Setting up the credit rating matrix

Depending upon the total score, an application can be put in a particular credit band which can help in the assessment of the application.

You can define various credit ratings in Q2 Origination and then, using the process builder, assign an application a particular rating depending on a score range.

Credit rating can also affect pricing and you can define this too in Q2 Origination. For example, you can give a loan of $50,000 @12% for a year to a borrower with the top most rating of A+, whereas only $10,000 @12% for a year to a borrower who falls in the lowest credit rating grouping.

Prerequisites

None.

Steps

Perform the following steps to set up a credit rating matrix:

1. Log in to your Salesforce account.

2. Go to Origination Configuration > Credit and Pricing Setup > Credit Setup.

3. Select Credit Rating Matrix. 

4. In the page that is displayed, select New Credit Rating Matrix.

5. Specify the Credit Matrix Rating Name. For example, A. 

6. Select Save&New to define the required ratings. Or, select Save to save the matrix name and exit.