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Consumer Risk Analysis

Knowing before hand can save you and your customer time and money.

Consumer Risk Analysis

  • Express Credit Score
  • Affordability Assessment
  • Bank Account Verifications

Express Credit Score

Quick, Instant, Express consumer credit scores?

Your credit score is important because credit providers use it to rate your credit worthiness. It's calculated using the information on your credit profile, including account information, your payment history, adverse information, public records and enquiries (requests by credit providers to view your credit report). It is a summary of both positive and negative factors that predicts how likely you are to honour your future credit agreements. Your credit score will however differ at each of the registered South African credit bureaus as they are calculated differently at every institution.

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Compuscan Affordability Assessment

Quickly find out if your customer can afford it?

The Affordability Assessment Service uses the consumer’s income (Gross and/or Net), calculates their Necessary Expenses (at a minimum, the minimum living expenses as required in terms of Regulations); it evaluates the consumer’s total monthly debt repayment obligations and returns the consumer’s available income (Discretionary Income) which will indicate the consumer’s ability to fund the proposed credit instalment in terms of a new credit agreement.

How it works

It calculates the consumer’s discretionary income as follows:

  • First, we take the amount of the consumer’s gross and/or net income.
  • Next, we deduct their necessary expenses(the minimum living expenses as per Regulation 23A (9)and (10) of the National Credit Act 34 of 2005).
  • Finally, we deduct the consumer’s total monthly debt repayment obligations.

5 Reasons to make use of Affordability

  • Automatic determination of a consumer’s Gross Income where the value is unknown
  • Automatic determination of a consumer’s Net Income through the application of the relevant tax tables
  • Automatic inclusion of known Bureau Expenses
  • Assists with decision-making during the customer acquisition phase
  • Compliance with the NCA
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Bank Account Verifications

Realtime Bank Account Verifications.

Our Bank Account Verification Services allows you to efficiently verify the banking details of a consumer or business and determine the status of the account, whether the account is currently active, open or closed and whether it has been open for more than three months. The following banking institutes can be verified ABSA, FNB, Standard Bank, Nedbank, African Bank, Capitec, Investec, Sasfin Bank, Discovery Bank. We verifiy the following information for you as well.

  • Consumer/Business name on account.
  • Bank name.
  • Account number.
  • Account type.
  • Identity/Company reg number match.
  • Accepts Debit/Credits.
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Pricing

VerifyID's Pricing is based on credits, 1 credit = R1.15. You purchase credits within the system and then with your credits you can purchase the available Searches and Services. Each service costs a variant of credits for example a Express Credit Score costs 10 credits or R 11.50.

Pricing

Service Description Credits Rands
Express Credit Score Quick Consumers Credit Scores 10 R 11.50
Compuscan Affordability Assessment Automatic determination of a consumer’s Gross Income 10 R 11.50
Bank Account Verifications Realtime Bank Account Verifications 15 R 17.25