What Is The Credit Scoring Or How Faster To Obtain Credit? Part 1

Competition toughening forces banks to make credit decisions all faster. Scoring systems allow them quickly and objectively to estimate borrowers and to eliminate swindlers.

How many floors in your house, is your house is privatized – such attention of monetary institution to trifles can surprise the person who has addressed for a credit card or the loan for home appliances. Actually banks are interested in a life and habits of job seekers of credits not because their curiosity. For each answer to a question the client gets points on which sum the decision on loan issue depends. The mark estimation to the borrower is put to the computer program into which the manager of financial organization enters answers to questionnaire questions.

Such software aspires to get more and more domestic banks. If earlier consumer loan registration occupied from three about fourteen days now it arranges neither clients, nor intermediaries on behalf of shops and motor shows. Retail financial institutes began to compete on speed of decision making. Thus they recognize that manual and subjective decision making on loans becomes more and more risky. In the conditions of flow of interested in issuing credit persons intuition of bank workers is not the most reliable screening tool of solvent and diligent borrowers.

Probably, with this task computer programs will consult better? All depends on their quality. At an existing severe competition to give out more loans it is possible only having accelerated decision making process. This allows making it only with using the qualitative scoring system— the deputy manager of the analytical center of a risk management of banking activities considers.

There are a lot of estimations, good and different

Scoring from the word score or the point is a system which on the basis of credit histories and credit reports of bank estimates probability of a default of the potential borrower, proceeding from its social-demographic characteristics. Having a database of bad and good credits, the financial organization by means of statistical tools can reveal the factors influencing capability and desire of the client to repay a debt. According to the chief of department of the analysis and management of credit portfolio scoring system makes the decision for few seconds, it is deprived subjectivity and contains the saved up knowledge base on all accessible portfolio of borrowers.

Monetary institutions hide nothing as carefully as the information on criteria of selection of borrowers: the data about parameters of scoring models is known only to few bank employees and that is it. And in it there is nothing surprising as swindle with consumer loans grows all the time and constantly so they have to be really careful with that.

Do you still remember those good times when anybody could take a loan if one needed cash? And just imagine the situation of those who have to carry that burden nowadays when the world economy is facing hard times. And for those people having credits the issue of credit monitoring is as urgent now as never before. It is not only about loan control, this also helps save money, time, and nerves and be quick in solving loan related problems. Those who are searching for a place where to learn about credit reports, are welcomed to visit this credit report monitoring site – there is lots of information about credit monitoring and how to order the service.

In addition we shouldn’t forget about possibilities given to us by digital technologies. The Web network provides us with a truly unique chance to learn what we require or to obtain anything at the best price on the market.

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