Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, announced today the release and immediate availability of LiquidCredit(R) decision engine version 6.3, a browser-based instant credit decisioning solution that combines advanced analytics and process automation to help lenders evaluate consumer and small business loan applications and make more informed lending decisions.
Used by more than 300 financial institutions worldwide, Fair Isaac's LiquidCredit decision engine gives lenders a strategic decisioning platform for providing instant credit across any channel. The solution is designed to help credit grantors realize greater profitability by booking more loans, cutting losses and reducing operational costs and delays through the deployment of leading predictive analytics and an easy-to-use, browser-based design.
Version 6.3 of LiquidCredit incorporates additional bureau-delivered credit risk scores, including Equifax's (U.S.) BEACON 5.0 and the companion industry option models, which offer more refined risk prediction and are more consumer-friendly due to improved inquiry logic. Additionally, the enhanced bureau data is available in a parsed format, giving users access to the specific data fields that bureaus return. These latest enhancements provide lenders with more flexibility in servicing their customers and determining the proper credit/pricing offer while effectively managing risk.
"LiquidCredit enables clients to harness Fair Isaac's analytic and decisioning technology for faster, more effective credit decisioning," said Roger Ahern, vice president of Global Origination Solutions at Fair Isaac. "With the support of additional scores, lenders will continue to increase their efficiency and achieve stronger bottom-line performance, while improving the overall consistency and accuracy of their decisions."
Several new Fair Isaac clients have already chosen LiquidCredit 6.3 as their credit decision engine, including Houston-based Sterling Bank, a subsidiary of Sterling Bancshares, Inc. (NASDAQ:SBIB).
"LiquidCredit is a welcome and integral part of our application processing operations," said Andrew Reid, a Chief Credit Officer at Sterling Bank. "By accessing Fair Isaac's analytics through a Web-based application, we can more accurately assess the risk of applicants and ultimately create a more profitable portfolio of customers while also shortening the decision time for our customers."
The implementation of LiquidCredit allows financial institutions to reduce losses from charge-offs through the timely delivery of critical credit scores. LiquidCredit immediately validates application data, obtains a credit bureau report and returns a credit score that can be used to make faster, more accurate credit decisions. This process automation eliminates costly errors and provides the basis for consistent decision making and strategy execution.
Existing LiquidCredit clients were automatically upgraded to version 6.3 and can take advantage of new functions and features as they wish to incorporate it.