Diligence
Draft definition. Technical and editorial approval pending.
The provider's review of your data, credit process, operations, controls, legal structure and people before committing capital. It covers far more than loan-level performance. Diligence findings often drive eligibility criteria, advance rates and reporting requirements, which means the quality of your responses shapes commercial terms rather than merely delaying or accelerating them.
In practice
In a fictional review, a USD 10m tape differs from the USD 10.214m ledger. Investigate the USD 214,000 gap, document supported explanations and identify any unresolved items. The provider can then assess the reconciled data and controls rather than having to infer what the difference means.
Read this in context: What You Need.