Understanding your clients’ circumstances is an integral part of meeting your responsible lending obligations, that’s why we recommend you undertake a credit check before beginning any loan application.
To save you time and money and the hassle of managing multiple requests, you can order these free of charge from within your Opportunity in Mercury Nexus.
These reports leave a file access footprint on the client’s credit record but do not have any impact on a consumer’s credit score.
How do I request a credit check from Mercury Nexus?
Before you run a credit check, you must first gain consent from your client. Learn more 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 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
- Current address
- Date of birth
- Date moved into current address.
- You will be notified via the Notification Centre when the credit check has been returned.
- You can access the 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 you may need to check the branch location of the Contacts.
There is no cost for this service.
Note. Before running your first credit check you will need to enable the integration. Learn more here.
Why does the 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.