CREDIT DECISIONING
Every finance company has its own unique credit criteria aimed at the target buyer of their services and products. The criteria are often the core differentiator in a sometimes crowded lending market. Indeed, a finance company's success can be directly driven by the credit criteria applied to its lending decisions. As a consequence, it is vital that the credit criteria are consistenty and diligently applied when making every lending decision.
This approvals process usually varies by the finance company's business channels. Three methods of receiving applications are commonly used today:
- Faxed credit applications.
- On-line applications.
- Telephone applications.
Because each channel may have a different service requirement, such as guaranteed turnaround for customers in retail outlets, each may require different processes to apply the same credit criteria. It is essential then that approvals staff are well-trained and able to act appropriately to maximise the chances of making the correct credit decision and minimising the chances of fraud and consequent losses.
WHY FASNEXUS?
We have operated an approvals team from our very first day in business and we continue to handle hundreds of credit applications through all the business channels listed above on a daily basis. With our years of experience in this field, we can quickly and easily tailor our credit decisioning services to suit your needs, and optimise the process to meet your challenging demands. Our approvals team is able to ensure accurate and fast turn-around of credit applications in almost all situations, 7 days a week, 364 days a year (365 in Leap Years!).
With the support of our software, CreditPlus, pre-configured with your credit criteria, our team is able to conduct verifications of information, liaise with credit agencies, application originators and even the client, if necessary, to finalise within minutes the credit application and approve or decline the loan or lease -- vital if your applicants are, for example, waiting in a retail outlet. Our staff are also trained and experienced in dealing with difficult situations, especially when applications have been declined.
SUMMARY
- Using our tools, processes and years of experience within FASNexus, we can ensure that your credit criteria are applied with 100% compliance, quickly and efficiently, reducing your company's exposure to lending risks dramatically
- We can even advise you whether your credit criteria are likely to meet your business performance expectations before you apply them!
- Contact us for more information.
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