Marketplace lending company Directmoney Limited (ASX:DM1) has signed an agreement with credit reporting bureau, Dun & Bradstreet, bringing Directmoney into the Australian Comprehensive Credit Reporting (CCR) community.
As part of this agreement, Directmoney will get access to credit history of potential borrowers which will help in maintaining credit quality of Directmoney’s 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.
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 believes that CCR will be fully integrated within their day to day loan assessment and approval processes.
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