Reviewing and Processing Applications

The application is first checked for data consistency and validation errors configured for your system. If any exist, the Application Processing Module generates an error message so you can correct the incorrect or missing data. If the key data matches data found in another application that was previously submitted, the system determines that the application is a possible duplicate (if your system is configured to check for duplicates) and places it in the appropriate queue until an analyst accesses it to make a determination. Likewise, the system evaluates the application for other issues (based on rules and strategies in the Decision Module, if it is used), such as missing data or possible fraud. When requested, the system can obtain a credit report for the applicants based on the product policy or the decision party of an application, if your company is using the Data Acquisition Module. Your system administrator will have previously set up accounts with each consumer or small business credit reporting agency (CRA) that your company wishes to use.

If your company is using the Analytic Module, the system can analyze application, applicant, and credit report information to calculate scores for consumer, and business applications using the Small Business Scoring Service (SBSS). These scores can be compared to a score cutoff configured by your company.

The Application Processing Module evaluates the application and all data collected based on your company's configuration (for example, CRA reports). Depending on how your system is configured and the Origination Manager modules purchased, the system verifies and applies your policy rules, and either automatically accepts or declines the application, or sends the application to the queue you may have defined for pending reviews where a credit analyst can access and evaluate it, and make a decision.