Credit Rating Data: Best Credit Rating Datasets & Databases

What is Credit Rating Data?

Usually, before a loan is approved, the first thing that is considered is the financial ability of the entity or individual who is requesting for the loan. This is to determine if the debtor is eligible for a credit facility, and if they can pay back within the stipulated period based on their financial performance track record. Credit rating data is data that provides intelligence, therefore, on the financial capabilities of individuals or companies seeking credit facilities. A credit rating is calculated based on their previous performance when it comes to borrowing money, projected cashflows and any other information that may give lenders insight on how feasible giving out the credit facility is.

How is Credit Rating Data collected?

Both businesses and indivduals have credit scores, which are statements of their financial positions. Credit rating data providers gather this data, combining it with a scoring alogorithm. The final result is what is used as credit rating data. Statements of financial positions can be gathered from company registries, or public records for companies, and for individuals, they can be accessed through bank or book keeping data. Based on the information accrued, a scoring model is created, and it is this model that determines whether to approve a loan and what interest rate to charge, based on the borrower’s eligibilty and financial ability.

What are the attributes of Credit Rating Data?

A typical credit rating dataset exists for the purpose of rating the creditworthiness or eligibilty of an individual or business. Therefore, it would typically be comprised of information that describes the financial activities of the borrower. The level of detail depends on what sort of economic activity that the individual or company is involved in. In light of this, there are attributes of a credit rating dataset that are constant across all cases. They are: a history of the business or indivdual’s payments or expenditures; information on their history with credit (that is, if they have borrowed before, and how it went the last time); previous uses of credit facilities; what type of credit facilities have been requested, and any new credit facilities they’ve used. Individual income and personal wealth also are important to credit rating, so frequently feature in credit rating datasets.

What is Credit Rating Data used for?

Credit rating data plays a prominent role in the credit facilities industry. It helps run operations in this sector smoothly. Credit rating data can be used in credit risk analysis, especially by banks and other lending financial institutions to determine the extent of risk on loaning out to a particular individual or business. Credit rating data is also useful for managing risk in credit, risk assurance, predictive analysis and other financial information related use cases. In the development of expansion strategy, credit rating is also useful information, as it helps to map out policies and means by which expansion can be achieved safely.

How can a user assess the quality of Credit Rating Data?

To assess the quality of credit rating data, then it must be timely to be useful. Check whether it’s up-to-date. Credit rating data must have been verified as accurate data from various sources. It should also pass the test for any errors and omissions. It is also important that you verify the credibility of the data provider to complete the metrics of data quality assessment on a dataset.

Where can I buy Credit Rating Data?

Data providers and vendors listed on Datarade sell Credit Rating Data products and samples. Popular Credit Rating Data products and datasets available on our platform are Bank Statements - Savings account / Checking accounts / Buisness accounts from US, UK, EU, APAC by TagX, Business Credit Reporting and Corporate Credit Rating Data for US, Europe, Africa, Asia and Latina America by Global Database, and Vietnam Corporate Credit Rating Reports by Biz Direct Asia.

How can I get Credit Rating Data?

You can get Credit Rating Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Credit Rating Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Credit Rating Data APIs, feeds and streams to download the most up-to-date intelligence.

What are similar data types to Credit Rating Data?

Credit Rating Data is similar to Environmental Data, B2B Data, Energy Data, Real Estate Data, and Geospatial Data. These data categories are commonly used for Credit Underwriting and Predictive Analytics.

What are the most common use cases for Credit Rating Data?

The top use cases for Credit Rating Data are Credit Underwriting, Predictive Analytics, and Risk Mitigation.