FOR THE FIRST TIME IN AUSTRALIA, individuals and families seeking to
purchase a home or an apartment have a resource where they can find
developers and builders who have a proven track record of quality and
integrity, supported by objective evidence of their past capability.
Construction Industry Rating Tool (iCIRT) from Equifax helps
increase transparency – for both developers and consumers – in the
home building industry.
Here’s how it works:
Construction professionals in parts of Australia
can obtain a rating of between one and five stars using
The more stars, the more confidence the
public can have that the construction firm, design
practitioner, consultant and/or certifier is likely to
deliver a more reliable outcome.
parties with three or more gold stars are included on the
The rating system, introduced
by Equifax in close consultation with the public and private
sector, pulls together thousands of data points to understand the
character, capability, capital and other vital aspects of each
building professional and their projects. A robust data-driven
assessment connects the dots within a web of ownership structures,
associated parties and key trading partners, leveraging a wide range
of commercial, financial, legal, regulatory, government and other data sources.
Here’s who benefits from iCIRT:
Consumers can make better informed
decisions about construction professionals selling
pre-construction apartments or new property purchases.
Further, consumers can entrust their home build, renovation
or upgrade to a skilled and licensed tradesperson with the
right track-record, backing and credentials.
Financiers and Insurers can gain independent
insights from evidence-based data analysis. Additionally,
they can streamline data collection and protect portfolios
with appropriately priced risk using valuable market
intelligence about individual operators and project
Government and Regulators
may restore confidence with proactive, risk-based
surveillance for early intervention in building compliance.
They can use market intelligence to effectively target
regulatory resources on construction sites that are more
likely to exhibit unsafe, higher risk or non-compliant
can build their reputation for integrity. They can
differentiate themselves within the property market. They
can select reputable contractors or consultants to gain a
competitive edge, and they can use their high star-rating to
reflect their brand, reputation and proven track record.
Supply Chain benefits from working with
trading partners that can be trusted. Construction
professionals can be better informed about payment and
credit risk. They can assess their building contractors and
counterparties to build supply chain resilience.
Advisory Services such as legal, financial
and professional advisors can better assess payment risk and
gain deep data-driven insights for guiding and advising
clients. They may establish relationships based on trust and
ethical behavior to collaborate effectively towards
successful construction project delivery.
“The release of our public register of iCIRT rated
construction firms will help bolster consumer confidence amidst a
backdrop of challenging times in the construction industry. We’re
seeing growing signs of financial stress and pressure across the
industry, including a significant increase in construction
insolvencies since the beginning of 2023,” said Melanie Cochrane,
Group Managing Director, Equifax Australia & New Zealand.
For property buyers or anyone who works with or supplies to
the construction sector, being able to access a register of
trustworthy developers, builders, and others involved in the
delivery of reliable, built assets is a game-changer for reducing
risk in decision making.
[READ MORE: iCIRT
and Financial Inclusion]
“Importantly, these reforms will help protect people from
physical, emotional, and financial harm, leaving those few that have
been doing the wrong thing with nowhere to hide, while providing a
fair and equitable playing field for those doing the right thing.
Helping people live their financial best is at the heart of our
purpose at Equifax,” Cochrane said.
Building this type of trust and transparency is part of
Equifax’s commitment to driving a more-inclusive financial
ecosystem. We are committed to enabling the opportunities that move
people and businesses forward. Learn more about our commitment to financial