We often hear the term credit score being used to evaluate the eligibility of a person or a business when they want to borrow a sum of money. This score or credit rating defines the credit worthiness of a prospective borrower in the following terms:
Individual – The financial commitment to pay back the borrowed amount
Company – The operational efficiency of the business which will allow it to repay the loan
A credit rating is necessary in the following instances:
- It defines the loan eligibility of a person or a business when requesting loans from banks or financial institutions
- Investors use credit rating to analyse the pros and cons of making investment decisions
- A company can raise funds from capital or debt markets by demonstrating a strong credit rating
- If a company decides to go for a public offering, a credit rating is an absolute must for issuing shares to public.
At AppShark, we have successfully performed Credit Bureau integrations with Salesforce to help our clients generate credit ratings by retrieving them from credit bureaus such as Experian, Equifax and Dun & Bradstreet (D&B).
In one such instance, a client which provides financing solutions to small and medium businesses, requested AppShark to perform two different Credit Bureau integrations with Salesforce where they wanted to generate credit ratings for both companies and individuals. Based on their requirement, they opted for two of the best known credit bureaus:
Dun & Bradstreet (D&B) – for generating credit ratings for businesses – D&B tracks every business using a DUNS Number and provides the credit rating of the business.
Equifax – for generating credit rating for individuals applying for personal loans.
Both the integrations were successfully executed as AppShark’s teams came up with the following solutions:
- Dun & Bradstreet (D&B) Web Service Integration (native): Dun & Bradstreet (D&B) was integrated with Salesforce using the D&B Web Service integration to generate credit ratings.
- Equifax Integration (non-native): Equifax was integrated with Salesforce using a .NET web service as a connector between Salesforce and Equifax.
As a result of the integrations, our client was able to automatically generate the credit rating from Salesforce itself thereby saving both time and effort during future transactions.