Your Virtual Credit Manager

MARCH 28, 2023

Using objective criteria, it is relatively easy to determine which companies are worthy of open credit terms and which are not. There is a challenge, however, with the 20 to 30 percent of credit decisions that fall in between. The rule of thumb is the longer in business the lesser the credit risk. Photo by CardMapr.nl

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Credit Scoring Credit Application Bad Debt Credit Risk 130

Know-It Global

APRIL 13, 2023

Since you’re here reading this article we suspect you’re having issues with not being paid on time. You’ll see a business’ credit score and rating, a suggested credit limit and their previous track record of making payments on time as well as key financial figures and any CCjs. You’re not alone.

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Credit and Collections Days Sales Outstanding Credit Scoring DSO 97

tillful

MAY 12, 2023

A poor business credit score or thin credit history can get in the way when applying for small business loans. This is especially true in higher interest rate environments, when lenders pull back on credit (like now). In this article, we’ll talk about how you can qualify for business loans, and which options to look into.

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Credit Scoring Credit and Collections Small Businesses Default 98

Abrigo

NOVEMBER 17, 2023

Taking a critical look at the existing steps for the financial institution’s loan applications and credit decisions can uncover opportunities to offer faster business loan decisions that provide a better member or customer experience. Review everything from one system.

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Credit Unions CECL Credit Risk Credit and Collections 88

Fundera

MARCH 6, 2019

Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Lenders, investors, and insurance companies use these reports to evaluate risk exposure and financial health of a business. Business Credit Score. FICO Score. Articles of Incorporation.

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Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Know-It Global

JULY 26, 2023

In this article, we’ll outline 15 actionable steps that can help you significantly reduce debtor days and optimise your cashflow! Evaluate and improve your credit terms Begin by assessing your current credit terms and ensure they are reasonable and aligned with industry standards. Best of all, it’s free to get started!

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Electronic Funds Transfer Credit and Collections Debt Collections Bad Debt 98

Fundera

FEBRUARY 6, 2018

Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Lenders, investors, and insurance companies use these reports to evaluate risk exposure and financial health of a business. Business Credit Score. FICO Score. Articles of Incorporation.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Your Virtual Credit Manager

JULY 18, 2023

Industry Credit Group Recommendations will tell you if your peers are being paid promptly, the amount of open credit they’ve extended, as well as other trading relationship insights, including derogatory events. More About Purchasing Credit Reports When Should Financial Statements Be Required? So when do you have to?

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Credit and Collections Credit Scoring Credit Management Credit Application 130

tillful

JANUARY 9, 2023

You’re probably aware that good business credit comes with perks, but it might be less clear as to why. Well, it all comes down to credit risk. Your business credit score is an indicator that banks and other financial institutions use to gauge the risk associated with lending to your small business.

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Credit Scoring Credit and Collections Credit Risk Default 52

Abrigo

JULY 2, 2019

The following article is based on the whitepaper, The Ag Lender’s Survival Guide by Rob Newberry, SVP of Credit Risk Services at Abrigo. Assigning credit risk is tricky with ag lending since both environment and economic factors carry significant weight. Individual credit score (FICO). Current ratio.

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Credit Risk Credit Scoring 60

tillful

MARCH 8, 2023

Over the past two decades, the financial services industry has been gravitating towards a more comprehensive approach to credit risk assessment. Credit scoring models alone don’t tell the whole story, so companies are looking to alternative credit data to fill in the gaps. Here are a few examples.

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Credit Scoring Credit Reporting Agencies Bankruptcy Default 59

Fundera

JANUARY 21, 2016

You’ve got your personal credit score, your balance sheet, your profit and loss statement, your FICO SBSS…. You know, that small business credit score that’s all the rage these days? Credit Scores: A Refresher Course. A credit score reflects how trustworthy you are with money you borrow.

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Credit Scoring Small Businesses Credit and Collections Credit Card Payments 59

CreditStrong for Business

AUGUST 30, 2024

Certain NAICS codes carry a level of risk that tells potential lenders a lot about your business. In this article, we’ll go over what constitutes a low-risk and high-risk industry and why it matters to your lender. What Are Some Low-Risk NAICS Codes? Some industries have less risk associated with them than others.

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Credit Scoring Credit and Collections Insurance Companies Credit Risk 52

CreditStrong for Business

JULY 1, 2024

For many people, buying an authorized user tradelines seems like an effortless way to improve your credit. But they come with some serious risks! In this article, we’ll talk about renting tradelines, and why you should avoid doing so. We’ll also cover some helpful alternatives for building your credit.

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Credit Scoring Credit Card Companies Credit Reporting Agencies Credit Risk 45

Know-It Global

JUNE 24, 2024

We found that 78% of SMEs don’t credit check before bringing on a new client! In this article, we will discuss the importance of knowing your customer and how Know-it has all the resources you need in one simple and easy to use platform. These checks take time, and in a small business, we know that time is valuable to you.

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Know-It Global

JUNE 14, 2023

This is an arrangement where businesses extend credit to their customers, allowing them to purchase goods or services and pay at a later date. While offering credit presents certain risks, when managed effectively, it can offer numerous benefits for businesses.

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Credit and Collections Bad Debt Credit Risk Default 52

Know-It Global

JUNE 28, 2023

Traditionally, credit management involved manual processes and relied heavily on human intervention, which often proved time-consuming and prone to errors. However, with the advent of advanced technologies, the landscape of credit control has undergone a remarkable transformation.

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Credit Scoring Credit and Collections Bad Debt Credit Management 52

Abrigo

MAY 3, 2017

For example, auditors compute sums, averages, and percent changes to report sales results, customer credit risk, cost per customer or the availability of inventory. One of the most common applications of predictive analytics is the computation of a consumer credit score. These can also be used for complex forecasting.

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Accounting Firms Transactions Credit Scoring Credit Risk 60

Know-It Global

JULY 5, 2023

One effective strategy for achieving this goal is to implement a robust credit control system. By effectively managing your business’s credit and collection processes, you can optimise cashflow, minimise bad debt, and enhance overall financial health. A good business credit report will give you: Credit rating.

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Bad Debt Credit and Collections Debt Collections Credit Scoring 52

CreditStrong for Business

JULY 15, 2022

In addition to having access to business-specific lines of credit, credit cards, vendor accounts, and other tradelines, your commercial credit accounts will generally not require a personal guarantee. How to Build Commercial Credit. Even one late payment can cause a lender to look negatively at your overall credit risk.

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Credit Scoring Credit Unions Small Businesses Default 52

Biz2X

AUGUST 7, 2022

In this article, we cover: Understanding Federal Reserve policy direction How rising interest rates impact business loan pricing How inflation impacts the profitability of recent and pending business loans Risk-based pricing to maintain demand in uncertain economic conditions. Determining Credit Risk for Business Borrowers.

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Credit Scoring Credit and Collections Credit Risk Credit Unions 40

Biz2X

FEBRUARY 21, 2023

Credit Risk Assessment State-of-the-art loan origination software must be able to directly connect with credit bureaus to measure credit risk before making any credit decision. The more loan products you offer, the bigger your target market.

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Credit Unions Credit and Collections Dashboards Credit Risk 59

Biz2X

JANUARY 24, 2023

The software allows lending businesses to make quick credit decisions using customized credit risk profiles, enhance customer experience by implementing full automation or more basic human enablement, and make workflows more efficient to lower costs. The backbone of the digitization of lending is software.

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Credit and Collections Credit Unions Credit Risk Credit Scoring 52

Biz2X

JULY 11, 2023

Solid credit risk assessment Automated processing of borrower-supplied credit documents in formats including PDF, digital image, JSON, XML, and others. Enhanced scoring of business credit risk using default probability based on modeling. Automated calculation of prospective-borrower credit ratings.

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Credit and Collections Debt Collections Credit Risk Credit Unions 52

Biz2X

APRIL 13, 2023

Credit monitoring works hand in hand with a bank’s underwriting process. Analyzing the current strengths and weaknesses of the loan portfolio gives loan officers insight into which types of loan programs and credit risks can fit into the portfolio to improve, or stabilize, performance.

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Credit Unions Default Credit Risk Credit Scoring 52

Biz2X

JUNE 27, 2023

In this article, we’ll explore the concept of Generative AI, its potential implications for business lending , and how businesses are responding to this emerging technology. Generative AI can also create synthetic data that resembles real-world examples, facilitating robust training of models and simulations to improve credit risk assessment.

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Credit Risk Credit Scoring Credit and Collections Credit Decision Automation 40

Due

OCTOBER 8, 2024

Credit Score Based on your credit history, this is a number that lenders use to evaluate the risk of lending you money. Maintaining a good credit score means paying your bills on time and keeping your credit card balances low. Where can I learn more about personal finance?

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Deductions Credit and Collections Credit Scoring Medical Billing 52

Fundera

JANUARY 23, 2019

How strong is your personal credit score? Filling out your application for a loan will involve self-reporting your credentials—like your credit score, your time in business, and your business’s annual revenue. Lenders depend more on specific criteria to evaluate potential credit risks.

Credit Scoring 55

Credit Scoring Credit and Collections Small Businesses Credit Risk 55

Fundera

FEBRUARY 23, 2018

How strong is your personal credit score? Business organization documents to prove ownership (articles of incorporation, LLC agreement, or partnership agreement). Lenders depend more on specific criteria to evaluate potential credit risks. You’ll be asked things like: What does your business do?

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Small Businesses Credit Scoring Credit and Collections Credit Risk 55

Biz2X

NOVEMBER 13, 2022

In this article, we’ll explore how bankers can do this without opening themselves up to undue risk, especially at a time of considerable volatility. This can increase loan underwriting speed, loan closure speed, and increase the total number of loan closures which helps the bank scale their lending operation with preferred risk.

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Credit Unions Credit Scoring Small Businesses Credit Risk 40

Due

SEPTEMBER 4, 2023

From cutting-edge investment platforms to advanced budgeting apps and analytical software, this article will equip you with the knowledge and resources to enhance your financial prowess, streamline your operations, and elevate your success in the competitive realm of finance. Credit Karma (credit scores and reports) Rating: 4.5/5

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Biz2X

JULY 22, 2022

While the credit report contains information about the borrower’s relationship with debt and credit card usage, it also reveals late or missed payments and their credit score. Federal Tax Identification Number or Employer Identification Number (EIN). Debt-Service Coverage Ratios).

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Credit and Collections Transactions Credit Scoring Dashboards 40

Abrigo

APRIL 22, 2024

This article outlines some of the math behind small business lending and its profitability and suggests ways for banks and credit unions to better serve this important market while earning appropriate returns. The response times are slow, often several weeks and even months until borrowers are approved or denied.

Credit Unions 97

Credit Unions Small Businesses Credit and Collections Credit Risk 97

Abrigo

MAY 22, 2024

This article outlines some of the math behind small business lending and its profitability and suggests ways for banks and credit unions to better serve this important market while earning appropriate returns. The response times are slow, often several weeks and even months until borrowers are approved or denied.

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Credit Unions Small Businesses Credit and Collections Credit Risk 78

Gaviti

MARCH 11, 2025

The evolution of technology has introduced advanced tools that enhance risk assessment, streamline credit processes, and mitigate potential financial losses. AI has revolutionized credit risk assessment by uncovering insights that were previously difficult to detect.

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Credit Risk Credit Scoring Credit and Collections Credit Application 52