Marketplace lending company DirectMoney Limited (DirectMoney) has signed an agreement with Dun & Bradstreet, bringing DirectMoney into the Australian Comprehensive Credit Reporting (CCR) community.
The agreement provides DirectMoney with access to additional information on the credit history of potential borrowers, further strengthening the assessment of loan applications and maintaining the strong credit quality of the company’s growing loan portfolio.
CCR provides lenders with certain additional important information regarding a new loan applicant’s prior performance on previous credit obligations. This includes access to data relating to the timeliness of loan payments and overdue accounts, allowing better determination of the credit worthiness of a loan applicant. As part of this agreement with Dun & Bradstreet, DirectMoney will share information regarding its borrower’s performance with the other lenders who are CCR participants.
David Russell, Chief Information Officer of DirectMoney, said “CCR will be fully integrated within our day to day loan assessment and approval processes very shortly. We expect CCR will improve both our loan approval rates and help us maintain our already strong credit performance.”
Steven Brown, Director of Consumer Risk Solutions from Dun & Bradstreet, welcomes the partnership with DirectMoney and its embracing of CCR. “DirectMoney’s adoption of CCR further entrenches the momentum of the CCR system in Australia, which offers significant benefits for both lenders and consumers.
“DirectMoney acknowledges the richer insight into consumer risk behaviour that CCR provides, while their customers will be rewarded for good credit behaviour with better rates and greater access to more innovative credit offerings.”