Steve Brown

Marketplace lending company DirectMoney Limited (DirectMoney) (the Company) has signed an agreement with credit reporting bureau, 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. The agreement, builds upon an existing relationship with credit reporting agency, Veda, and allows CCR to be integrated into DirectMoney’s loan approval process, maintaining the Company’s focus on managing credit risk.

CCR provides lenders with additional important information regarding a new loan applicant’s prior performance on previous loan obligations. This includes access to data relating to the timeliness of loan payments and overdue accounts, allowing better determination of the creditworthiness of a loan applicant. As part of this agreement, DirectMoney will also 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.”

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