The FICO LiquidCredit integration for Cloud Lending sends specific application data for small businesses and consumers to FICO’s LiquidCredit decision engine and returns a scored result that can be used in decisioning. In addition to the scored result, FICO also returns a summary analysis of the bureau-supplied attribute data.
Related Concepts
This score takes into account application, consumer credit report, business financial, and business bureau characteristics. If there are two scored principals, and both have a valid online credit bureau score or neither have a valid online credit bureau score, the application total score equals the value of the Applicant Total Score for the scored principal with the Lowest Applicant Total Score. If one of the scored principals has a valid online credit bureau score and the other does not, the application total score equals the value of the Applicant Total Score, for the scored principal with the valid online credit bureau score. An online credit bureau score is considered valid if it is greater than or equal to 250 and less than or equal to 950.
A value of 998 indicates that the application is unscorable by the SBSS 7.0 scoring model suite.
The final SBSS Bankruptcy 1.0 score for the application. If the application is unscorable, or if the principal whose score was selected, as the application score does not have a bankruptcy score, no scoring node is returned for the bankruptcy score.
The following steps explain how to invoke, how to view details, and how to view history for FICO LiquidCredit integration:
Prerequisites
Before you proceed to request FICO LiquidCredit service, ensure that the following prerequisites are met:
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FICO package is Installed.
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FICO Integration is activated.
Note
For more information on activations and configurations, see the FICO LiquidCredit - Installation Guide section in the Q2 Integrations Documentationguide.
Steps
To generate a FICO score and fetch the corresponding details:
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Log in to your Salesforce account.
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Go to
(App Launcher) > in the Quick Find box, search for
Applications. -
Go to the Parties tab, and then select the required business account.
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Go to the FICO Liquid Credit section, and then select
.
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Generate Scorecard: Select Generate Scorecard to generate scorecard details:
Only one business party and any number of Individual parties can be added to an application. The default order of the principals displayed on the Generate Scorecard page is as per their higher ownership Percentage (Higher ownership percentage on top). You can also rearrange the order displayed using the drag and drop method. A maximum of six principals can be selected from the displayed list of individual parties. The scorecard page displays all the six principals and one business on Generate Scorecard page.
The FICO Liquid Credit scenarios are valid for three types of applications i.e Loan, Lease, and LOC. When you select on any of the entities for the first time on the FICO LiquidCredit page, the message FICO score for this party doesn't exist is displayed.
Generate ScorecardThe Generate Scorecard section displays the business and principal information of the selected party:
Field Name
Action and Information
Business Search
Account Name
Name of the business entity.
Fico Score Date
The date or day before, when the FICO score was requested.
This depends on the server location of the service provider.
Principal Information
Account Name
Name of the principal entity.
Fico Score Date
The date or day before, when the FICO score was requested.
This depends on the server location of the service provider.
Purchase Report
This checkbox can be selected for the principals whose FICO score is already purchased.
For principals whose FICO score data is not purchased, this checkbox is greyed out.
Select Purchase Report to buy a scorecard report.
Note
If the checkbox is not selected, the existing scorecard is being requested again.
Consent Obtained
This checkbox is selected by default when the purchase report checkbox is selected.
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New Request
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To send a FICO request, select FICO Request.
A success message is displayed.
Note
A maximum of only six individual entities can be selected.
Different scorecards can be generated depending on different values passed in the FICO request.
Action
Information
If all six principals are selected.
The purchase report doesn't get selected and the FICO score date is displayed for respective principals.
If four out of those six principals are selected.
The purchase reports of the fifth and the sixth principals are highlighted with no FICO score date displayed.
If four principals have purchased the FICO score and if you want to rescore the fourth one with one new principal.
Note
The FICO rescoring can be done only when there is a scorecard generated for that party, or when the credit report for at least one party was pulled within the last 30 days.
The fourth and fifth principals' reports are purchased with the FICO score date displayed.
If only the fourth principal and fifth principal have purchased the FICO score and now you want to rescore the fifth principal again.
Only for the fifth principal purchase report, and their corresponding FICO score date is displayed.
If the top two principals are the fourth and fifth principals (rearranged) and all the six principals are selected
The changed scorecard values are displayed.
If only one principal is changed out of the top two principals, and all the six principals are selected.
The scorecard value changes respectively.
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FICO Score: If there are no principals associated with an application then the FICO score is displayed with respect to the application only.
Action
Information
If an application is created with the same business account and same individual entities.
The FICO scorecard details from the previous application are displayed on the new application.
If the FICO score is present for the business entity of a different application, and that business entity is used in the current application.
The business entity score is not displayed in the current application.
If FICO score is present for the principals in the first application and if those principals are used in the second application.
The same FICO score is displayed in the second application that is present in the first application.
View Details
The scorecard details are based on multiple factors that can change and affect credit values. So, you may want to derive the latest values by using the Latest Scorecards Details option.
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Select Latest Score Details to get the latest scores of the selected party:
The Liquid Credit Historyis available in a separate section as shown in the following image:
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Field Name |
Action and Information |
|---|---|
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Total Score |
Displays the total score of the scorecard. |
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Score Type |
Displays the score model based on which the score is displayed. |
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Created Date |
The date on which the scorecard details were requested. |
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View Scorecard |
Select View Scorecard link, to display the scorecard details: |