Fact* is a tool for fast credit approval for retail borrowers. It provides an easy and automated way to approve or reject loan applications within a few minutes. Fact* can be accessed via any web browser. It is then used to input data, automatic logic validation of imported data is performed, and after successful validation the data is transferred to the application engine. The application engine makes a yes or no decision regarding the loan application based on predefined criteria set by the user. Users can login into Fact* web interface by using pre-defined privileges. These privileges and other user-specific data can be updated through a special administrator part of the application.

Key functionalities of Fact* include

  • Real-time credit scoring of a potential borrower
  • Automatized credit approval algorithm based on predetermined criteria
  • Creation of a database of potential borrowers and their PDs and credit scores

Key features of Fact* include the following:

  • Fact* can be used both as an online/mobile scoring application and a front office credit approval tool
  • Flexible administration of user privileges system which credit officers and risk managers can use in order to:
    • Define own credit risk factors
    • Test and track the approval rate of different models
  • Fact* can easily be integrated with AccuRate* or other internal rating model

All calculations are based on data relating to a particular client and a specific product for which the client applied. Parameters of the underlying rating/scoring model can be forwarded from an external application, such as AccuRate*, or predefined by risk managers. To prevent model “guessing“, Fact* requires the users to enter redundant data. All data, including the assigned credit rating/score/PD, are stored in the Fact* database, allowing the application to create a large database of potential clients.

Fact* can be adjusted to fit any specific requirements of the user, and the implementation fully aligns the application’s workflow with business processes of the user. It communicates with other databases that are employed by the user.