Each financial institution, from banks to payday loans companies, before accepting a client’s request for financial support, carefully checks his credit history and assesses his credit risk. For this purpose, it uses the information collected by BIK, BIG, KRD or ERIF, then comparing it with its own scoring used to calculate creditworthiness.
An attentive customer, when entering into a loan agreement or cash loan, will notice in the documents sent information about checking the applicant in getSCORE. What is this base? Check out the new credit risk assessment method implemented by getSCORE.
What is getSCORE?
getSCORE is a new transaction risk assessment system. The main assumption of getSCORE is to provide financial entities with reliable information for assessing credit risk, as well as protection against financial fraud attempts. The system applies primarily to the consumer loans sector, which unfortunately many clients are indebted to, which means that the risk of further financial obligations being granted to people with an uncertain household budget situation carries additional risk.
It is worth emphasizing that getSCORE, in the area of information exchange, closely cooperates with the National Debt Register Biuro Biuro Gospodarczej SA, which is an entity recognized as a leader in the field of collecting, processing and sharing economic information in Poland.
As emphasized by getSCORE, this long-term cooperation with KRD BIG SA and a thorough understanding of the non-bank loans market have enabled the development of secure IT solutions and the implementation of the Transaction Risk Assessment System, i.e. the proprietary getSCORE solution.
Why do companies not want to borrow?
Before answering the question – how exactly does getSCORE work, it is necessary to get a bit closer to the situation on the non-bank loans market. Often the question arises among customers – why does the company refuse to grant a loan? This is related to the wrong perception of the functioning of this type of institution.
What exactly are we talking about? The opinion often repeated by debtors that many loan companies are even waiting for a lack of repayment and then earning interest on it is not true. On the contrary.
The best customer for financial institutions is the person who reliably repays the liability. Even companies with huge capital cannot afford to exceed a certain threshold of repayment of liabilities by customers, because as a consequence there would be a risk of lack of profitability of conducted activities.