Australia and New Zealand both have three separate and different consumer credit bureaus operating within each country.
This makes it hard for a credit provider to determine an bureau ideal strategy. It is commonly recognised that a multi bureau strategy is the best approach as this provides credit providers with the best data coverage, competitive innovation and pricing, while removing single supplier risk. It does however complicate the systems, processes and models that make up the credit solution.
In order to make decisions about the use of credit bureau services during the credit decisioning process, the credit provider must first understand the offerings from each of the credit bureaus and how each of these products could add value during the process.
An ideal approach may result in the use of services from more than one credit bureau, either for different services, or to maximise value where data is not the same or complete across all products and services offered by each of the bureaus.
Common bureau products include:
A detailed analysis of the value of each of the services for a particular credit provider will highlight the best solution that should be used and where possible, alternative services that can be switched on to provide redundancy.
Comprehensive Credit Decisions consultants have relationships across all of this regions credit bureaus and have reviewed and implemented various products from all providers. This has enabled us to understand the various strengths and weaknesses of each provider, and product, allowing us to assist credit providers to come up with an ideal credit bureau solution.
Note that Creditworks operates in both countries providing commercial and credit software solutions. Creditworks Australia, Creditworks New Zealand