Comprehensive Credit Reporting - August 2019



finance-540
finPOWER Connect Logo-975



 

Comprehensive Credit Reporting

 CCR Seminar - Christchurch Monday 26 August 2019

Equifax (previously Veda) and Intersoft Systems Ltd hosted a seminar in Christchurch last week.
 
Rochelle and Shaun from Equifax discussed how the extra information from CCR gives you a more accurate picture of client’s financial situation. 

This enables you to make better lending decisions and can increase the numbers of successful loans by a double digit %. CCR is only available for individuals.
 
Paul from Intersoft Systems Ltd provided a demonstration of the finPOWER Connect CCR module. 

He showed a live report in finPOWER Connect from Equifax CCR which is an excellent example of the detailed information the report provides, and how it can change the decision that you may make about lending to a client.  This information can be accessed programmatically for automation in finPOWER Connect workflows, datasets and widgets related to client and account applications.
 
 
Also discussed - Proposed changes to the CCCF Act. 
These are important changes and you should be aware of how they will impact on your business.
  • A “cost of credit” cap on high-cost loans i.e. loans with an interest rate greater than 50%
  • Clearer responsible lending requirements
  • Tougher penalties for breaking the law
  • More accountability for mobile traders
  • Easier enforcement to ensure fees are reasonable
  • Greater transparency
 
There was also a discussion on Afterpay. The Afterpay accounts are not credit products and therefore do not fall under any Credit legislation. They also do not appear on a consumer’s CCR credit file as most lending checks generally focus solely on proof of identity.

Anecdotally, there appears to be a significant increase in these products in the market and the traditional lenders are often left to pick up the pieces as clients over extend themselves with these Afterpay type products. The danger with this type of lending is the lack of oversight or legislative framework so clients are easily misled and risk their Credit rating as a result.
 
Thank you for your attendance, hoping you (as we did) found the seminar informative.
There is definitely plenty of food for thought.
 
Both Intersoft and Equifax are offering Specials for CCR which are open until 30 September 2019.
 
CCRspecials-558

btn contact


equifaxlogo-767-264
IMG 2764-30-953-413-280 










 

For further information please contact

Lending & Investment
E: support@hhaassociates.co.nz


 
Or please call 03 693 1121  ext 3 for telephone support.
 
About Us-285-929-252 Email Icon-420-116-924 linkedin-836-751-25 website1-443-501-330-383
This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.
This e-mail was sent to you only because your e-mail address, robyn@hhaassociates.co.nz is on the HHA Associates Limited mailing list. We strive to only send e-mail to those who want to receive it.
If you would not like to receive future e-mails from us, click here to unsubscribe or reply to this email with the subject line "Unsubscribe"
This is an email from HHA Associates Limited, 72h Talbot Street, Geraldine New Zealand. If you have any questions, please email accounts@hhaassociates.co.nz or call +64 3 693 1121
Copyright © 2019 -HHA Associates Limited, All Rights Reserved
 

MEMBERSHIPS

Canterbury Employers’ Chamber of Commerce  

nzppa

New Zealand Payroll Practitioners Association


Geraldine District Promotions Association Inc

 

CONTACT US

Christchurch office

Phone: 03 693 1121
Email: office@hhaassociates.co.nz

Unit 14, 40 Hayton Road
Wigram
Christchurch 8042

 

Geraldine office

Phone: 03 693 1121
Email: office@hhaassociates.co.nz

Four Peaks Plaza
72h Talbot Street
Geraldine 7930

FOLLOW US