Lenders can access FICO Small Business Scoring Service 7.0 models in the cloud through FICO LiquidCredit
FICO (NYSE: FICO), a leading provider of predictive analytics and decision management technology, today announced the availability of FICO® Small Business Scoring ServiceSM (SBSSSM) 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.
Source: FICO Press Release