This section outlines how to set up and manage Experian (formerly Compuscan) credit enquiries within MAXMONEY to ensure compliance and assist with affordability assessments.

MAXMONEY Setups

To enable and configure Experian integration, follow these steps:

1. Roles Setup

Define user permissions for Experian functionalities.

• Navigate to Setup > Security > Roles.

• Edit the relevant roles and assign the following permissions:

  • Client: Change Force Compuscan

  • Compuscan Client Enquiry

  • Compuscan Non Client Enquiry

  • Print & Reprint a Compuscan Enquiry

  • Loan: Use Compuscan

  • Report: Compuscan Client Enquiry Report

  • Report: Compuscan Non Client Enquiry Report

  • Setup: Compuscan Setup

  • Compuscan Set Enquiry Purpose

2. Users Setup

Assign the roles with Compuscan permissions to the appropriate users.

• Navigate to Setup > Security > Users.

• Select the users and assign the roles that include the necessary Compuscan resources.

3. Experian General Setup

Configure the main Experian (Compuscan) connection settings.

• Go to Setups > MaxConsumer > Compuscan > Compuscan Setup.

• Branch Code: Enter the branch code provided by Compuscan (no preceding zeros).

• Username: Enter the username provided by Compuscan.

• Password: Enter the password provided by Compuscan.

• Confirm Password: Re-type the password for confirmation.

• Enquiry Validity Period: Enter the number of days for which an enquiry remains valid (e.g., 1).

• Compuscan Version to Use: Select SIGMA.

• Enquiry Validity for No of Loans: Enter the number of loans for which an enquiry is valid (e.g., 1).

• Click Save.

4. Experian Sigma Defaults

Set the default parameters for Experian Sigma enquiries.

• Go to Setups > MaxConsumer > Compuscan > Compuscan Sigma Defaults.

• Select Yes for the applicable options:

  • Credit Data

  • CPA & NLR Data

  • CompuScore

  • Address Mandatory

  • Do Affordability

  • Run Compuscan Codix

• Click Save.

5. MaxConsumer Setup

Enable the MaxConsumer module and set Experian as the preferred choice for NLR.

• Go to Setups > MaxConsumer > MaxConsumer Setup.

• Select the Enabled checkbox to activate the module.

• For Preferred choice for NLR Reg/Updates: Select Compuscan.

6. Document Setup (Credit Enquiry Consent Form)

Ensure the consent document is properly configured.

• Go to Setups > Documents.

• Add or edit the "Credit Enquiry Consent Form":

  • Name: Credit Enquiry Consent Form

  • Type: Credit Enquiry Consent Form

  • Language: English

  • Enabled: Select this option.

  • Use Master Document: Select this option.

  • Master Document: Credit Enquiry Consent Form

Managing Experian Enquiries in MAXMONEY

Client Consent

The client (borrower) must sign a consent form before any credit enquiry is performed. This consent is typically part of the standard MAXMONEY loan agreement and must also be selected when initiating an enquiry.

Client Settings

To enforce credit enquiries for a client:

• Navigate to Client Administration > Search for a Client > Edit Client > Financial.

• Select the "Force Credit Enquiry" checkbox and Save.

Client Enquiry

Use this function to perform an enquiry on an existing client in your system.

• Go to Client Administration > Search for an existing client.

• Highlight the client and click the Compuscan-button.

• A credit check is mandatory before each loan as part of the affordability assessment, as per NCR Regulations.

• Important Consent Notes:

  • Address Mandatory must be set to Yes in the setup if applicable.

  • Only mark services as Yes if they have been activated by Experian for your branch.

  • Client Consent: Select YES. You cannot perform the enquiry unless the customer has provided consent.

Credit Report Highlights

The credit report helps credit providers determine a borrower's existing credit commitments and their ability to take on additional credit (affordability assessment). Focus on:

• Current accounts, balances, credit limits, and repayment amounts.

• Non-payments, delinquencies, judgments, bankruptcy, written-off debt, and late payments.

• "Definite Match" and "Possible Matches" indicators.

• Credit Score.

• Warnings.

• Debt Restructuring information.

• Adverse Information.

• Debt Collections.

• Notices.

• Defaults.

Affordability Assessment

• When preparing a budget, factor in the existing Loan Repayments from the credit report.

• Carefully consider all information on the credit report before granting a new loan.

View Client Enquiry History

To review a client's enquiry history:

• Go to Client Administration > Search for a Client > Edit Client > Compuscan.

• A list of all client enquiries will be displayed.

Non-Client Enquiry

Use this function for enquiries on individuals not yet loaded as clients in your system.

• Go to Non Client > Compuscan Enquiry > Do New Enquiry.

• Print the Consent and ensure the borrower signs it.

• Complete the ID number on the Enquiry form.

• If you later add this individual as a client and grant a loan, you can link this enquiry to the new loan.

New Loan Process

When creating a new loan:

• Go to Client Administration > Search for a Client > New Loan.

• The "Use Compuscan" checkbox must be selected.

• Select the Experian Number from the dropdown list.

• If Automatic Experian Enquiry is set up, the system will initiate an Experian enquiry automatically based on your setup configurations.

Experian Reports

Access various Experian reports for detailed insights:

• Go to Reporting > Compuscan.

• Available reports include:

  • Compuscan Client Enquiry V2 Report

  • Compuscan Non Client Enquiry V2 Report

  • Compuscan MIS Enquiry Report

Data Sharing

• Only loan statuses are shared, not client statuses.

• Refer to the SACRRA documentation for more detailed information on data sharing protocols.