Credit Risk Analysis

Credit Analysis and Payment Plan Recommendation

Product:

When a business experiences delinquency, credit reports are often considered as the solution. Credit histories provide excellent information and can help a company avoid delinquency. PaymentBanc takes credit reports a step further by providing analysis of the credit history and a grade level based on that analysis. If you are using the PaymentBanc Credit Analysis for medical purposes, the inquiry does not alter the responsible party’s credit score in any way.

Development:

PaymentBanc uses Equifax credit files as the basis for its recommendations. Each file is analyzed through statistical models, including a FICO model. The resulting information is compared to PaymentBanc’s risk matrix to determine a recommendation level.

Requirements:

Before you may use PaymentBanc’s recommendations, we require that written authorization be obtained from the responsible party. A credit authorization form can be printed from PaymentBanc’s website.
When you obtain a PaymentBanc credit analysis on a responsible party and based upon that information you change your standard offer in any way, you must provide an adverse action notice. This means that if you ask for a larger down payment or shorten the months for repayment, you must give adverse action notice to the responsible party.

Adverse Action:

An adverse action notice simply states that you changed your standard offer based on information obtained from a credit reporting agency. The notice must provide the contact information for that agency. The intent behind the regulation is to provide an avenue for the consumer to discover potential problems in his/her credit report and correct them. Your adverse action notice entitles the consumer to receive a free copy of his/her credit report from the credit reporting agency.

Producing adverse action notices is easy using PaymentBanc’s website. When your office is set up with this feature, just a few clicks will display a printable adverse action notice that can either be mailed or handed to the responsible party.

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