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 97 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:
Align Credit Scoring tactics and get answers.
– What tools and technologies are needed for a custom Credit Scoring project?
Credit score Critical Criteria:
Interpolate Credit score risks and use obstacles to break out of ruts.
– What are the key elements of your Credit Scoring performance improvement system, including your evaluation, organizational learning, and innovation processes?
– Among the Credit Scoring product and service cost to be estimated, which is considered hardest to estimate?
– What role does communication play in the success or failure of a Credit Scoring project?
Alternative data Critical Criteria:
Transcribe Alternative data failures and oversee implementation of Alternative data.
– What are your key performance measures or indicators and in-process measures for the control and improvement of your Credit Scoring processes?
– Which customers cant participate in our Credit Scoring domain because they lack skills, wealth, or convenient access to existing solutions?
– How do we Improve Credit Scoring service perception, and satisfaction?
Bad debt Critical Criteria:
Sort Bad debt quality and proactively manage Bad debt risks.
– 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?
– 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?
– Is there any existing Credit Scoring governance structure?
Basel II Critical Criteria:
Analyze Basel II risks and inform on and uncover unspoken needs and breakthrough Basel II results.
– Does Credit Scoring include applications and information with regulatory compliance significance (or other contractual conditions that must be formally complied with) in a new or unique manner for which no approved security requirements, templates or design models exist?
– What are our best practices for minimizing Credit Scoring project risk, while demonstrating incremental value and quick wins throughout the Credit Scoring project lifecycle?
Christer Fuglesang Critical Criteria:
Examine Christer Fuglesang planning and be persistent.
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Credit Scoring services/products?
– How will we insure seamless interoperability of Credit Scoring moving forward?
Credit Karma Critical Criteria:
Study Credit Karma decisions and gather Credit Karma models .
– Do those selected for the Credit Scoring team have a good general understanding of what Credit Scoring is all about?
– Who will be responsible for deciding whether Credit Scoring goes ahead or not after the initial investigations?
– Why is it important to have senior management support for a Credit Scoring project?
Credit Sesame Critical Criteria:
Pilot Credit Sesame failures and adjust implementation of Credit Sesame.
– What are the barriers to increased Credit Scoring production?
– Is Supporting Credit Scoring documentation required?
– How can you measure Credit Scoring in a systematic way?
Credit bureau Critical Criteria:
Accommodate Credit bureau management and point out improvements in Credit bureau.
– How do we know that any Credit Scoring analysis is complete and comprehensive?
– Have the types of risks that may impact Credit Scoring been identified and analyzed?
Credit history Critical Criteria:
Scrutinze Credit history quality and diversify disclosure of information – dealing with confidential Credit history information.
– What are the record-keeping requirements of Credit Scoring activities?
– What are all of our Credit Scoring domains and what do they do?
Credit reference Critical Criteria:
Check Credit reference outcomes and transcribe Credit reference as tomorrows backbone for success.
– what is the best design framework for Credit Scoring organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?
– What business benefits will Credit Scoring goals deliver if achieved?
– What is Effective Credit Scoring?
Credit report Critical Criteria:
Concentrate on Credit report leadership and slay a dragon.
– How will you know that the Credit Scoring project has been successful?
– How can the value of Credit Scoring be defined?
Credit report monitoring Critical Criteria:
Illustrate Credit report monitoring results and raise human resource and employment practices for Credit report monitoring.
– In a project to restructure Credit Scoring outcomes, which stakeholders would you involve?
– How do we measure improved Credit Scoring service perception, and satisfaction?
Credit score in the United States Critical Criteria:
Gauge Credit score in the United States quality and probe using an integrated framework to make sure Credit score in the United States is getting what it needs.
– In the case of a Credit Scoring project, the criteria for the audit derive from implementation objectives. an audit of a Credit Scoring project involves assessing whether the recommendations outlined for implementation have been met. in other words, can we track that any Credit Scoring project is implemented as planned, and is it working?
Credit scorecards Critical Criteria:
Adapt Credit scorecards issues and differentiate in coordinating Credit scorecards.
– Can Management personnel recognize the monetary benefit of Credit Scoring?
– How can skill-level changes improve Credit Scoring?
Data Protection Directive Critical Criteria:
Concentrate on Data Protection Directive management and spearhead techniques for implementing Data Protection Directive.
– 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?
– For your Credit Scoring project, identify and describe the business environment. is there more than one layer to the business environment?
– What threat is Credit Scoring addressing?
Data mining Critical Criteria:
Group Data mining visions and budget for Data mining challenges.
– 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?
Dun & Bradstreet Critical Criteria:
Mine Dun & Bradstreet tasks and suggest using storytelling to create more compelling Dun & Bradstreet projects.
– Do you monitor the effectiveness of your Credit Scoring activities?
– Do we all define Credit Scoring in the same way?
Enforcement Authority Critical Criteria:
Deduce Enforcement Authority quality and look in other fields.
– How do we ensure that implementations of Credit Scoring products are done in a way that ensures safety?
– Which Credit Scoring goals are the most important?
– Are we Assessing Credit Scoring and Risk?
FICO score Critical Criteria:
Analyze FICO score results and finalize the present value of growth of FICO score.
Fair Credit Reporting Act Critical Criteria:
Grade Fair Credit Reporting Act issues and define Fair Credit Reporting Act competency-based leadership.
– What are the success criteria that will indicate that Credit Scoring objectives have been met and the benefits delivered?
– What are the top 3 things at the forefront of our Credit Scoring agendas for the next 3 years?
Fair Isaac Critical Criteria:
Use past Fair Isaac quality and assess what counts with Fair Isaac that we are not counting.
– Is Credit Scoring dependent on the successful delivery of a current project?
Finance and Leasing Association Critical Criteria:
Air ideas re Finance and Leasing Association adoptions and slay a dragon.
– What management system can we use to leverage the Credit Scoring experience, ideas, and concerns of the people closest to the work to be done?
– How would one define Credit Scoring leadership?
Financial Conduct Authority Critical Criteria:
Huddle over Financial Conduct Authority projects and explore and align the progress in Financial Conduct Authority.
– Which individuals, teams or departments will be involved in Credit Scoring?
– What are specific Credit Scoring Rules to follow?
– Why should we adopt a Credit Scoring framework?
Financial Consumer Agency of Canada Critical Criteria:
Explore Financial Consumer Agency of Canada visions and handle a jump-start course to Financial Consumer Agency of Canada.
– How is the value delivered by Credit Scoring being measured?
– What will drive Credit Scoring change?
High Mark Credit Information Services Critical Criteria:
Discuss High Mark Credit Information Services engagements and do something to it.
– Does Credit Scoring analysis show the relationships among important Credit Scoring factors?
– Think of your Credit Scoring project. what are the main functions?
Identity scoring Critical Criteria:
Set goals for Identity scoring strategies and handle a jump-start course to Identity scoring.
– Do the Credit Scoring decisions we make today help people and the planet tomorrow?
– What is the source of the strategies for Credit Scoring strengthening and reform?
Identity theft Critical Criteria:
Understand Identity theft management and finalize specific methods for Identity theft acceptance.
– 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?
– Are there any easy-to-implement alternatives to Credit Scoring? Sometimes other solutions are available that do not require the cost implications of a full-blown project?
– Is there a Credit Scoring Communication plan covering who needs to get what information when?
Interest rate Critical Criteria:
Inquire about Interest rate failures and be persistent.
– What is your current effective interest rate on loans?
– What about Credit Scoring Analysis of results?
Logistic function Critical Criteria:
Focus on Logistic function tasks and define what our big hairy audacious Logistic function goal is.
– When a Credit Scoring manager recognizes a problem, what options are available?
Logistic regression Critical Criteria:
Have a session on Logistic regression adoptions and spearhead techniques for implementing Logistic regression.
– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Credit Scoring?
– Why is Credit Scoring important for you now?
– Is the scope of Credit Scoring defined?
Multivariate adaptive regression splines Critical Criteria:
Facilitate Multivariate adaptive regression splines issues and assess and formulate effective operational and Multivariate adaptive regression splines strategies.
National identification number Critical Criteria:
Consolidate National identification number risks and describe the risks of National identification number sustainability.
– What is the total cost related to deploying Credit Scoring, including any consulting or professional services?
– Think about the functions involved in your Credit Scoring project. what processes flow from these functions?
– How do mission and objectives affect the Credit Scoring processes of our organization?
Predictive analytics Critical Criteria:
Focus on Predictive analytics tasks and correct better engagement with Predictive analytics results.
– How can you negotiate Credit Scoring successfully with a stubborn boss, an irate client, or a deceitful coworker?
– What are direct examples that show predictive analytics to be highly reliable?
Random forest Critical Criteria:
Incorporate Random forest adoptions and create Random forest explanations for all managers.
– What are our needs in relation to Credit Scoring skills, labor, equipment, and markets?
– How do we go about Comparing Credit Scoring approaches/solutions?
Reserve Bank of India Critical Criteria:
Confer re Reserve Bank of India goals and frame using storytelling to create more compelling Reserve Bank of India projects.
– Will Credit Scoring deliverables need to be tested and, if so, by whom?
– Are assumptions made in Credit Scoring stated explicitly?
Risk-based pricing Critical Criteria:
Probe Risk-based pricing quality and probe the present value of growth of Risk-based pricing.
– What potential environmental factors impact the Credit Scoring effort?
– Who will provide the final approval of Credit Scoring deliverables?
South Africa Critical Criteria:
Debate over South Africa outcomes and attract South Africa skills.
– What are the usability implications of Credit Scoring actions?
Stockholm congestion tax Critical Criteria:
Deduce Stockholm congestion tax tactics and probe Stockholm congestion tax strategic alliances.
Trusted system Critical Criteria:
Think about Trusted system outcomes and display thorough understanding of the Trusted system process.
– 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 are the disruptive Credit Scoring technologies that enable our organization to radically change our business processes?
Wall Street reform Critical Criteria:
Concentrate on Wall Street reform failures and gather Wall Street reform models .
– Will new equipment/products be required to facilitate Credit Scoring delivery for example is new software needed?
– Does Credit Scoring appropriately measure and monitor risk?
Washington Mutual Critical Criteria:
Audit Washington Mutual outcomes and diversify by understanding risks and leveraging Washington Mutual.
– Can we do Credit Scoring without complex (expensive) analysis?
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:
Author: Gerard Blokdijk
CEO at The Art of Service | http://theartofservice.com
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.
To address the criteria in this checklist, these selected resources are provided for sources of further research and information:
Credit Scoring External links:
PSECU – How Credit Scoring Helps You
VantageScore Consumer Credit Scoring | VantageScore …
Credit Scoring and Insurance – Texas Department of Insurance
Credit score External links:
RentReporters – Change your credit score, change your life.
Free Credit Score & Report Check with CreditWise | Capital One
Alternative data External links:
Alternative Data | Alternative Credit Data | TransUnion
Alternative Data for Alpha | Greenwich Associates
Alternative Data for Financial Markets | The Weather …
Bad debt External links:
For Providers – Reduce Healthcare Bad Debt | CarePayment
Tax Topics – Topic 453 Bad Debt Deduction
Small Claims Processing – Turn your Bad Debt Into a Judgment
Basel II External links:
Basel II/Basel III | AxiomSL
[PDF]Basel II Overview For Interview With A Major Bank in …
Basel II – Investopedia
Credit Karma External links:
Credit Karma – Official Site
Credit Karma Help Center
Credit Karma Engineering :: Home
Credit Sesame External links:
Credit Sesame – Home | Facebook
Credit Card Offers, Credit Card Match – Credit Sesame
Credit Sesame – Official Site
Credit bureau External links:
Clarity Services, Inc. | Real-Time Credit Bureau
American Credit Bureau
Credit Bureau | More Information | OneMain Financial
Credit history External links:
Loans With Poor Credit History – Car Title Loans Miami
# Credit History – Bad Credit Secured Loans
Credit History is Important – FHA.com
Credit reference External links:
[PDF]Credit Reference Request – creditproworld.com
Credit Reference Login – Business Credit Intelligence
Dow Credit Reference
Credit report External links:
In-File Credit Report Definition at Mortgage Marvel
In-File Credit Report | CENTURY 21
[PDF]MERGED INFILE CREDIT REPORT – ARC – Login
Credit report monitoring External links:
What Is Infile Credit – 3 Credit Report Monitoring Service
[PDF]Experian Credit Report Monitoring and ID Theft …
Free Credit Scores & Credit Report Monitoring | Credit Karma
Data Protection Directive External links:
Data mining External links:
Data Mining (Book, 2014) [WorldCat.org]
Data Mining (eBook, 2016) [WorldCat.org]
Title Data Mining Jobs, Employment | Indeed.com
Enforcement Authority External links:
OIG Law Enforcement Authority | Office of Inspector General
[PDF]Accreditation Program Enforcement Authority
Enforcement authority | Mass.gov
FICO score External links:
What Is a FICO Score? — The Motley Fool
Fair Credit Reporting Act External links:
Fair Credit Reporting Act. | CENTURY 21
Fair Credit Reporting Act (FCRA)/FACT Act
Fair Isaac External links:
Fair Isaac Corporation – FICO – Stock Price Today – Zacks
FICO – Stock Quote and Charts for Fair Isaac
Fair Isaac Corproation Common Stock (FICO) Real-Time …
Finance and Leasing Association External links:
Finance and Leasing Association News – am-online.com
Financial Conduct Authority External links:
Financial Conduct Authority | Business | The Guardian
Financial Conduct Authority – Financial Services Register
Financial Consumer Agency of Canada External links:
Financial Consumer Agency of Canada (FCAC) – Home | Facebook
Financial Consumer Agency Of Canada Publishes 2016 …
Financial Consumer Agency of Canada publishes 2016 …
Identity scoring External links:
Identity scoring – Revolvy
Juvo Identity Scoring | Stevie Awards
Identity theft External links:
Identity Theft | Consumer Information
[PDF]Identity Theft and Your Social Security Number
Identity Theft Protection Service | Protect My ID
Interest rate External links:
APR vs. Interest Rate – Learn the Differences
Low Interest Rate Auto Loans | Truliant Federal Credit Union
Low Intro Interest Rate Credit Cards | Capital One
Logistic function External links:
c – Fast logistic function – Stack Overflow
logistic function – Wiktionary
Logistic function – Calculus
Logistic regression External links:
Lesson 6: Logistic Regression | STAT 504
Logistic Regression – San Francisco State University
What is Logistic Regression? – Statistics Solutions
Multivariate adaptive regression splines External links:
Friedman : Multivariate Adaptive Regression Splines
CiteSeerX — Multivariate adaptive regression splines
[PDF]MULTIVARIATE ADAPTIVE REGRESSION SPLINES*
National identification number External links:
National Identification Number – Malaysia
Predictive analytics External links:
Customer Analytics & Predictive Analytics Tools for Business
Predictive Analytics Software, Social Listening | NewBrand
Inventory Optimization for Retail | Predictive Analytics
Random forest External links:
Unsupervised Learning With Random Forest Predictors
1 answer: How to implement random forest in WEKA – Quora
How Random Forest algorithm works – YouTube
Reserve Bank of India External links:
Reserve Bank of India
Reserve Bank of India – RBI
Reserve Bank of India – RBI Bulletin
Risk-based pricing External links:
Risk-based Pricing Solutions | Credit Check | TransUnion
South Africa External links:
Henkel South Africa Beauty Care Images
Stockholm congestion tax External links:
Stockholm Congestion Tax – YouTube
Stockholm Congestion Tax Remains Unpopular
Trusted system External links:
Biplan Global – your trusted system integrator
Wall Street reform External links:
Dodd Frank Wall Street Reform Act Summary – The Balance
[PDF]DODD-FRANK WALL STREET REFORM AND …
Washington Mutual External links:
WAMUQ Stock Quote – Washington Mutual Inc – …
RWMGX American Funds Washington Mutual R6 Fund …