG has partnered with credit analysis company Veda to give brokers greater access to credit history information and better match borrowers with appropriate credit products.
The partnership will see AFG integrate VedaScore Apply Credit Reports into their proprietary platform, Flex. Brokers will now be able to leverage the application data already in their Flex platform to request a VedaScore Apply Credit Report, eliminating the need to re-enter client details in a separate interface.
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.
AFG general manager, sales and operations, Mark Hewitt says access to CCR data will allow brokers to better service clients.
“I think over time [CCR] is going to evolve and become a key way of determining someone’s credit worthiness. I think it is a good way for people to rehabilitate themselves as well,” Hewitt told Australian Broker.
“Someone might have had problems four or five years ago but with CCR, it can be shown that in the interim that they have made all their payments on time. I think it can help consumers overcome their problems.
“Going forward, I think as more and more lenders buy into the comprehensive scheme they can provide a better service for everyone. The more information that lenders and brokers are armed with then the more chance they have of placing consumers with a loan that is most suitable to their needs.”
In addition to CCR data, Hewitt told Australian Broker that enquiries via VedaScore Apply Credit Reports will let brokers access the customer’s credit history without any negative impact on their credit profile.
“Productivity is becoming more and more important for brokers and also ensuring customers are placed in the right loan and introduced to the right lender the first time.
“Brokers can actually look at the customer’s score and look at their history without it impacting their credit profile, and can then make a decision on what might be the most appropriate lender to this customer.”
The capability is currently being rolled out to AFG’s 2,600 brokers nationwide and, according to Hewitt, is an industry first.
“We believe we are the first major aggregator to integrate Veda into our system and that’s an important part of it. We don't partner with people unless it is going to add value so to actually have it within Flex as part of the application process, we believe it is an industry first,” Hewitt told Australian Broker.
“This year is really going to be the year of people making the most of opportunities and this is one small way we can help our brokers capitalise on the opportunity and make sure they put the client in the right place the first time.”