Client credit checks

Follow this checklist to ensure the information you provide us for your client is accurate first time and enables us to provide an outcome sooner:

1. Run an Equifax One Score report using Access Seeker in ApplyOnline

We use the Equifax One Score report in our credit decisioning for all applicants. To run a credit report, use the Access Seeker Credit Report tool in ApplyOnline when preparing the application. This is available in the Financial Passport on the ‘Applicant’ tab

2. Review recent repayment history information (RHI)

The credit report will provide the repayment history information from the past 24 months. Generally, if your client has strong account conduct (i.e. each account is ‘0’ for at least the past six months), you won’t need to provide additional information. If your client has missed a repayment recently, their application may be subject to greater scrutiny in our assessment. 

3. Review financial hardship information (FHI)

If your client’s report shows FHI in the past 12 months, you may need to provide additional information to support the application. 

4. Pre-populate and match each applicant(s) liabilities using Access Seeker

Within Access Seeker, you can use the verification tool to either pre-populate your client’s liabilities or check the application data against their credit report. This step will ensure you’ve considered all open liabilities, have accurate limits and expiry dates.

5. Input accurate account information when refinancing  

Use the credit report to check the details of the accounts to be closed against details in the refinance application, including credit limits and account numbers. This will ensure a smooth settlement process. 

6. Note any discrepancies between the application and credit report

Where you’ve chosen to not use the information for a liability listed in the credit report, ensure you’ve provided further detail in your broker notes and provided additional documents, where required (e.g. if your client is planning to close a credit card limit before settlement). This will reduce the follow up questions and document requests from our credit team.

Within the Credit Enquiries section of the credit report, the ‘ID Source’ provides information about the RHI for each credit account held by the individual.

When viewing a credit report, financial hardship information will be available under the individual accounts, similar to the RHI on their comprehensive credit report.

What financial hardship information looks like

If your client enters a financial hardship arrangement with their lender, their monthly record will be updated with:

• an “A” (for arrangement) and appear each month that the applicant is under that arrangement
• a “V” if your client needs to vary their loan agreement (e.g. at the end of a hardship arrangement to re-amortise their loan). It will appear for that month noting that the loan agreement has been varied. 

Where any “A” or “V” exists, Macquarie will seek to understand the applicant's reasons for hardship and use this information in the credit assessment to determine the suitability of the application.

Note: Where the repayment history information (RHI) has been updated with an “A”, which exhibits missed repayments, your application may be subject to greater scrutiny.