Saudi Credit Bureau (SIMAH), a leader in credit and information management in the MENA region, has introduced the full empirical SIMAH Score development V4.0. It is developed by FICO.
Financial institutions in the Saudi market used to have V1.0 and V2.0. SIMAH introduced its score V3.0 to the local market then V4.0 to both local and GCC markets.
SIMAH Score offers a new scoring model, which incorporates important credit factors that present “unique and enhanced” value to GCC lenders and creditors, according to SIMAH CEO Nabil Al-Mubarak.
Al-Mubarak said that by leveraging FICO’s state-of-the-art analytic capabilities and predictive technologies, coupled with the rich repository of Saudi consumer credit information and experience of the Saudi market provided by SIMAH, SIMAH Score provides a new optimized risk score built on a full and expanded view of a Saudi consumer. 
“The SIMAH Score includes some key changes when compared to the previous version. Saudi Arabia specific characteristics were developed to account for the nuances, constraints and trends of the Saudi market,” Al-Mubarak added.
The launch has been revealed as SIMAH prepares to sponsor the upcoming 10th World Consumer Credit Reporting Conference (WCCRC) 2016 in Toronto, where global challenges facing the credit reporting industry will be placed under the spotlight and analyzed by internationally recognized financial leaders.
The 10th WCCRC 2016 is a three-day conference to be held in Toronto, Ontario on Sept. 25 to 27. 
Designed for senior executives representing credit bureaus around the world, along with representatives of lenders, regulators and government officials, conference delegates will participate in a comprehensive agenda to address and debate the most critical and topical issues for the credit reporting industry, both now and in the future.
After the great success of 9th WCCRC 2014 held in Dubai and organized by SIMAH with more than 370 delegates , this 10th version of the conference will be hosted by joint partners — the Association of Consumer Credit Information Suppliers (ACCIS), the Consumer Data Industry Association (CDIA), and Equifax.
Approximately 250 delegates from over 60 countries are expected to attend the conference and include individuals that are both relatively new to the consumer credit market or have a long tradition of credit reporting. 
The development of credit scoring model requires personnel familiar with market analysis, risk management and statistical techniques, and an IT department to provide assistance in database and programming.
“There is no standard answer to the question whether a lender should develop the credit scoring model in house. In making such a decision, time, costs, personnel training, and maintenance are all points of consideration. Based on our prior experience in developing the scoring system for credit card applicants, we compile the following steps for the reference of financial institutions that intend to develop credit scoring models on their own,” SIMAH’s CEO emphasized. 
“We are honored to be the diamond sponsor for the 10th edition, which has become a must-attend conference in the credit reporting industry,” said Al-Mubarak. 
“The Saudi credit market has witnessed great strides in recent years, and I know my colleagues and peers throughout the world have been especially keen for an event of this caliber to be hosted regularly,” he added.
“I am looking forward to addressing delegates on the second day of presentations to discuss the global credit reporting issues. The credit bureaus’ data and risk assessment products will be even more critical to lenders and I expect to open up a lively dialogue on this topic with my colleagues Neil Munroe, Eric Ellman, Peter Sheerin, Mauricio Gamboa and associates in the audience.”

Source: Arab News