What Is The Credit Scoring Or How Faster To Obtain Credit? Part 2

So let us talk a little bit about the procedure of scoring crediting and let us find out what it is:

The main thing in construction of this model is to specify correctly and properly significant signs and their weight in general mark estimation. So, the western experience testifies that availability of e-mail doesn’t influence credit status of the client. Though some researches have revealed much stranger dependences, for example, between probability of a default and color of the machine of the potential customer. The qualitative system should consider and regional features of the borrower. According to experts, in our country parameters of scoring estimation and their weight should be different at least for two regions: for example, east and western areas.

Besides, for four basic retail products and that is credit cards, consumer loans, car crediting and a mortgage — it is necessary to use various scoring models. For reception of exact forecasts the data about clients and credits the long period of time is necessary to bank. According to a member of the Executive committee of Home Crediting Bank creation of effective scoring systems on the average takes not less than three months. And for a mortgage and car crediting it can necessary even more time.

Banks use three kinds of scoring: application, behavioral and collecting. Application scoring estimates job seekers, behavioral scoring estimates those who has already obtained the credit and collecting scoring estimates those who don’t carry out the obligation on the loan. If in financial organization comes “bad” event (each of them treats it in own way: sometimes it is the first delay with payment under a loan, but it is usually — 90 days of delay) scoring estimates probability of a refund and its possible terms. This methodology can be used in various spheres of action: and at decision making about credit issue, and in CRM (customer relationship management), and at collecting of debts.

As the head of representation of agency of credit institute underlines that the scoring system doesn’t give the answer, whether it is necessary to give out the loan. The financial institute should choose itself a cutting off point — the minimum point at which it is possible to give out the credit. Good scoring model eliminates to 90 % of insolvent clients, however thus disturbs in reception of the credit of 10 % of qualitative borrowers. This ratio depends on the financial organization and what level of risks it is actually ready to accept. “Entering of scoring into the banking system helps to lower percent of non-returns and thus to increase quantity of credits”, the head of representation of agency of credit institute assurs. Thus, the bank can lift profitableness of the credit portfolio.

Do you still remember those good times when practically anybody could take a credit if one needed money? And just imagine the condition of those who must carry that burden nowadays when the world economy is facing hard times. And for those people having loans the matter of credit monitoring is as crucial now as never before. It is not only about loan monitoring, 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 find out about credit report with score, are invited to go to this credit report monitoring site – there is much information about loan monitoring and how to order the service.

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

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