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FICO Introduces Expanded Analytic Service To Speed Small Business Lending

Stocks in this article: FICO

MINNEAPOLIS, Dec. 19, 2012 /PRNewswire/ --  FICO (NYSE: FICO), the leading provider of predictive analytics and decision management technology, today announced the availability of FICO® Small Business Scoring ServiceSM (SBSS SM) solution version 7.0, which brings expanded data and analytics to small business lending. This new version of the small business scoring solution enables small business credit grantors to assess credit risk, comply with regulatory requirements, and offer faster responses to small business applicants through process automation and instant risk assessment.


The new service offers a suite of empirically derived, multi-data sourced predictive models. The predictive models include Equifax commercial and consumer data, and through Equifax's relationship with the Small Business Financial Exchange, Inc., SBFE ® Data. Banks will now have access to the largest source of small business financial payment information in the industry, including business loans, cards, leases and lines of credit reported by more than 400 SBFE members. The combined power of Equifax and SBFE Data provides a complete picture of how a small business is paying against its obligations with data from more than 28 million small businesses, enabling users to have greater confidence in their lending decisions. SBSS 7.0 supports decisioning on loans of up to $1 million for term loan/line of credit transactions and $250,000 for leasing transactions. With this release, FICO has also introduced a small business bankruptcy score, which can further refine risk assessment.  

FICO® SBSS SM 7.0 is being offered to small business credit grantors through FICO® LiquidCredit ® service, a cloud-based, single or multi-lender, automated origination platform that is used by hundreds of grantors to accurately decision and price credit offers. The combined solution gives credit grantors greater flexibility when lending to small businesses, by drawing on multiple data sources and more than 100 combinations of consumer and business models and alternative model suites.

"Demand for credit from small businesses is intense, and small business lenders must respond in real-time with offers closely tailored to the applicant's needs in order to compete and grow," said David Lightfoot, vice president of product management at FICO. "SBSS 7.0 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. It gives small business credit grantors the strongest predictor of credit risk relative to other small business scores, enabling them to pursue profitable growth strategies, adapt quickly to changing market conditions and make more competitive offers to small business borrowers."

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