Understanding your clients’ circumstances is an integral part of meeting your responsible lending obligations, that’s why we recommend you undertake an illion credit check before beginning any loan application.
To save you time and money and the hassle of managing multiple requests, you can order these illion Credit Reports free of charge from within your Opportunity in Mercury Nexus.
These reports leave a file access footprint on the client’s australian credit record but do not have any impact on a consumer’s credit score.
How do I request an illion credit check from Mercury Nexus?
Before you run an illion credit check, you must first gain consent from your client which you can learn here. Once you have gained consent:
Open the CRM
Select Opportunities from the left-hand menu.
Open the relevant opportunity.
Select Credit Checks from the top menu.
Select the applicant/s or guarantor whom you want to Order a credit check.
Confirm and click Order. For the credit check to successfully process the People record must contain:
First name
Last name
Gender
Current address
Date of birth
Date moved into current address.
Residency status
You will be notified via the Notification Centre when the credit check has been returned.
You can access the illion credit check via the Attachments tab in the sub left-hand menu. Requests generally take less than a minute to process.
Note: If a permissions error is received when attempting to run an illion credit report you may need to check the branch location of the Contacts. A head office team member can move those contact records into your virtual branch.
Note: illion Credit Checks for Company records is not available.
There is no cost for this service.
Before running your first credit check you will need to enable the integration. You can learn how to integrate illion access here.
Why does the illion credit check data differ?
Credit reporting bureaus (for example illion and Equifax) share about 90% common data, meaning around 10% that will be exclusive and at will appear in one report but not the other.
Each bureau also has their own credit score algorithm. With different calculations and a different emphasis being placed on each element, the scores can differ.
It's important to note that there will be differences, and this is why the major banks, and some second-tier banks, are dual bureau (they check both bureaus) when making a credit decision.
Read more about credit check FAQs here.
The illion credit check request fails with an error straight away?
Common causes for the credit check error are the following:
The illion bureau database still has the previous address listed as the current home address. Alter the client's Home address on the contact to the Previous address and request the credit report again.
The client has multiple first or last names which do not match what is on file in the illion bureau database. Temporarily remove the additional names and request the credit report again.