CRIF High Mark Credit Information Services Ltd, India’s leading Credit Information Company, has recently introduced version 2.0 of its PERFORM Commercial Credit Score to empower the lenders in the country with a more evolved tool to evaluate MSME and Corporate borrowers. The score assists lenders to quickly assess loan applications from proprietors, partnership firms and limited companies by looking at the numerical summary of the credit history. CRIF’s PERFORM Commercial credit score V2.0, like its predecessor, is also a statistical credit score as an indicator of the likelihood of default and follows the RBI prescribed score range of 300 to 900, with 900 indicating the lowest risk profile. To help differentiate larger limited companies from other MSMEs, CRIF’s Commercial Credit Score V2.0 rates them on a scale of 1 to 5, with 1 being the best rating. By differentiating borrowers over a scale based on probability of default, the credit score assists bankers to manage the delinquencies better while deciding on credit applications. Sharing her thoughts on the Commercial Credit Score V2.0, Kalpana Pandey, Managing Director, CRIF High Mark said, “in our drive to provide more advanced analytics to our clients, the latest version of commercial credit score is more nuanced model developed using latest credit history from a richer database and also incorporating the feedback received from various banks & NBFCs who had been using our version 1.0 score. Version 2.0 now has been rolled out to all our clients given a very encouraging response from early adopters.” PERFORM Commercial V2.0 was in a controlled launch phase with some leading lenders for the past year. CRIF’s Commercial credit score V1.0 was introduced as the first-ever Commercial Credit Score in India meant for MSME and corporate borrowers in November 2014 and has been in use since then. The credit score has been developed using millions of commercial loan records in CRIF’s database gathered since 2010. Ubaldo Tambini, Director (Analytics) for India, Middle East, and South East Asia, says “The loan approval cycles for MSMEs and Companies have been long, but score-based analytics has been helping reduce this time. A quicker decision not only reflects efficiencies for the banks but also benefits the borrowers too.” MSMEs and Companies can also get their own commercial credit report and commercial credit score from CRIF’s website, like it is available for individuals.