As of October 2016, 26% of the retail credit market supplied CCR data to Equifax. This infographic provides a pulse check on the industry’s transition to CCR.
For the purposes of this paper, Portfolio Management is defined as credit risk management activities for individual accounts in the latter three stages of the credit risk life cycle: current account management, collections and recoveries.
As of October 2016, 62% of Australians were credit active. This infographic highlights trends in traditional negative reporting while CCR data is building such as:
Attributes of the credit active population
Types of credit activity including enquiries by industry and account type
New research reveals that young millennials are entering the market through a variety of paths and products. Research by Veda (now Equifax), conducted in June 2016, breaks down some stereotypes of the generation.
This paper looks at the steps that a credit provider needs to consider to successfully introduce CCR data into their applications process to realise benefits.
The originations process is complex and requires strong change management disciplines. To implement CCR, credit providers will need to work through a series of steps to set business objectives and determine the right time to participate.
