Communications program smooths bureau score conversion at ITT Consumer Financial

Article Abstract:

An effective communication strategy was employed to successfully replace the credit bureau score used at ITT Consumer Financial Corp from bankruptcy scores to multiple-risk bureau scores (BET). The conversion project, headed by VP and Credit Risk Management Dir John Horak, entailed the participation of ITT Consumer's main headquarter, its branch offices, the developer of BET scores, the three major credit bureaus and the company processor Norwest in the intensive communication campaign. Information about the conversion to BET scores, to be used for identification of bad credit risks, was disseminated through an internal communication program that included a postcard cartoon, articles on the corporate publication, a telephone system, a printed Credit Policy chart and electronic communication devices.

Personal credit institutions, Case studies, Financial services industry, Financial services, Telecommunications systems, Organizational communication, ITT Consumer Financial Corp.

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The evolution of scoring in the 1980s

Article Abstract:

Credit scoring became more accurate and refined during the 1980s. The increased delinquency of accounts and the loss of good customers to competition forced the industry to rebuild the scoring system. One of the present tools is behavior scoring. Behavior scoring runs on the billing system using master file information as predictive data. The scores are updated each billing period. Adaptive control combines the use of behavioral scorecards with computer software in order to choose the best risk control strategy. Prescreening algorithms are used to score a potential loan from credit bureau information without a credit application. Dynamic delinquency monitors the slow degradation of account risk over time. Automation has greatly increased scoring speed and efficiency.

Commercial credit

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Magical bankruptcy strategies

Article Abstract:

There are options available for creditors who are trying to recover their money from a bankruptcy. Creditors need to know and understand their rights and be prepared to assert them. Creditors should hire a lawyer with bankruptcy experience. Creditors must understand the difference between liquidation which involves having a trustee sell the debtor's assets, and rehabilitation which involves reorganizing and obtaining protection from bankruptcy court.

Bankruptcy

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