NEC Financial

Tom Prendergast, Credit Manager, NEC Financial Services, LLC

"Cortera is one of the true innovators in our market. We've worked with them for years and I have only great things to say. Their new community approach to credit reporting is yet another example of their industry leadership."

Tom Prendergast, Credit Manager

Challenge

  • Replace existing, out-dated and cumbersome software
  • Streamline credit decision and deal request workflow to improve turnaround time
  • Ensure consistent application of NEC’s credit policies & better enforce corporate standards
  • Eliminate excessive number of complex scorecards

Solution

  • Implement Cortera’s eCredit web-based credit decision automation and analysis software
  • Leverage multiple business credit information sources
  • Automate NEC Financial’s credit policies in a centralized manner for consistent credit decisions and turnaround time across all analysts

Results

  • “Exponential” improvement in credit decision turnaround time
  • Reduced budget spend with previous credit bureau, while improving coverage with other bureaus
  • Improved view of customer exposure across other NEC business units