FICO Introduces New Small Biz Lending Tool

Many lenders utilize FICO scores during their credit scoring process, and this week FICO introduced its new 7.0 model through the cloud. This new version of the small business scoring solution enables small business credit grantors assess credit risk, comply with regulatory requirements, and offer faster responses to small business applicants through process automation and instant risk assessment.

The new version provides a complete picture of how a small business is paying against its obligations with data from more than 28 million small businesses, and 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.

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