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Custom Scorecards – What are they? And Why Should Your FI Use Them?

There is a big difference between wearing a suit off-the rack or having one tailored to your specific shape and body type. Do the shoulders fit perfectly?  Are the sleeves the right length?  Do the lapels lay perfectly flat when the jacket is buttoned? Do the pants or skirt fit in the waist, and if so, are they too long or too short?  If your priority is only to have a wearable outfit in your closet regardless of its fit, the answers to those questions may not mean a lot to you. However, if your goal is to look ‘damn good’, impress your friends and colleagues, and really stand out from the crowd in all that gray flannel or pin-striped worsted wool, having those alterations done to perfection is probably very high on your list.   The question of fit can also be applied to the scorecards that your financial institution uses in your loan decision process. Just like suits, not one scorecard fits all.  Generic or bureau models may get the job done but a custom scorecard allows for a higher level of auto-decisioning, more analytics-based underwriting rules and more profitable loans all while keeping your institution within its risk appetites.
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