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Credit Scoring and Its Applications, Second Edition

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Lyn Thomas, Jonathan Crook, and David Edelman


2017 / xiv + 368 pages / Softcover / ISBN 978-1-611974-55-3 / List Price $102.00 / SIAM Member Price $71.40 / Order Code MN02

This second edition replaces Credit Scoring and Its Applications (978-0-898714-83-8, MM06), which is no longer available.


Credit Scoring and Its Applications is recognized as the bible of credit scoring. It contains a comprehensive review of the objectives, methods, and practical implementation of credit and behavioral scoring. The authors review principles of the statistical and operations research methods used in building scorecards, as well as the advantages and disadvantages of each approach. The book contains a description of practical problems encountered in building, using, and monitoring scorecards and examines some of the country-specific issues in bankruptcy, equal opportunities, and privacy legislation. It contains a discussion of economic theories of consumers' use of credit, and readers will gain an understanding of what lending institutions seek to achieve by using credit scoring and the changes in their objectives.

New to the second edition are

  • lessons that can be learned for operations research model building from the global financial crisis,
  • current applications of scoring,
  • discussions on the Basel Accords and their requirements for scoring,
  • new methods for scorecard building and new expanded sections on ways of measuring scorecard performance, and
  • survival analysis for credit scoring.

Other unique features include methods of monitoring scorecards and deciding when to update them, as well as different applications of scoring, including direct marketing, profit scoring, tax inspection, prisoner release, and payment of fines.

This book is an indispensable reference to credit analysts, scorecard developers, and credit risk managers employed by lending companies such as banks, finance houses, mortgage companies, credit card companies, retailers, mail order firms, utility companies, and insurance companies. Graduate students in mathematical finance, industrial mathematics, and statistics and senior undergraduate students in mathematics, statistics, and quantitative business studies courses will find this a most useful textbook.

About the Authors
Lin Thomas was Professor of Management Science at the University of Southampton.

Jonathan Crook is Professor of Business Economics, Deputy Dean, and Director of Research at the University of Edinburgh Business School.

David Edelman is owner of ThreeCs Limited (Caledonia Credit Consultancy), a consulting and training business operating within the retail credit risk arena.


2e ISBN 9781611974553
1e ISBN 9780898714838

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