Using Scorecards for Credit Decisions
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1 Using Scorecards for Credit Decisions ebook Provided by: Cortera, Inc. Endorsed by: National Association of Wholesaler-Distributors
2 2 Introduction When B2B credit requests are made, most suppliers will look to payment history and traditional credit scores for answers. The commercial credit industry is always changing, thus can sometimes be difficult to navigate. Approving the wrong credit request could lead to a major financial loss, and declining a company with high purchase potential could wind up as a missed opportunity. Using scorecards when making credit decisions has many benefits, including increased decision hit rates, leading to greater cash flow and an increase in revenue.
3 3 Humans Score Everything We live in a pick and choose world where, whether we realize it or not, we re already scoring everything; the movies we see, liking or disliking on social media, rating the restaurants we eat at and voting for our favorites on live entertainment shows. In one way or another, most credit departments are already scoring the businesses they work with, even if it s a manual process. Implementing a scorecard system automates the process, saving time and reducing the risk of manual error. An automated scorecard system answers two simple questions: yes, no, or maybe and how much?
4 4 When we apply scorecards Scorecards come into play in many different scenarios, including: New customers applying for credit Existing customers requesting increases Ongoing credit limit management for existing customers When new customers apply for credit, an automated scorecard system will base the decision on that businesses' experiences with other providers, thus determining the safest range of credit to extend. If an existing customer requests an increase, the system will identify if they should be spending more with you, based on their current limits with other providers.
5 5 Challenges Credit departments that perform manual scoring face the same challenges as those who have implemented automated scorecard systems.
6 6 Issues that Credit Managers Face Incomplete Data High Volume Tight Budget Sales Pressure Without having a scorecard system in place, credit departments miss key pieces of information. The decisions carry a greater risk and more vulnerability to financial loss. Credit managers struggle with an extremely high volume of work. They re expected to do more with less, making manual processes like credit scoring a tedious task. Budget cuts make it difficult, sometimes impossible, to hire additional workforce. This leaves little room for offloading work. Sales teams have a need for speed: they want to get their deals approved, fast. Sales teams put pressure on credit departments to approve requests which may not be safe.
7 Overcoming These Challenges 7 In this ebook, we will cover: 1. What data you should be using to build your scorecards 2. Creating a best practice scorecard for beginners 3. Setting up the initial scorecard 4. When you should be using multiple scorecards 5. How to improve your scorecards over time 6. Managing your portfolio through scoring over time
8 8 The Data Most Companies Use When creating scorecards, most companies will use a standard set of variables, including: Payment rating Predictive payment score Total balances Number of providers Age of business Bankruptcies Cortera calls this the base model. For a more customized ride, additional variables can be added on: Industry spending insights Industry-specific payments Estimated revenue Estimated employees Late balances
9 9 Determining a Yes, No, or Maybe When put into action, an automated scorecard system makes the credit decision for you. Whether it s a yes, a no, or a maybe, credit departments will know instantly whether they should move on to the next step, review further, or decline a request - and why. The system will also apply a recommended credit range with set limits to answer the question of how much?. This takes the guess work out of the approval process while addressing two of the challenges mentioned earlier in this book: high work volume and pressure from the sales team.
10 10 Structuring the Scorecard The scorecard can be created by using a point system based on the variables you select: Rule x Weight = Points Toward Approval Payment Rating Points A 10 B 8 C 5 D 3 F 1 x 50% = 4 points
11 11 Best practice scorecard Below we demonstrate how to structure the best practice scorecard. The key rule to follow is that there should be 10 points per rule, each with a different weighting, adding up to a 100 point total. Variable Points Weighting Payment rating % Predictive payment score % Total balance reported % Number of providers reporting % Age of business % Total: 100%
12 12 Setting the Yes-No-Maybe scores Once the requirements for the total score have been structured, you ll need to set approval cutoffs. These will determine the yes, no, or maybe factors. Decision Total Points Approve 6.50 Or higher Pending 3.00 To 6.49 Decline Less than 3.00 Of course, some approval overrides should be in place. For example if there is a bankruptcy filing in the corporate family within the past 12 months, that request should be declined.
13 13 Find your desired mix of Yes-No-Maybe Next you want to find your desired mix of yes, no, maybe. This will keep you from approving too many or not enough. 70/20/10 75/20/5 80/15/5 85/12/3 90/8/2 95/5/0 Approve Pending Decline 70% Points >= % Points >= % Points >= % Points >= % Points >= % Points >= % Points = % Points = % Points = % Points = % Points = % Points = % Points < 4.0 5% Points < 3.5 5% Points < 3.5 3% Points < 3.3 2% Points < 3.1 0% Points < 0
14 14 Setting credit limits If an application is approved, the next item to address is how much credit should be extended. *Best practice: use a percentage of total balance reported or highest balance reported. An automated scorecard system will provide both an aggressive and a conservative credit limit. The aggressive limit will be a percentage of that company s overall spend in your industry. The conservative limit will be a percentage of the single largest creditor in your industry. It s then up to you to choose an amount anywhere in between.
15 15 When to Use Multiple Scorecards It s important to remember that there is no one-size-fits-all approach to B2B credit decisioning. If your customers vary significantly in risk profile, you might need multiple scorecards. Customers can be segmented any number of ways; by company size, private vs. public, having multiple product lines or divisions, or by industry. The important factor in decisioning, though, is to determine where they fall on the risk spectrum.
16 16 Improving Scorecards Over Time A scorecard strategy has the ability to improve over time, but improving will require research. Challenge your scorecard by creating a new one. Add or change the rules or weights on the challenger scorecard, and apply those new scores to decisions that were made 6 18 months ago. Then answer the following questions: What decisions did your Champion scorecard make? What decisions did your Challenger scorecard make? Which was better for the business? When you create a Challenger that wins, it becomes the new Champion. Repeat this process every 6 12 months.
17 17 Ongoing Portfolio Management Scorecards can be used for ongoing portfolio management to ensure that there is not too much or too little credit being extended at any given time, but rather that the limits are just right. As you review your portfolio, you may find that some customers are currently holding too much credit after applying the challenger scorecard. This is an opportunity for you to tighten up credit limits in order to avoid loss. You may also find that some customers are not spending anywhere near their limit. This is an opportunity for you to sell more.
18 18 Summary 1) Even simple scorecards are worth implementing - Reduce risk - Save time & money - Speed up processes 2) Rescore regularly to manage risks 3) There are solutions to fit every budget
19 19 To Request a Demonstration of Cortera Decisions, visit
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