Looking back on 2013 we are filled with immense pride for what we have achieved and even greater gratitude for the incredible support which has helped us get here. Our successes, rooted in our continuous determination for excellence, are in no small way a direct result of the overwhelming support we have received from our valued clients. For the constant unwavering support of both our long-time clients, and those who only recently joined our client base, we would like to take this opportunity to thank you. Without you we would not be where we are today.
No other year has seen as many new products come to life as 2013. Our data has also gown, in both quality and quantity, and we are proud to offer more comprehensive data than ever before. By continuously striving for the highest possible levels of data quality we hope to remain your preferred credit solutions provider and deliver superior products and services.
Our Commercial Credit Reports now provide essential insight into the credit status of all companies registered at the Companies and Intellectual Property Commission (CIPC) and include comprehensive company details, principal information, a company credit score, auditor information and company property information. In addition, all businesses associated with the principal members of a company are also included. Our consumer reports now also offer property and director information providing our clients with a complete overview of their debtors financial position.
At Compuscan, we are acutely aware that in today’s economy a thorough affordability assessment cannot be underestimated. In addition, with the proposed Affordability Guidelines seeking to place increased pressure on credit providers we have spent much time this year examining new solutions to assist our clients through these changes. One such product that we have developed with this in mind is the Employment Confidence Index (ECI) which provides you with the percentage chance that the specific employer associated with an individual is the current one.
Another exciting new product is our Income Predictor, developed in conjunction with ScoreSharp. This tool can again be used to verify if the information supplied by the consumer during the application stage is in fact probable. Not only can this information be used in the acquisition stage but also in the prospecting stage to determine a consumer’s affordability regarding a specific loan product. It can also be used for up-sell purposes when a consumer’s income changes and to eliminate fraud should a consumer supply an unrealistic income value. Ultimately, this tool can support your decisions across the entire credit life-cycle.
As we seek to support our clients and reduce their risk in every aspect of their business functioning we now also provide a quick and effective way to verify bank account details with our new Account Verification Service (AVS). This is a web-based service which can easily be integrated into your current system. The identity number and bank account of the consumer are sent to participating banks who then process this and return a result. This provides confidence that the account number supplied by a consumer is the correct one.
With the same risk-reducing goal in mind we have undertaken to create our most powerful tracing system to date, Columbus. This powerful online tracing tool makes use of the latest tracing technology to search an extensive connections network to track and locate missing debtors. If a debtor is not immediately located the system provides a Watch List which performs an on-going monitoring function. As a Credit Check subscriber, you can also perform bureau enquiries and the system will maintain a record of all your previous searches.
Recently we also launched our Product Portal, an online gateway providing instant and convenient access to a range of our products and solutions. As we are taking a phased approach we hope to eventually bring many more of our products to the Product Portal providing you with a centralised point from where you can access the range of products we have available.
While 2013 was a prolific year for innovative new technologies, we believe 2014 holds just as much, if not more promise. We will be launching our new Credit Check early in the new year along with a refreshed and enhanced Columbus. Our new consumer offering My Credit Check is also currently in development and promises to bring a new standard to consumer credit reporting.
As we did in 2013 – in 2014 we will continue to provide support to our clients during any changes the industry may face and will continue to examine new opportunities that will ensure the continuous development of both our company and yours. As Nobel Laureate Muhammad Yunus said: credit has the power to change lives. We hope that by working together with us you will find both your life and your business changed.
May you and yours have a joyous festive season and a promising and prosperous 2014!
With warmest regards,
The Compuscan Team