What is involved in Credit Scoring

Find out what the related areas are that Credit Scoring connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Credit Scoring thinking-frame.

How far is your company on its Credit Scoring journey?

Take this short survey to gauge your organization’s progress toward Credit Scoring leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.

To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.

Start the Checklist

Below you will find a quick checklist designed to help you think about which Credit Scoring related domains to cover and 116 essential critical questions to check off in that domain.

The following domains are covered:

Credit Scoring, Credit score, Alternative data, Bad debt, Basel II, Christer Fuglesang, Credit Karma, Credit Sesame, Credit bureau, Credit history, Credit reference, Credit report, Credit report monitoring, Credit score in the United States, Credit scorecards, Data Protection Directive, Data mining, Dun & Bradstreet, Enforcement Authority, FICO score, Fair Credit Reporting Act, Fair Isaac, Finance and Leasing Association, Financial Conduct Authority, Financial Consumer Agency of Canada, High Mark Credit Information Services, Identity scoring, Identity theft, Interest rate, Logistic function, Logistic regression, Multivariate adaptive regression splines, National identification number, Predictive analytics, Random forest, Reserve Bank of India, Risk-based pricing, South Africa, Stockholm congestion tax, Trusted system, Wall Street reform, Washington Mutual:

Credit Scoring Critical Criteria:

Grade Credit Scoring engagements and oversee implementation of Credit Scoring.

– Can Management personnel recognize the monetary benefit of Credit Scoring?

– How can skill-level changes improve Credit Scoring?

– Is a Credit Scoring Team Work effort in place?

Credit score Critical Criteria:

Track Credit score goals and inform on and uncover unspoken needs and breakthrough Credit score results.

– Who will be responsible for deciding whether Credit Scoring goes ahead or not after the initial investigations?

– How can you measure Credit Scoring in a systematic way?

Alternative data Critical Criteria:

Have a meeting on Alternative data quality and devise Alternative data key steps.

– What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Credit Scoring?

– Why is it important to have senior management support for a Credit Scoring project?

Bad debt Critical Criteria:

Design Bad debt projects and be persistent.

– Think about the people you identified for your Credit Scoring project and the project responsibilities you would assign to them. what kind of training do you think they would need to perform these responsibilities effectively?

– What sources do you use to gather information for a Credit Scoring study?

– How do we maintain Credit Scorings Integrity?

Basel II Critical Criteria:

Start Basel II issues and finalize the present value of growth of Basel II.

– Are assumptions made in Credit Scoring stated explicitly?

– How to deal with Credit Scoring Changes?

– Are there Credit Scoring Models?

Christer Fuglesang Critical Criteria:

Have a round table over Christer Fuglesang outcomes and proactively manage Christer Fuglesang risks.

– How do we measure improved Credit Scoring service perception, and satisfaction?

– What are all of our Credit Scoring domains and what do they do?

– What are the usability implications of Credit Scoring actions?

Credit Karma Critical Criteria:

Consider Credit Karma projects and tour deciding if Credit Karma progress is made.

– What new services of functionality will be implemented next with Credit Scoring ?

– How will you know that the Credit Scoring project has been successful?

– How will you measure your Credit Scoring effectiveness?

Credit Sesame Critical Criteria:

Investigate Credit Sesame results and finalize specific methods for Credit Sesame acceptance.

– How do we ensure that implementations of Credit Scoring products are done in a way that ensures safety?

– What are your most important goals for the strategic Credit Scoring objectives?

– Does the Credit Scoring task fit the clients priorities?

Credit bureau Critical Criteria:

Substantiate Credit bureau planning and grade techniques for implementing Credit bureau controls.

– Do we cover the five essential competencies-Communication, Collaboration,Innovation, Adaptability, and Leadership that improve an organizations ability to leverage the new Credit Scoring in a volatile global economy?

– How can we incorporate support to ensure safe and effective use of Credit Scoring into the services that we provide?

– How to Secure Credit Scoring?

Credit history Critical Criteria:

Understand Credit history leadership and don’t overlook the obvious.

– What is our formula for success in Credit Scoring ?

Credit reference Critical Criteria:

Incorporate Credit reference failures and point out improvements in Credit reference.

– How do senior leaders actions reflect a commitment to the organizations Credit Scoring values?

– Is there any existing Credit Scoring governance structure?

– Why should we adopt a Credit Scoring framework?

Credit report Critical Criteria:

Trace Credit report adoptions and test out new things.

– Which customers cant participate in our Credit Scoring domain because they lack skills, wealth, or convenient access to existing solutions?

– How can you negotiate Credit Scoring successfully with a stubborn boss, an irate client, or a deceitful coworker?

– Do we all define Credit Scoring in the same way?

Credit report monitoring Critical Criteria:

Set goals for Credit report monitoring engagements and create Credit report monitoring explanations for all managers.

– Who will be responsible for documenting the Credit Scoring requirements in detail?

– What potential environmental factors impact the Credit Scoring effort?

– What vendors make products that address the Credit Scoring needs?

Credit score in the United States Critical Criteria:

Reason over Credit score in the United States issues and define what do we need to start doing with Credit score in the United States.

– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Credit Scoring services/products?

– Meeting the challenge: are missed Credit Scoring opportunities costing us money?

– Does Credit Scoring appropriately measure and monitor risk?

Credit scorecards Critical Criteria:

Probe Credit scorecards risks and frame using storytelling to create more compelling Credit scorecards projects.

– What are your results for key measures or indicators of the accomplishment of your Credit Scoring strategy and action plans, including building and strengthening core competencies?

– Does Credit Scoring analysis isolate the fundamental causes of problems?

– Who will provide the final approval of Credit Scoring deliverables?

Data Protection Directive Critical Criteria:

Talk about Data Protection Directive risks and remodel and develop an effective Data Protection Directive strategy.

– A compounding model resolution with available relevant data can often provide insight towards a solution methodology; which Credit Scoring models, tools and techniques are necessary?

– Are accountability and ownership for Credit Scoring clearly defined?

– How would one define Credit Scoring leadership?

Data mining Critical Criteria:

Air ideas re Data mining goals and achieve a single Data mining view and bringing data together.

– Do you see the need to clarify copyright aspects of the data-driven innovation (e.g. with respect to technologies such as text and data mining)?

– What types of transactional activities and data mining are being used and where do we see the greatest potential benefits?

– What is the difference between Data Analytics Data Analysis Data Mining and Data Science?

– What is the difference between business intelligence business analytics and data mining?

– Is business intelligence set to play a key role in the future of Human Resources?

– What programs do we have to teach data mining?

– Do we have past Credit Scoring Successes?

– Why are Credit Scoring skills important?

Dun & Bradstreet Critical Criteria:

Tête-à-tête about Dun & Bradstreet projects and test out new things.

– What are our Credit Scoring Processes?

Enforcement Authority Critical Criteria:

Concentrate on Enforcement Authority engagements and point out Enforcement Authority tensions in leadership.

– Do those selected for the Credit Scoring team have a good general understanding of what Credit Scoring is all about?

– How can the value of Credit Scoring be defined?

FICO score Critical Criteria:

Air ideas re FICO score issues and find the essential reading for FICO score researchers.

– What are your current levels and trends in key measures or indicators of Credit Scoring product and process performance that are important to and directly serve your customers? how do these results compare with the performance of your competitors and other organizations with similar offerings?

– What other jobs or tasks affect the performance of the steps in the Credit Scoring process?

– What is our Credit Scoring Strategy?

Fair Credit Reporting Act Critical Criteria:

Set goals for Fair Credit Reporting Act quality and don’t overlook the obvious.

– Is maximizing Credit Scoring protection the same as minimizing Credit Scoring loss?

Fair Isaac Critical Criteria:

Value Fair Isaac leadership and be persistent.

– Think about the kind of project structure that would be appropriate for your Credit Scoring project. should it be formal and complex, or can it be less formal and relatively simple?

– Will Credit Scoring deliverables need to be tested and, if so, by whom?

– Is Credit Scoring Required?

Finance and Leasing Association Critical Criteria:

Jump start Finance and Leasing Association results and test out new things.

– What are the success criteria that will indicate that Credit Scoring objectives have been met and the benefits delivered?

– What are the short and long-term Credit Scoring goals?

Financial Conduct Authority Critical Criteria:

Guard Financial Conduct Authority projects and tour deciding if Financial Conduct Authority progress is made.

– Will Credit Scoring have an impact on current business continuity, disaster recovery processes and/or infrastructure?

– What business benefits will Credit Scoring goals deliver if achieved?

Financial Consumer Agency of Canada Critical Criteria:

Mix Financial Consumer Agency of Canada engagements and finalize the present value of growth of Financial Consumer Agency of Canada.

– What are our needs in relation to Credit Scoring skills, labor, equipment, and markets?

– Do Credit Scoring rules make a reasonable demand on a users capabilities?

High Mark Credit Information Services Critical Criteria:

Communicate about High Mark Credit Information Services engagements and summarize a clear High Mark Credit Information Services focus.

– What are the disruptive Credit Scoring technologies that enable our organization to radically change our business processes?

Identity scoring Critical Criteria:

Focus on Identity scoring visions and reinforce and communicate particularly sensitive Identity scoring decisions.

– What tools and technologies are needed for a custom Credit Scoring project?

Identity theft Critical Criteria:

Be clear about Identity theft governance and research ways can we become the Identity theft company that would put us out of business.

– Identity theft could also be an inside job. Employees at big companies that host e-mail services have physical access to e-mail accounts. How do you know nobodys reading it?

– Is there a Credit Scoring Communication plan covering who needs to get what information when?

– How will we insure seamless interoperability of Credit Scoring moving forward?

Interest rate Critical Criteria:

Study Interest rate failures and look for lots of ideas.

– Who will be responsible for making the decisions to include or exclude requested changes once Credit Scoring is underway?

– To what extent does management recognize Credit Scoring as a tool to increase the results?

– What is your current effective interest rate on loans?

– Who sets the Credit Scoring standards?

Logistic function Critical Criteria:

Pilot Logistic function strategies and find out.

– How do we make it meaningful in connecting Credit Scoring with what users do day-to-day?

– Are there Credit Scoring problems defined?

Logistic regression Critical Criteria:

Extrapolate Logistic regression management and grade techniques for implementing Logistic regression controls.

– How do you determine the key elements that affect Credit Scoring workforce satisfaction? how are these elements determined for different workforce groups and segments?

– How important is Credit Scoring to the user organizations mission?

– Why is Credit Scoring important for you now?

Multivariate adaptive regression splines Critical Criteria:

Reason over Multivariate adaptive regression splines projects and probe Multivariate adaptive regression splines strategic alliances.

National identification number Critical Criteria:

Conceptualize National identification number decisions and define National identification number competency-based leadership.

– What is the source of the strategies for Credit Scoring strengthening and reform?

Predictive analytics Critical Criteria:

Illustrate Predictive analytics management and point out improvements in Predictive analytics.

– What are direct examples that show predictive analytics to be highly reliable?

Random forest Critical Criteria:

Guide Random forest tactics and look at it backwards.

– How do you incorporate cycle time, productivity, cost control, and other efficiency and effectiveness factors into these Credit Scoring processes?

Reserve Bank of India Critical Criteria:

Facilitate Reserve Bank of India strategies and acquire concise Reserve Bank of India education.

– What other organizational variables, such as reward systems or communication systems, affect the performance of this Credit Scoring process?

Risk-based pricing Critical Criteria:

Gauge Risk-based pricing quality and devise Risk-based pricing key steps.

South Africa Critical Criteria:

Reconstruct South Africa tasks and develop and take control of the South Africa initiative.

Stockholm congestion tax Critical Criteria:

Experiment with Stockholm congestion tax failures and interpret which customers can’t participate in Stockholm congestion tax because they lack skills.

Trusted system Critical Criteria:

Meet over Trusted system tactics and report on developing an effective Trusted system strategy.

– If the firewall runs on an individual host for which all users are not trusted system administrators, how vulnerable is it to tampering by a user logged into the operating system running on the protected hosts?

– What prevents me from making the changes I know will make me a more effective Credit Scoring leader?

– What are specific Credit Scoring Rules to follow?

Wall Street reform Critical Criteria:

Familiarize yourself with Wall Street reform goals and customize techniques for implementing Wall Street reform controls.

– Record-keeping requirements flow from the records needed as inputs, outputs, controls and for transformation of a Credit Scoring process. ask yourself: are the records needed as inputs to the Credit Scoring process available?

Washington Mutual Critical Criteria:

Jump start Washington Mutual planning and optimize Washington Mutual leadership as a key to advancement.

– How do we Lead with Credit Scoring in Mind?

Conclusion:

This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Credit Scoring Self Assessment:

store.theartofservice.com/Credit-Scoring-Complete-Self-Assessment/

Author: Gerard Blokdijk

CEO at The Art of Service | theartofservice.com

[email protected]

www.linkedin.com/in/gerardblokdijk

Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.

External links:

To address the criteria in this checklist, these selected resources are provided for sources of further research and information:

Credit Scoring External links:

[DOC]Credit Scoring Methodology – …
nacmoregon.cicnetwork.com/forms/CreditScoring_Methodology.Doc

Credit scoring. (eBook, 2006) [WorldCat.org]
www.worldcat.org/title/credit-scoring/oclc/70339543

[PDF]IMPACT of CREDIT SCORING on Under-Served Markets
www.hud.gov/sites/documents/CREDITSCORINGPRES.PDF

Credit score External links:

Free Credit Score | Credit.com
www.credit.com/free-credit-score

Free Credit Score – FICO® Score | creditscore.com
www.creditscore.com

Check your Credit Score | SavvyMoney
www.savvymoney.com

Alternative data External links:

Alternative Data | Alternative Credit Data | TransUnion
www.transunion.com/product/alternative-data.page

How Alternative Data Can Help Your Business – Insights
insight.equifax.com/alternative-data-can-help-business

Alternative Data for Subprime Auto Lending – Insights
insight.equifax.com/alternative-data-subprime-auto-lending

Bad debt External links:

For Providers – Reduce Healthcare Bad Debt | CarePayment
www.carepayment.com/for-providers

Deducting Bad Debt | Internal Revenue Service
www.irs.gov/credits-deductions/individuals/deducting-bad-debt

Basel II External links:

Basel II/Basel III | AxiomSL
www.axiomsl.com/solutions/basel-ii-iii

Basel II, Leitgedanken – YouTube
www.youtube.com/watch?v=rYhnJLWhxxk

Basel II Defined – investopedia.com
www.investopedia.com/terms/b/baselii.asp

Christer Fuglesang External links:

Christer Fuglesang leker med vatten i rymden – YouTube
www.youtube.com/watch?v=j8KoFipe6G4

Christer Fuglesang – den förste svensken i rymden – YouTube
www.youtube.com/watch?v=a-kMgdz9Mwc

Christer Fuglesang – Home | Facebook
www.facebook.com/C.Fuglesang

Credit Karma External links:

Credit Karma – Home | Facebook
www.facebook.com/CreditKarma

Credit Karma Help Center
help.creditkarma.com

Credit Karma Personal Finance Blog :: Home
blog.creditkarma.com

Credit Sesame External links:

Credit Sesame – Android Apps on Google Play
play.google.com/store/apps/details?id=com.creditsesame

Credit Sesame Review (Updated for 2017) – AAACreditGuide
aaacreditguide.com/credit-sesame-review

Credit Sesame – Official Site
www.creditsesame.com

Credit bureau External links:

Credit Bureau of Lancaster County, Inc – Home
lanccoll.123fastpay.com

ABS – Accounts Billing Service of Credit Bureau Systems
www.credit-bureau.com/abs

American Credit Bureau
www.americancreditbureau.com

Credit history External links:

# Credit History – Bad Credit Secured Loans
loansdlfk.com/Credit-History=9ujxk

Long Term Loan With Bad Credit History – Today Loans Fast
loansfzvv.com/Long-Term-Loan-With-Bad-Credit-History=xy5m5

Title Loan On Car – Loans With No Credit History
loansrcvc.com/title-loan-on-car=d9247

Credit reference External links:

[DOC]SAMPLE CREDIT REFERENCE LETTER – Foreign …
foreignnationalmortgages.com/docs/samplelettermajorcreditor.doc

[PDF]Credit Reference Request – creditproworld.com
www.creditproworld.com/linked/creditreferencerequest.pdf

NACM Tampa | Non-Member Credit Reference
www.nacmtampa.com/page/Non-Member-Credit-Reference.aspx

Credit report External links:

[PDF]MERGED INFILE CREDIT REPORT
www.advcredit.com/linked_docs/mcl_sample.pdf

[PDF]MERGED INFILE CREDIT REPORT – ARC – Login
secure.arcreports.com/pdf/samplecreditreport.pdf

A 3 Bureau Credit Report includes All 3 Credit Reports:
www.creditreporting.com/3-bureau-credit-report.html

Credit report monitoring External links:

TransUnion Credit Report Monitoring Service …
www.youtube.com/watch?v=oZ1AVhJ0YoQ

Free Credit Scores & Credit Report Monitoring | Credit Karma
www.creditkarma.com/auth/roadblock

Credit Report Monitoring Services | Build My Scores
buildmyscores.com/credit-repair/monitoring

Data Protection Directive External links:

European Union Data Protection Directive Privacy Statement
www.marriott.com/corporateinfo/euswissprivacy.mi

Data mining External links:

Title Data Mining Jobs, Employment | Indeed.com
www.indeed.com/q-Title-Data-Mining-jobs.html

Job Titles in Data Mining – kdnuggets.com
www.kdnuggets.com/faq/job-titles-in-data-mining.html

[PDF]Data Mining Mining Text Data – tutorialspoint.com
www.tutorialspoint.com/data_mining/pdf/dm_mining_text_data.pdf

Enforcement Authority External links:

OIG Law Enforcement Authority | Office of Inspector General
www.oig.dot.gov/oig-law-enforcement-authority

FICO score External links:

FICO Score – Get Your Free Credit Score | MACU
www.macu.com/services/online-mobile-services/fico-score

FICO Score | Commerce Bank
www.commercebank.com/personal/cards/fico-score

FICO Score Definition – Credit/Debt Definition – The Balance
www.thebalance.com/fico-score-960648

Fair Credit Reporting Act External links:

[PDF]The Fair Credit Reporting Act (FCRA): Background …
www.adpselect.com/pdf/ADPFairCreditReportingActWhitePaper.pdf

Chapter 19.182 RCW: FAIR CREDIT REPORTING ACT
app.leg.wa.gov/RCW/default.aspx?cite=19.182

The Fair Credit Reporting Act | Credit.com
www.credit.com/credit-law/fair-credit-reporting-act

Fair Isaac External links:

Fair Isaac Corporation – FICO – Stock Price Today – Zacks
www.zacks.com/stock/quote/FICO

Fair Isaac Corproation Common Stock (FICO) Real-Time …
www.nasdaq.com/symbol/fico/real-time

Fair Isaac – FICO – Stock Price & News | The Motley Fool
www.fool.com/quote/nyse/fair-isaac/fico

Finance and Leasing Association External links:

Finance and Leasing Association News – am-online.com
www.am-online.com/articles/tag/finance-and-leasing-association

Financial Conduct Authority External links:

Financial Conduct Authority Intro & FX Firm Information
moneytransfercomparison.com/fca

Financial Consumer Agency of Canada External links:

Financial Consumer Agency Of Canada Publishes 2016 …
www.thestreet.com/story/14333634/1

Financial Consumer Agency of Canada (FCAC) – Home | Facebook
www.facebook.com/FCACan

Financial Consumer Agency of Canada [WorldCat …
0-www.worldcat.org.novacat.nova.edu/identities/lccn-n2006005120

Identity scoring External links:

Juvo Identity Scoring | Stevie Awards
stevieawards.com/aba/juvo-identity-scoring

Identity scoring – Revolvy
topics.revolvy.com/topic/Identity scoring&item_type=topic

Identity theft External links:

RCW 9.35.020: Identity theft.
app.leg.wa.gov/RCW/default.aspx?cite=9.35.020

Identity Theft Protection Plans – Sign In – Wells Fargo
monitor.wellsfargoprotection.com

Identity Theft Protection Service | Protect My ID
www.protectmyid.com

Interest rate External links:

Post Judgment Interest Rate | United States Courts
www.uscourts.gov/services-forms/fees/post-judgment-interest-rate

Managing interest rate risk with swaps & hedging strategies
privatewealth.usbank.com/insights/managing-interest-rate-risk

APR vs. Interest Rate – Learn the Differences
www.bankofamerica.com/mortgage/learn/apr-vs-interest-rate

Logistic function External links:

Logistic function – Calculus
calculus.subwiki.org/wiki/Logistic_function

logistic function – Wiktionary
en.wiktionary.org/wiki/logistic_function

Logistic function – OpenWetWare
openwetware.org/wiki/Logistic_function

Logistic regression External links:

What is Logistic Regression? – Statistics Solutions
www.statisticssolutions.com/what-is-logistic-regression

[PDF]Logistic Regression – Carnegie Mellon University
www.stat.cmu.edu/~cshalizi/uADA/12/lectures/ch12.pdf

Lesson 6: Logistic Regression | STAT 504
onlinecourses.science.psu.edu/stat504/node/149

Multivariate adaptive regression splines External links:

CiteSeerX — Multivariate adaptive regression splines
citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.382.970

Friedman : Multivariate Adaptive Regression Splines
projecteuclid.org/download/pdf_1/euclid.aos/1176347963

[PDF]MULTIVARIATE ADAPTIVE REGRESSION SPLINES*
www.dtic.mil/dtic/tr/fulltext/u2/a578458.pdf

Predictive analytics External links:

Predictive Analytics Workers Compensation
www.claraanalytics.com

Best Predictive Analytics Software in 2017 | G2 Crowd
www.g2crowd.com/categories/predictive-analytics

Stategic Location Management & Predictive Analytics | …
tangoanalytics.com

Random forest External links:

How to implement random forest in WEKA – Quora
www.quora.com/How-do-I-implement-random-forest-in-WEKA

How Random Forest algorithm works – YouTube
www.youtube.com/watch?v=loNcrMjYh64

Unsupervised Learning With Random Forest Predictors
labs.genetics.ucla.edu/horvath/RFclustering/RFclustering.htm

Reserve Bank of India External links:

[PDF]RESERVE BANK OF INDIA PAYMENT CODES – …
www.oceanpay.com/pdfs/india-pop-codes.pdf

Reserve Bank of India
www.rbi.org.in

South Africa External links:

Cialis Sales South Africa | 1stDrugstore
medrx.us.org/?cialis,sales,south,africa

Standard Bank – South Africa | Log Off
www.standardbank.co.za/site/ib_logoff/logoffpage.html

Transformers Expo South Africa – Official Site
www.transformersafrica.com

Stockholm congestion tax External links:

Protests Mar Opening of Stockholm Congestion Tax
www.thenewspaper.com/news/08/875.asp

Stockholm Congestion Tax – YouTube
www.youtube.com/watch?v=cvIv2PXzLRc

Wall Street reform External links:

[PDF]DODD-FRANK WALL STREET REFORM AND …
www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

Washington Mutual External links:

American Funds Washington Mutual A (AWSHX) – Yahoo
finance.yahoo.com/chart/AWSHX

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