Save time and money by automating your credit decisions with Codix.
What does Codix do?
Codix makes credit decisions for you. It takes your specific business rules for each loan product into account and automatically filters through all the credit bureau information for you. It displays a concise summary as part of your credit report that provides you with the recommended actions for each of your loan products
The Business Challenge:
To determine risk at the inception of a credit agreement, it is common practise to use credit bureau information as part of your evaluation process. Each loan product will have different requirements or 'bureau rules' that need to be taken into account when looking at the credit bureau information. As a credit report provides a large amount of credit information on an individual applicant, the manual process of filtering through this credit information to check the above rules may lead to numerous errors and can be a tedious and time-consuming task. In addition, this also affects your bottom line as you are not able to spend the most of your time on the credit worthy clients, due to the time spent on the manual evaluation process.
Our Solution:
Compuscan has developed a smart automated credit decision rules engine, called Codix, already integrated into our credit reporting system (Compuscan’s Credit Check), which eliminates this time-consuming manual task. Once Codix is set-up it automates your credit decisions by:
Taking your specific rules for each loan product into account.
Automatically filtering through all the credit bureau information for you. The credit data that it uses for mapping includes: Compuscan Micro Lending Credit Information, CPA Data, NLR Data, SAFPS Fraud Data, Judgement Data, Debt Restructuring Data & Deeds Data
Displaying a concise summary as part of the credit report that provides you with the recommended actions for each loan product in your loan portfolio.
The loan products that are approved are marked with a green tick and the loan products that are not approved for the specific applicant are marked with a red cross. Referrals will either be shown with an exclamation mark or a question mark. It also indicates the reasons for the decline. After you have looked at the risk recommendations generated by Codix you can continue with an in-depth affordability study based on the rest of your company’s credit policy and other business rules or you can choose to automate the whole process by making use of Compuscan's credit application processing system, called Xcellerator.
We, at Compuscan, also monitor the chosen rules sets on a continual basis and give advice where we think we can improve the automation of your credit decisions. You can also choose to incorporate credit scoring models, like CompuScore, into Codix for more predictable results.
Key Benefits:
Codix can be custom built for your business
Significant time and cost savings
Reduced staffing requirements associated with performing credit checks.
More consistent credit decisions by adhering to specific bureau rules per loan product.
Speeds the approval process, allowing your business representatives to provide even greater levels of customer service.
A customer can perform a credit check from any linked branch and it can be scored, processed and underwritten.
Improves the consistency, relevancy, speed and precision of customer decisions, deriving more value from every customer interaction.
Credit decisions can be customised to meet specific product needs.
Codix is NCA compliant.
Should you require any further information on Codix, please do not hesitate to contact us at Tel: 021 888 6000 or e-mail us at info@compuscan.co.za
