Connective launches free credit checks

Members with the aggregator will be able to order a credit check at no charge for any client and deal, with Connective promising it will be processed and available within a minute.

Connective members have already lodged more than 7,200 credit checks since the offering launched.

The aggregator has calculated that based on a credit check value of $16, the new feature has saved around $116,256.

Gingkai Tan, chief customer officer at Connective, said the company had streamlined the process in response to its brokers conducting more credit checks, in recent times.

Unlimited free checks will help avoid “costly and time-consuming rework” and increase brokers’ ability to write higher volumes, Mr Tan explained.

“We want to give our brokers a competitive edge and ensure they have the tools needed to make informed decisions about their client’s financial circumstances – now this can happen at the push of a button for every client, freeing up valuable time,” he said.

“Having access to more information results in better quality applications and greater efficiency. We know [our] brokers are incredibly busy with mortgage demand sky rocketing, so making the broker process seamless is imperative to us.”

Mr Tan was recently promoted to the newly formed chief customer officer position, from his prior role of general manager for marketing, sales and distribution.

He had been bumped up to the C-suite alongside newly appointed chief information officer Jonathan Meadows, who was formerly general manager for technology.

The pair hold a combined 11-year tenure with Connective.

Previously, Mr Tan had held senior roles with groups such as insurance provider TAL Life, marketing agency CPM Australia and media giant News Corp.

Recently, the Supreme Court of Victoria ruled on the long-running lawsuit against Connective from former director Sofianos Tsialtas, outlining that it will order the group to undo its sale of shares to Macquarie, among a suite of other orders.

Mr Tsialtas, who had been a 33.3 per cent shareholder in the aggregator, had claimed he was left in the dark about matters relating to a restructure of the group and $5 million sale of shares to Macquarie. His case also alleged that he was subject to conduct designed to remove him as a shareholder.

Judge Ross Robson found in favour of Mr Tsialtas, noting he believed the company and the directors had been “oppressive to, unfairly prejudicial to, and unfairly discriminatory” against the minority shareholder.

Further, he ruled the Connective directors had breached their duties in carrying out the restructure and sale.

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