The FICO Liquid Credit connector provides institutions the ability to transmit applicant data to the FICO Liquid Credit ARM 3.0 scorecard for evaluation. The data returned to the Framework is able to be evaluated by the rules engine as well as end users to assist with processes, such as decisioning.
About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries.
FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™.
FICO in the Workplace
Automatic Processing
With hopes of opening a Mooby’s franchise, Jay and Bob walk into Quick Stop Financial. After a short wait, they are greeted by Randal, the Assistant Branch Manager, who takes them to his office. After discussing the loan details with Jay and Bob, Randal begins to process the application in the Framework.
Once the applicant data has been entered and credit reports have been retrieved, Randel clicks 
. The applicant data is automatically submitted to FICO Liquid Credit for evaluation. The evaluation results import into the application. The Framework then processes the application using Rules to assign risk, apply a decision and price the application. The application is quickly approved and Randal reviews the terms with the applicants. Once the loan documents are signed, Randal disburses the application and files the documents.
Rescoring
In need of a new vehicle, Logan arrives at Xavier Financial with hopes of being preapproved for a $30,000.00 loan prior to visiting dealerships. Upon entering, he is greeted immediately by Wade, the branch manager. After discussing the loan details, Wade begins to process the application in the Framework. Once all data has been entered, the application is submitted to FICO Liquid Credit for evaluation and an approved decision is rendered.
With an approval in hand, Logan begins visiting car dealerships. He decides on a vehicle that has a sales price of $33,995. Logan contacts Wade and informs her of the price difference. Once she receives the updated amount, she removes the decision, updates the application and clicks 
. The updated evaluation results import into the application. Wade then clicks and the new loan terms are approved.
Logan returns to Xavier with a bill of sale. Wade reviews the terms of the loan with him and he signs the documents. Once the loan documents are signed, Wade disburses the application and files the documents.
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For more information about configuring and using this connector in the Framework, please see the FICO Liquid Credit Connector Guide. |