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The FBAA has struck a deal with credit information provider Veda that will help brokers write more loans by making it easier to pre-qualify applicants.
FBAA members are now able to access credit scores through VedaScore Apply and credit reports for borrowers at a discounted rate.
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Credit reporting data provides insights on each applicant relating to credit worthiness, life stage, and repayment capacity. It assists brokers in making an improved preliminary assessment of a credit contract’s suitability helping meet compliance requirements under NCCP regulations.
FBAA members can also view credit reports on behalf of their customers and match the resulting profile with the right credit product and the right lender at the best price.
FBAA chief executive officer Peter White said this enhances the broker’s reputation for delivering on customer expectation as well as providing the most suitable deal.
The FBAA’s arrangement with Veda will help streamline the application process and save valuable time, he said.
“If you write four loans a week that’s around six to eight credit checks as couples make up most borrowers. These upfront costs comes out of the broker's pocket.
“This is a fantastic initiative exclusive to FBAA members to assist in pre-qualifying more loans with CCR credit checks at a substantial cost savings," he said.
