icare Introduce New Eligibility Assessment Process from 1 July 2022

31 May 2022

Following the 2020 Independent Pricing and Regulatory Tribunal (IPART) review of the HBCF, icare undertook a review of the eligibility process.

The new eligibility process involves icare running a simple risk-based assessment which reduces the need for some of the detailed financial information the old process required.

icare HBCF engaged Equifax Australia, a multinational credit reporting agency, in early 2021 to analyse the information it holds on its portfolio of builders in combination with Equifax’s own data sources. The engagement resulted in the development of a bespoke scoring algorithm.

How does Equifax determine credit scores?

The primary purpose of Equifax Commercial Trading History scorecards is to predict the likelihood of a future adverse event (i.e., includes default, court judgement, court writ, insolvency) being lodged on a commercial bureau file within the next 12 months, for a business, company or individual applying for commercial credit. These bureau scorecards are designed to be utilised by commercial parties reliant on third-party credit, in any industry, for any type of financial reliance, including commercial loan, credit card, trade credit, lease etc.

To learn more about the changes read these here.

Learn more with icare's new Eligibility Manual and FAQs

HBCF have created a new Eligibility Manual that steps you through the process, as well as a Frequently Asked Questions document designed to answer the most asked questions.

Have your say

HBCF have created a survey to gather your feedback and questions. share your thoughts via for the form here.