Credit reports are essential for Debt Counsellors because they allow the Counsellor to gather vital information to help provide a consumer with the best possible payment option for their debt. Credit reports are a sure way to have access to all the information a Debt Counsellor will need.
When a consumer contacts a Debt Counsellor to apply for debt review, it is a difficult road awaiting the consumer, this is because of heightened stress and worry. With the credit report, the counsellor can gather all the necessary information to make the process as smooth and stress-free as possible for the consumer.
But what other benefits does a credit report hold for a Debt counsellor? Let’s take a closer look:
1. Evaluating the ratio of debt to income
A Debt Counsellor needs to be able to identify the amount of income a person receives and how much debt the consumer has. A credit report provides detailed information that is vital for the understanding of the amount of debt a person is in. The report provides information on the following information:
- existing debts — including credit card, retail, & telecommunication account balances.
This assists the Debt Counsellor in determining the debt-to-income ratio accurately and allows them to calculate the consumer’s ability to manage their current debt. This is a vital part of the journey, to assist a consumer to get their debt settled as quickly as possible.
2. Identifying debt patterns
It is important for a Debt Counsellor to identify a consumer’s debt pattern; this is because having that insight will assist a counsellor in developing a personalised strategic plan to assist the person in debt. It also allows them to give relevant and informative advice to the consumer.
With a credit report, the counsellor will be able to spot any patterns in the consumer’s borrowing and repayment habits. Showing the type of debt the person has, the number of accounts and how frequently they pay back their debt.
3. Monitoring compliance
It is important for Debt Counsellors to monitor a consumer’s compliance and progress. Getting a credit report frequently will allow the counsellor to check if the consumer is staying committed to the agreed-on payment plan to each of the credit facilities.
If the credit report shows that the consumer is falling short or struggling to stick to the payment plan, the counsellor will be able to pick up on this quickly to rectify the solution as soon as possible, with additional advice or debt management programmes.
Now here’s where Datanamix comes in:
We can provide Debt counsellors with information on consumers that allows for detailed affordability determination and comprehensive financial health assessments in real-time — and remain 100% compliant.
With the Datanamix Consumer credit report, you will have access to the following data assets:
- Identity Information
- Credit Score
- Employment Data
- 24-Month Payment Profile
- Credit Account Status
- Adverse Information
- Principle Links
- Contact Information
Check out some of our other valued solutions for Debt Counsellors:
Datanamix Credit Report — https://www.datanamix.com/wp-content/uploads/2023/05/Datanamix-Consumer-Credit-Report.pdf
ID Verification — https://www.datanamix.com/id-verification/
Mobile verification — https://www.datanamix.com/datanamix-phoneid-score/
CIPC Director Search Report — https://www.datanamix.com/cipc-director-verification/