THE PRODUCT

Incredo Analytics offers a unique service to credit providers and lessors in assisting Australian Credit License (ACL) holders to meet their responsible lending obligations as defined by Chapter 3 of the National Consumer Credit Protection Act 2009 (NCCPA) relating to verifying a consumers financial situation.

Meet Requirements

Credit providers or lessor must take reasonable steps to verify the consumer’s financial information. Incredo assists licensees in meeting their responsible lending obligations.

Increase Productivity

Reduce the time your employees have to spend verifying income. Reports are produced in the same format and highlight key components required for your assessment.

Flexibility

We tailor our products and services to suit your company’s needs. The information gathered can be customised in a variety of ways to display the information you need to see; the way you want to see it.

Reduce Risk

Incredo limits a licensees potential losses resulting from fraud and misrepresentation through careful assessment and validation of information.

 

PRODUCT BACKGROUND

 

Incredo Analytics endeavours to limit licensee’s potential losses resulting from fraud and misrepresentation through careful assessment and validation of information. Incredo Analytics can retrieve the following information to help verify the consumer’s financial situation:

  • bank account records;
  • recent Income tax returns;
  • Centrelink Income Statement;
  • Credit Report; and
  • Veda ID Matrix.
 
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Responsible Lending

The National Consumer Credit Protection Act (NCCPA) imposes responsible lending obligations that must be satisfied by all persons arranging and dealing with credit applications such as credit assistance providers and lenders for any credit that is regulated by the National Credit Code.

Incredo provides a product that lenders can include as a part of their preliminary credit assessment process ensuring that their responsible lending obligations are being satisfied.This is achieved as Incredo Analytics can assist lenders in verifying their customer’s financial circumstances.

 

Increased Conversion Rates

Providing your customers an easier, electronic alternative to retrieving their bank statements will inevitably result in increased rate of processing applications.

Customer Satisfaction

Borrowers will look to lenders with the fastest route to complete their application, and Incredo provides the fastest alternative to traditional income verification methods.

Accurate Reporting

Incredo’s analytics engine is made up of patterns and formulas that are researched, developed and reviewed by professionals with experience in statement assessment.

Reduce Risk

Reduces the risk of human error and risk of fraud by eliminating false or edited statements and identifying direct credits.

Increase Productivity

Reduce time spent analysing bank statements. The Analytics Report illustrates all the necessary information in a format that is easy and quick to interpret.

Secure

The customer’s personal information is encrypted with 256 bit SSL encryption which is considered to be logically unbreakable.

BANK STATEMENTS

 
 

After bank account records are retrieved from the consumer’s Authorised Deposit-Taking Institution(s) or ADI(s), the data collected is generated into a report that helps breakdown critical information relevant to the credit application.

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Breakdown
The breakdown identifies, categorises, and makes calculations on the following transactions:

  • Income (Salary & Benefits);
  • Loan Deposits;
  • Financial Repayments;
  • Reversals;
  • Expenses;
  • High Risk Merchants;
  • Banking Transactions; and
  • ATM Fees and Spending.
Analytics
Incredo pushes the raw data of transactional information received from Yodlee through its analytical engine. The analytical engine uses regular expressions to identify, group, and categorise like transactions.

The analytical data gives Incredo the ability manage the transactions that are relevant to your company’s needs when assessing a credit contract or consumer lease (e.g. income verification or high risk merchants), and present the data in a meaningful way.

Reporting

Incredo’s user interface aims to get the client representatives more engaged within the assessment while reducing their workload. This is achieved by splitting the information gathered from the transactional data and breaking it down into sections so that users are able to navigate through tabs and effortlessly evaluate the information provided.

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