When you must obtain a credit report
You must obtain a credit report when assessing a client’s capacity and suitability for consumer credit.
This is a responsible lending requirement under the National Consumer Credit Protection (NCCP) Act.
Important: You must obtain privacy and credit consent before accessing a client’s credit report. Missing this step is a common compliance breach.
Consumer vs commercial lending
Consumer lending
A credit report is required to support responsible lending and suitability assessment.Commercial lending
A credit report is generally not required.
Obtain client consent before running a credit report
Before you run a credit check, you must ensure the client has provided informed consent.
This is typically captured through a signed privacy consent form.
Important: Do not run a credit report until consent is recorded. Verbal consent is not sufficient.
How to run a credit check in Financeable
Open the client application in Financeable.
Navigate to the credit reporting section.
Ensure you have completed the requirements to run a credit check.
Decide which agency you want to use - Equifax (paid) or Illion (free)
Select Get Credit File.
Note: Both the Equifax and Illion reports are 'soft touch' and won't impact your clients file.
How to run a credit check in your CRM
You may also initiate credit checks from your CRM, depending on your setup.
Open the opportunity in your CRM.
Ensure you have your client added as a contact and they have signed the Privacy Consent form.
Click "Run Credit Check".
Select which agency you want to use - Equifax (paid) or Illion (free)
Tip: Explain why the credit report is required and reassure the client it supports responsible lending.
Need help?
If you need help with credit reporting or consent requirements, contact your Partnership Manager or email [email protected].