The FBAA has announced a new partnership with credit reporting company Veda which it says will make it easier for brokers to meet compliance requirements under the NCCP.
The partnership will allow FBAA members to access credit scores through VedaScore Apply and credit reports for borrowers at a discounted rate. FBAA members will also be able to view credit reports on behalf of their customers and match the resulting profile with an appropriate credit product.
FBAA chief executive Peter White
says access to credit reporting data will assist brokers in making an improved preliminary assessment of a consumer’s suitability, and help meet compliance requirements under NCCP regulations. It will also help streamline the application process to save money and time, White said.
“If you write four loans a week, that’s around six to eight credit checks as couples make up most borrowers. These upfront costs come out of the brokers’ pocket,” he said.
“This is a fantastic initiative exclusive to FBAA members to assist in pre-qualifying more loans with CCR credit checks at a substantial cost savings.
“The FBAA and Veda are proud to work together on this partnership as we continue to demonstrate our responsible lending practices.”