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 119 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, 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:
Investigate Credit Scoring planning and find answers.
– What tools and technologies are needed for a custom Credit Scoring project?
– Why is Credit Scoring important for you now?
– Is a Credit Scoring Team Work effort in place?
Credit score Critical Criteria:
Reason over Credit score leadership and assess what counts with Credit score that we are not counting.
– How do we make it meaningful in connecting Credit Scoring with what users do day-to-day?
– How do we Improve Credit Scoring service perception, and satisfaction?
– What is our formula for success in Credit Scoring ?
Alternative data Critical Criteria:
Disseminate Alternative data visions and summarize a clear Alternative data focus.
– 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?
– Why is it important to have senior management support for a Credit Scoring project?
– Is Credit Scoring Required?
Bad debt Critical Criteria:
Focus on Bad debt tasks and slay a dragon.
– What are the business goals Credit Scoring is aiming to achieve?
– What are internal and external Credit Scoring relations?
Basel II Critical Criteria:
Apply Basel II projects and display thorough understanding of the Basel II process.
– What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Credit Scoring?
– 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?
Christer Fuglesang Critical Criteria:
Canvass Christer Fuglesang planning and document what potential Christer Fuglesang megatrends could make our business model obsolete.
– Will new equipment/products be required to facilitate Credit Scoring delivery for example is new software needed?
– How do mission and objectives affect the Credit Scoring processes of our organization?
– Think of your Credit Scoring project. what are the main functions?
Credit Karma Critical Criteria:
Collaborate on Credit Karma governance and ask what if.
– How can you negotiate Credit Scoring successfully with a stubborn boss, an irate client, or a deceitful coworker?
– What is the purpose of Credit Scoring in relation to the mission?
– How do we go about Comparing Credit Scoring approaches/solutions?
Credit Sesame Critical Criteria:
Frame Credit Sesame results and arbitrate Credit Sesame techniques that enhance teamwork and productivity.
– What business benefits will Credit Scoring goals deliver if achieved?
Credit bureau Critical Criteria:
Have a round table over Credit bureau management and pioneer acquisition of Credit bureau systems.
– Can we add value to the current Credit Scoring decision-making process (largely qualitative) by incorporating uncertainty modeling (more quantitative)?
– What is the total cost related to deploying Credit Scoring, including any consulting or professional services?
– Why are Credit Scoring skills important?
Credit history Critical Criteria:
Detail Credit history outcomes and assess and formulate effective operational and Credit history strategies.
– How do senior leaders actions reflect a commitment to the organizations Credit Scoring values?
– How would one define Credit Scoring leadership?
– Do we have past Credit Scoring Successes?
Credit reference Critical Criteria:
Have a round table over Credit reference governance and get the big picture.
– Do those selected for the Credit Scoring team have a good general understanding of what Credit Scoring is all about?
– What are the top 3 things at the forefront of our Credit Scoring agendas for the next 3 years?
Credit report Critical Criteria:
Pilot Credit report risks and pay attention to the small things.
– Does Credit Scoring create potential expectations in other areas that need to be recognized and considered?
– What sources do you use to gather information for a Credit Scoring study?
Credit report monitoring Critical Criteria:
Consolidate Credit report monitoring governance and pioneer acquisition of Credit report monitoring systems.
– Why should we adopt a Credit Scoring framework?
– What are current Credit Scoring Paradigms?
Credit score in the United States Critical Criteria:
Conceptualize Credit score in the United States decisions and triple focus on important concepts of Credit score in the United States relationship management.
– 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?
– Do several people in different organizational units assist with the Credit Scoring process?
Credit scorecards Critical Criteria:
Cut a stake in Credit scorecards visions and point out improvements in Credit scorecards.
– What about Credit Scoring Analysis of results?
Data Protection Directive Critical Criteria:
Have a round table over Data Protection Directive governance and differentiate in coordinating Data Protection Directive.
– What are the success criteria that will indicate that Credit Scoring objectives have been met and the benefits delivered?
Data mining Critical Criteria:
Win new insights about Data mining planning and cater for concise Data mining education.
– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Credit Scoring. How do we gain traction?
– 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?
– Is the scope of Credit Scoring defined?
Dun & Bradstreet Critical Criteria:
Reason over Dun & Bradstreet risks and tour deciding if Dun & Bradstreet progress is made.
– In what ways are Credit Scoring vendors and us interacting to ensure safe and effective use?
– Meeting the challenge: are missed Credit Scoring opportunities costing us money?
– Is the Credit Scoring organization completing tasks effectively and efficiently?
Enforcement Authority Critical Criteria:
Reconstruct Enforcement Authority management and research ways can we become the Enforcement Authority company that would put us out of business.
– What other jobs or tasks affect the performance of the steps in the Credit Scoring process?
– What are the barriers to increased Credit Scoring production?
– Who sets the Credit Scoring standards?
FICO score Critical Criteria:
Depict FICO score visions and budget the knowledge transfer for any interested in FICO score.
– When a Credit Scoring manager recognizes a problem, what options are available?
Fair Credit Reporting Act Critical Criteria:
Boost Fair Credit Reporting Act quality and prioritize challenges of Fair Credit Reporting Act.
– How can we incorporate support to ensure safe and effective use of Credit Scoring into the services that we provide?
– What knowledge, skills and characteristics mark a good Credit Scoring project manager?
– Have all basic functions of Credit Scoring been defined?
Fair Isaac Critical Criteria:
X-ray Fair Isaac decisions and probe using an integrated framework to make sure Fair Isaac is getting what it needs.
– How do we maintain Credit Scorings Integrity?
– How do we go about Securing Credit Scoring?
Finance and Leasing Association Critical Criteria:
Reconstruct Finance and Leasing Association quality and intervene in Finance and Leasing Association processes and leadership.
– What are our needs in relation to Credit Scoring skills, labor, equipment, and markets?
– Are there Credit Scoring Models?
Financial Conduct Authority Critical Criteria:
Mix Financial Conduct Authority failures and reduce Financial Conduct Authority costs.
– 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?
Financial Consumer Agency of Canada Critical Criteria:
Participate in Financial Consumer Agency of Canada outcomes and report on setting up Financial Consumer Agency of Canada without losing ground.
– What role does communication play in the success or failure of a Credit Scoring project?
– Do we monitor the Credit Scoring decisions made and fine tune them as they evolve?
– How is the value delivered by Credit Scoring being measured?
Identity scoring Critical Criteria:
Map Identity scoring engagements and differentiate in coordinating Identity scoring.
– Who will be responsible for documenting the Credit Scoring requirements in detail?
– Can we do Credit Scoring without complex (expensive) analysis?
Identity theft Critical Criteria:
Sort Identity theft planning and acquire concise Identity theft education.
– 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?
– How do we know that any Credit Scoring analysis is complete and comprehensive?
– Does the Credit Scoring task fit the clients priorities?
Interest rate Critical Criteria:
Devise Interest rate risks and get going.
– 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?
– 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?
– What is your current effective interest rate on loans?
Logistic function Critical Criteria:
Confer re Logistic function tactics and secure Logistic function creativity.
– Are we making progress? and are we making progress as Credit Scoring leaders?
– Who are the people involved in developing and implementing Credit Scoring?
Logistic regression Critical Criteria:
Dissect Logistic regression failures and attract Logistic regression skills.
– Which customers cant participate in our Credit Scoring domain because they lack skills, wealth, or convenient access to existing solutions?
– Does our organization need more Credit Scoring education?
Multivariate adaptive regression splines Critical Criteria:
Concentrate on Multivariate adaptive regression splines leadership and find out.
– Do we all define Credit Scoring in the same way?
National identification number Critical Criteria:
Brainstorm over National identification number outcomes and define what our big hairy audacious National identification number goal is.
– What will drive Credit Scoring change?
– How can the value of Credit Scoring be defined?
Predictive analytics Critical Criteria:
Read up on Predictive analytics goals and suggest using storytelling to create more compelling Predictive analytics projects.
– What are direct examples that show predictive analytics to be highly reliable?
– Are we Assessing Credit Scoring and Risk?
Random forest Critical Criteria:
Prioritize Random forest governance and visualize why should people listen to you regarding Random forest.
– 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?
– Does Credit Scoring systematically track and analyze outcomes for accountability and quality improvement?
Reserve Bank of India Critical Criteria:
Canvass Reserve Bank of India quality and separate what are the business goals Reserve Bank of India is aiming to achieve.
– Risk factors: what are the characteristics of Credit Scoring that make it risky?
Risk-based pricing Critical Criteria:
Participate in Risk-based pricing engagements and summarize a clear Risk-based pricing focus.
– How do we manage Credit Scoring Knowledge Management (KM)?
– What are the usability implications of Credit Scoring actions?
– What are our Credit Scoring Processes?
South Africa Critical Criteria:
Model after South Africa results and find out.
– At what point will vulnerability assessments be performed once Credit Scoring is put into production (e.g., ongoing Risk Management after implementation)?
Stockholm congestion tax Critical Criteria:
Tête-à-tête about Stockholm congestion tax goals and proactively manage Stockholm congestion tax risks.
– 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?
– What are the long-term Credit Scoring goals?
Trusted system Critical Criteria:
Steer Trusted system tasks and look at it backwards.
– 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?
– Does Credit Scoring appropriately measure and monitor risk?
– How do we Lead with Credit Scoring in Mind?
Wall Street reform Critical Criteria:
Communicate about Wall Street reform governance and clarify ways to gain access to competitive Wall Street reform services.
– What are the record-keeping requirements of Credit Scoring activities?
Washington Mutual Critical Criteria:
Mine Washington Mutual quality and correct Washington Mutual management by competencies.
– How will you know that the Credit Scoring project has been successful?
– Are assumptions made in Credit Scoring stated explicitly?
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:
VantageScore Consumer Credit Scoring | VantageScore …
Land Title: Credit Scoring – ltgc.com
Credit Scoring – creditworthy.com
Credit score External links:
What’s my credit score? Alexa can help – Oct. 30, 2017
Capital One – Free Credit Score & Report Check with …
Free Credit Score – FICO® Credit Score Card | Discover
Bad debt External links:
Topic No. 453 Bad Debt Deduction | Internal Revenue Service
Write off bad debt – QuickBooks Learn & Support
Deducting Bad Debt | Internal Revenue Service
Basel II External links:
Basel II – Investopedia
What is Basel II? – Video | Investopedia
What is Basel II? – Definition from WhatIs.com
Christer Fuglesang External links:
Christer Fuglesang – Home | Facebook
Christer Fuglesang Visa vägen 2015 – YouTube
Credit Karma External links:
Credit Karma – YouTube
Credit Karma Help Center
Credit Karma – Home | Facebook
Credit Sesame External links:
creditbadge.us – Credit Badge™ – Credit Sesame
Credit Sesame – Official Site
Credit Sesame Review (Updated for 2017) – AAACreditGuide
Credit bureau External links:
Clarity Services, Inc. | Real-Time Credit Bureau
American Credit Bureau
Experian Credit Bureau: What You Need to Know | Credit.com
Credit history External links:
Credit History, Score & Report | Credit Karma
Employment Credit History Report | TransUnion
Build Credit History By Paying Your Rent On Time
Credit reference External links:
GP Credit Reference
[PDF]Credit Reference Request – creditproworld.com
Dow Credit Reference
Credit report External links:
Check Your Credit Report & FICO® Score | Experian
In-File Credit Report Definition at Mortgage Marvel
A 3 Bureau Credit Report includes All 3 Credit Reports:
Credit report monitoring External links:
[PDF]Experian Credit Report Monitoring and ID Theft …
The end of paid credit report monitoring? | Fortune
Infile Credit Report – 3 Credit Report Monitoring Service
Data Protection Directive External links:
European Union Data Protection Directive Privacy Statement
Data Protection Directive
http://The Data Protection Directive (officially Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data) is a European Union directive adopted in 1995 which regulates the processing of personal data within the European Union.
Data mining External links:
Data Mining (eBook, 2016) [WorldCat.org]
Job Titles in Data Mining – KDnuggets
Title Data Mining Jobs, Employment | Indeed.com
Enforcement Authority External links:
Enforcement authority | Mass.gov
FICO score External links:
5 Factors that Determine a FICO Score – myFICO blog
Fair Isaac External links:
Fair Isaac – FICO – Stock Price & News | The Motley Fool
Fair Isaac Corporation – FICO – Stock Price Today – Zacks
Finance and Leasing Association External links:
Finance and Leasing Association (FLA) | Practical Law
Finance And Leasing Association Guidelines – makare.de
Financial Conduct Authority External links:
Investment consultants criticise Financial Conduct Authority
Financial Conduct Authority :: Law360
Financial Conduct Authority to review current accounts
Financial Consumer Agency of Canada External links:
Financial Consumer Agency of Canada (FCAC), Ottawa, ON. 7,163 likes · 72 talking about this · 2 were here. French: http://www.facebook.com/ACFCan
The Financial Consumer Agency of Canada & Success …
Financial Consumer Agency of Canada – YouTube
Identity scoring External links:
Juvo Identity Scoring | Stevie Awards
Juvo Identity Scoring | Stevie Awards
Identity scoring – Revolvy
Identity theft External links:
[PDF]Identity Theft and Your Social Security Number
Identity Theft Protection Plans – Sign In – Wells Fargo
Interest rate External links:
Interest Rate Reduction Refinance Loan – VA Home Loans
[PDF]Understanding Interest Rate Swap Math & Pricing
Interest Expense and Average Interest Rate Graph
Logistic function External links:
logistic function – Wiktionary
Logistic function – OpenWetWare
Logistic function – Calculus
Logistic regression External links:
Assumptions of Logistic Regression – Statistics Solutions
Logistic Regression – San Francisco State University
[PDF]11 Logistic Regression – Interpreting Parameters
Multivariate adaptive regression splines External links:
Multivariate Adaptive Regression Splines (MARS) | MKE …
[PDF]MULTIVARIATE ADAPTIVE REGRESSION SPLINES*
CiteSeerX — Multivariate adaptive regression splines
Predictive analytics External links:
Predictive Analytics for Healthcare | Forecast Health
Predictive Analytics Software, Social Listening | NewBrand
Strategic Location Management & Predictive Analytics | …
Random forest External links:
python – Random Forest with GridSearchCV – Error on …
Unsupervised Learning With Random Forest Predictors
GCD.5 – Random Forest | STAT 897D
Reserve Bank of India External links:
[PDF]RESERVE BANK OF INDIA PAYMENT CODES
Reserve Bank of India
Reserve Bank of India – YouTube
South Africa External links:
Standard Bank – South Africa | Log Off
Adobe South Africa – Adobe Africa
Goal South Africa – Official Site
Stockholm congestion tax External links:
Stockholm Congestion Tax by shane killeen on Prezi
Stockholm Congestion Tax – YouTube
Protests Mar Opening of Stockholm Congestion Tax
Trusted system External links:
[PDF]Trusted System – California
Biplan Global – your trusted system integrator
Wall Street reform External links:
[PDF]DODD-FRANK WALL STREET REFORM AND …
Washington Mutual External links:
RWMGX American Funds Washington Mutual R6 Fund …
American Funds Washington Mutual Investors Fund Class …
Washington Mutual Invs Fd Cl A Shs (AWSHX) – NASDAQ.com