New FICO Scores for Small Businesses Seeking Credit - Products News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Products » New FICO Scores for Small Businesses Seeking Credit

New FICO Scores for Small Businesses Seeking Credit

New FICO Scores for Small Businesses Seeking Credit
December
20
The content is accurate at the time of publication and is subject to change.

The latest version of FICO Small Business Scoring Service has been released. The new credit scoring platform will let banks respond quickly. It will also help ensure compliance with federal lending regulations.

The technology incorporates expanded data and analytics to help banks assess their risk when deciding whether to extend credit to small businesses. Banks will be able to access past payment information for small businesses, including loans, leases, credit cards and other lines of credit through the Small Business Financial Exchange (SBFE) and Equifax, one of the three main credit bureaus.

28 million small businesses in DB

This will help banks get the big picture for a business, including its payment history and obligations before deciding whether or not to extend credit. More than 28 million small businesses will be represented in the database and information will be furnished by over 400 SBFE members.

This new credit scoring tool, known as FICO SBSSSM 7.0, can be accessed through a cloud-based platform used by hundreds of credit issuers. FICO has also introduced a small business bankruptcy score to shed light on a company’s financial risk picture. The system will allow issuers to make decisions on credit lines and loans up to $1 million and leasing transactions up to $250,000.

Better offers for businesses

The new release is “the culmination of our most advanced modeling technology and techniques, combined with 20 years of FICO small business analytic experience and insight from everyday use by top small business credit grantors,” said David Lightfoot, FICO’s VP of product management.

Banks will be able to make more competitive offers to small businesses based on the new FICO scores, compared with other small business scoring models, he noted.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Discover Rolls Out Free FICO Scores to All Cardholders
Discover Rolls Out Free FICO Scores to All Cardholders

Posted: February 10, 2014

Discover it customers got access to their FICO scores last November, but now anyone with a Discover card will find their free FICO score printed on their monthly statement. Continue reading
FICO Scores Getting a Makeover
FICO Scores Getting a Makeover

Posted: March 17, 2014

Your FICO score may look a little different starting this summer. The company is releasing a new version of their credit-scoring product, the FICO Score 9, designed to provide more accurate risk assessment across different industries. Continue reading
Free Fico Scores for Citi Credit Card Customers
Free Fico Scores for Citi Credit Card Customers

Posted: January 26, 2015

Last year Citi announced they would be giving its consumer credit cardholders free access to their FICO scores, and this month they are delivering on that promise. FICO scores have been uploaded to online accounts and will be updated... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!