FICO Blog

APRIL 28, 2023

Credit Risk and FICO Score Trends? credit risk and FICO® Score trends. At the same time, increasing adoption of recent innovations in credit scoring solutions should benefit consumers, leading to greater consumer empowerment opportunities and credit access.

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Credit Risk Credit and Collections Credit Scoring Debt Collections 52

tillful

FEBRUARY 28, 2023

Have you heard about the FICO Small Business Scoring Service (SBSS)? Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. Here’s a closer look at FICO SBSS scores, why they matter, and how you can improve yours.

Credit Scoring 98

Credit Scoring Credit and Collections Small Businesses Bankruptcy 98

Due

JANUARY 3, 2023

Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. Credit Scores. Your credit scores are also influenced by your credit reports. The reason for this is that credit scores are calculated using information from your credit report.

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Credit Scoring Bankruptcy Credit and Collections Credit Reporting Agencies 119

Abrigo

SEPTEMBER 15, 2022

Takeaway 1 "Bank Monitoring with On-Site Inspections" will be presented later this month and claims to be the first empirical study of bank monitoring within non-syndicated loans. . Stay up to date on credit risk. Watch the webinar, "Credit risk management: Best practices & examiner priorities in uncertain times".

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Default Credit Risk Credit and Collections Credit Scoring 78

Your Virtual Credit Manager

AUGUST 27, 2024

To continue reading and learn four essential risk-based questions to ask when evaluating a customer’s credit-worthiness, you must be a paid subscriber to Your Virtual Credit Manager. Do you need help assessing customer credit risks? Don’t limit your assessment of customer risk to the present moment.

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Accounts Receivable (AR) Default Credit and Collections Cybersecurity 100

Abrigo

MAY 10, 2021

This credit risk analysis should incorporate custom metrics for the financial institution, real-time credit scores imported, as well as a global debt-service coverage ratio when necessary. Lending & Credit Risk. Lending & Credit Risk. Portfolio Risk & CECL. Learn More.

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CECL Credit Risk Credit Scoring 78

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

CreditStrong for Business

OCTOBER 11, 2024

The goal of the organization is to serve the business lending industry by providing accurate and reliable data to help lenders predict small business credit risk. Business credit reports that contain data from the SBFE might make or break your future business credit applications. What Information Does the SBFE Collect?

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Credit Reporting Agencies Credit Scoring Credit and Collections Small Businesses 52

tillful

JANUARY 11, 2023

Credit is a fundamental business tool that allows companies of all sizes to keep operations running smoothly, invest in expansion, and work with their partners and vendors. Traditional business credit scores work off key indicators that they’ve determined to accurately reflect a company’s financial strength and creditworthiness.

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Credit Scoring Credit and Collections Bankruptcy Credit Risk 52

MNS Credit Management Group

AUGUST 31, 2022

Despite the fact that a business credit report can provide important information about a company’s financial health, many businesses aren’t fully aware of what it is. This business credit score shows that you have good money management skills and the ability to pay back any loans you obtain on time.

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Credit Scoring Credit Reporting Agencies Bankruptcy Default 52

CreditStrong for Business

AUGUST 30, 2024

Several industries fall into the low-risk category: Business management consulting Doctor’s offices Dentistry Educational services Software development Utilities These industries also share some key factors that make them safer to lend money to from a bank’s perspective. The best way to get the financing you need is to build business credit.

Credit Scoring 52

Credit Scoring Credit and Collections Insurance Companies Credit Risk 52

Abrigo

MAY 3, 2017

Finally, analytics can more easily be presented in visual formats such as charts or graphs. For example, auditors compute sums, averages, and percent changes to report sales results, customer credit risk, cost per customer or the availability of inventory. In addition, most auditors already use them in their daily work.

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Accounting Firms Transactions Credit Scoring Credit Risk 60

Know-It Global

JUNE 14, 2023

One effective strategy that accomplishes both goals is offering trade credit. This is an arrangement where businesses extend credit to their customers, allowing them to purchase goods or services and pay at a later date. This involves evaluating their financial history, credit scores, payment patterns, and industry reputation.

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Credit and Collections Bad Debt Credit Risk Default 52

Abrigo

AUGUST 28, 2019

A bank or credit union relying on technology, however, is able to quickly spread and analyze loans using automatically calculated metrics selected by the institution. Real-time credit scores can be pulled in without leaving the platform. Credit Risk. Lending and Credit Automation: Before and After.

Credit Unions 60

Credit Unions Credit and Collections Credit Risk Credit Scoring 60

CreditStrong for Business

AUGUST 16, 2024

Maintaining a strong business credit score is a long-term process. Yet when you’re first getting started, it may be possible to establish business credit quickly. You might be able to build business credit in 30 days or less with some business credit bureaus. You can register for a DUNS Number online at dnb.com.

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Credit Scoring Credit Reporting Agencies Credit Card Companies Default 52

Due

JANUARY 28, 2023

They Might Not Work Vendors selling an aged shelf corporation present you with a ton of potential benefits, but there are zero guarantees that buying an aged shelf corporation will work. Using it to bypass credit and business age standards to get business financing? The only exception is the state fees paid to maintain good standing.

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Credit Scoring Credit Risk 64

Due

OCTOBER 20, 2023

However, in the present economy, company funding and financing have remained increasingly difficult to secure from investors and banks. Here, we present four compelling reasons why considering alternative small business funding is necessary in today’s dynamic landscape.

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Small Businesses Credit Scoring Credit Risk 52

tillful

MAY 17, 2023

Unfortunately, derogatory marks cause your credit scores to drop and alert future creditors that you present a higher credit risk. If you have derogatory marks on any of your business credit reports, you can begin working to improve your credit history right away.

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Bankruptcy Credit and Collections Credit Reporting Agencies Credit Scoring 52

Know-It Global

NOVEMBER 28, 2022

As your sales ledger is the source of all your sales data the level of detail kept here should be substantial enough to present a clear view of all sales related activities. Mitigating credit risk, reducing debtor days and boosting cashflow. Sign up to Know-it free and automate your credit control processes!

Credit and Collections 52

Credit and Collections Credit Risk Credit Scoring Credit Management 52

Lendio

FEBRUARY 27, 2024

Inventory purchases : Bulk buying often saves money, and access to a credit line means taking advantage of such savings without depleting your cash reserves. Capitalizing on opportunities : When an opportunity for growth presents itself unexpectedly, a business line of credit allows you to act swiftly and decisively.

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Alternative Payment Methods Credit Scoring Credit Card Companies Small Businesses 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? And if you’re using an online lending marketplace, your loan specialist may be presenting your application to several possible lenders. Lenders depend more on specific criteria to evaluate potential credit risks. You’ll be asked things like: What does your business do?

Small Businesses 55

Small Businesses Credit Scoring Credit and Collections Credit Risk 55

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.

Credit and Collections 52

Credit and Collections Credit Unions Credit Risk Credit Scoring 52

Emagia

FEBRUARY 2, 2024

Digital integration with external credit agencies , which is one of the top elements in the credit control process, is meant to collect credit information from third-party agencies. Automated credit to calculate a credit score based on the customer history, customer behavior, agency scores, and other factors.

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B2B Credit Credit and Collections Credit Application Credit Management 52

Due

SEPTEMBER 4, 2023

This all-in-one platform offers an array of features, including budgeting, bill tracking, expense categorization, and credit score monitoring, making it an indispensable asset for individuals seeking a comprehensive solution to their money management needs. Credit Karma (credit scores and reports) Rating: 4.5/5

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Credit Scoring Transactions Dashboards Brokerages 52

Abrigo

APRIL 22, 2024

The personal underwriting process is largely paper-intensive and manual, often done with the aid of [E]xcel spreadsheets, and there is a reliance on personal credit scores, particularly in the larger banks. Small business borrowers are offered faster decisions and streamlined processes for all types of credit.

Credit Unions 97

Credit Unions Small Businesses Credit and Collections Credit Risk 97

Abrigo

MAY 22, 2024

The personal underwriting process is largely paper-intensive and manual, often done with the aid of [E]xcel spreadsheets, and there is a reliance on personal credit scores, particularly in the larger banks. Small business borrowers are offered faster decisions and streamlined processes for all types of credit.

Credit Unions 78

Credit Unions Small Businesses Credit and Collections Credit Risk 78

CreditStrong for Business

NOVEMBER 8, 2024

Trade references have the potential to help your business qualify for financing and establish good business credit scores. New lenders or suppliers might also review a trade reference letter when you fill out a credit application. They can help your company establish positive business credit.

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Credit Scoring Credit Reporting Agencies Credit Application Credit Risk 40