Editorial content organized by topic
Sponsored content from industry partners
PRODUCT/CONTRACT ANNOUNCEMENTS
Latest offerings by category 
JOB BOARD
Articles submitted by industry partners
cover.jpg
Online Edition

 
Expanded analytic service speeds small business lending E-mail

 

FICO announced the availability of its Small Business Scoring Service solution version 7.0, which brings expanded data and analytics to small business lending. This new version of the small business scoring solution enables small business credit grantors to assess credit risk, comply with regulatory requirements, and offer faster responses to small business applicants through process automation and instant risk assessment.

 

The new service offers a suite of empirically derived, multi-data sourced predictive models. The predictive models include Equifax commercial and consumer data, and through Equifax's relationship with the Small Business Financial Exchange, Inc., SBFE Data. Banks will now have access to the largest source of small business financial payment information in the industry, including business loans, cards, leases and lines of credit reported by more than 400 SBFE members. The combined power of Equifax and SBFE Data provides a complete picture of how a small business is paying against its obligations with data from more than 28 million small businesses, enabling users to have greater confidence in their lending decisions. SBSS 7.0 supports decisioning on loans of up to $1 million for term loan/line of credit transactions and $250,000 for leasing transactions. With this release, FICO has also introduced a small business bankruptcy score, which can further refine risk assessment.

 

FICO SBSSSM 7.0 is being offered to small business credit grantors through FICO LiquidCredit service, a cloud-based, single or multi-lender, automated origination platform that is used by hundreds of grantors to accurately decision and price credit offers. The combined solution gives credit grantors greater flexibility when lending to small businesses, by drawing on multiple data sources and more than 100 combinations of consumer and business models and alternative model suites.

 

"Demand for credit from small businesses is intense, and small business lenders must respond in real-time with offers closely tailored to the applicant's needs in order to compete and grow," says David Lightfoot, vice president of product management at FICO.

 

[This article was posted on January 8, 2013, on the website of ABA Banking Journal, www.ababj.com.]  
Trackback(0)
Comments (0)add comment

Write comment
quote
bold
italicize
underline
strike
url
image
quote
quote
smile
wink
laugh
grin
angry
sad
shocked
cool
tongue
kiss
cry
smaller | bigger

security image
Write the displayed characters


busy

 

ABA BANK DIRECTORS BRIEFING
ABA Bank Directors Briefing For the director who wants to stay on top of the job

ABA Bank Directors Briefing